Lakewood Affordable Housing Corporation

Nonprofit profile at a glance

EIN
932549415
IRS 990-EZ coverage
2023–2024
Forms available
Form 990-EZ 2024
Location
Lakewood, CO, USA
Phone
3039877762
Rating
58
Verdict
MIXED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Reported finances

Revenue
$3,022
Expenses
$3,034
Assets
$1,326
Liabilities
$0

Source: IRS Form 990-EZ. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

5 people listed

People named in this filing

  • Amy Case (Chairperson)
  • Danielle Vachon (Vice Chair)
  • Julie Stern (Secretary)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990-EZ. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

LAHC was formed to support the development, financing and operation of affordable housing in the City of Lakewood, Colorado, and to support the affordable housing development and financing activities of the Housing Authority of the City of Lakewood, Colorado, which does business as Metro West Housing Solutions (MWHS).

What it reported doing in 2024

MWHS is developing, and plans to renovate, a 118-unit property at 259 S. Teller Street in Lakewood, Colorado (the Development), and plans to finance the Development with low income housing tax credits. In connection with the low income housing tax credit financing, MWHS has caused the formation of MWHS Belmar Groves LLLP, a Colorado limited liability limited partnership (the Partnership), which will own the Development. The general partner of the Partnership is MWHS Belmar Groves LLC, of which MWHS is the sole member.

Operating model

Revenue model
Earned-program. 99% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

MIXED - The filed numbers largely add up and program spending has grown recently. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 38
  • Transparency & Controls: 82
  • Sustainability: 43
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 38.2%; rating input score 38
  • Program expense ratio: 38.4%; rating input score 38

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 52nd percentile among comparable filings
  • Major donor itemization: Limited

Sustainability

  • Operating margin: -0.4%; rating input score 43; 43rd percentile among comparable filings
  • Total-asset coverage ratio: 0.44; rating input score 27; 27th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 68; 68th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 56; 56th percentile among comparable filings

Growth

  • Program expense growth: 0% per year; rating input score 100; 48th percentile among comparable filings
  • Revenue growth: 0.7% per year; rating input score 100; 54th percentile among comparable filings
  • Asset growth: -0.9% per year; rating input score 0; 35th percentile among comparable filings

Details

  • Where the money goes: 38.2% of revenue deployed · 38.4% of spending went to programs
  • Governance: Filed governance answers
  • Accomplishments: 1 filed program accomplishment · $1K in reported program spending
  • Leadership: top reported pay $0 · 5 people listed
  • Consistency: 8 of 8 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 2 filing years from 2023 to 2024
  • Contacts: How to reach this organization
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Financial Efficiency: Mission deployment rate scored 38/100.
  • Moderate — Financial Efficiency: Program expense ratio scored 38/100.
  • Moderate — Sustainability: Operating margin scored 43/100.
  • High — Sustainability: Total-asset coverage ratio scored 27/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Sustainability: Officer compensation ratio scored 56/100.