Better Business Bureau Report for
Housing Opportunity Development Corporation

Better Business Bureau Report issued June 2015
Better Business Bureau Report expires June 2017


This BBB Accredited charity meets all 20 Standards for Charity Accountability. Find out more...


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Charity Contact Information

Name: Housing Opportunity Development Corporation
Address: 2001 Waukegan Rd
P.O. Box #480
  Techny, IL 60082
Phone: 847-564-2900
Web Address: www.hodc.org
Also known as:HODC
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Better Business Bureau Comments

Formerly known as:Affordable Housing Development Corporation
Interfaith Housing Development Corporation

Year, State Incorporated: 1983, Illinois
Affiliates: None
Stated Purpose: HODC’s mission is to develop, manage and preserve housing that is affordable to low- and moderate-income households primarily in Chicago’s northern suburbs.

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Evaluation Conclusions

              

Housing Opportunity Development Corporation meets the 20 Standards for Charity Accountability.
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Programs

              

HODC works to achieve their mission through four primary programs: Housing Development, Property Management, Homebuyer Counseling and Community Education. HODC has completed 20 affordable housing projects with almost 300 units and manages over 200 affordable apartments throughout the suburbs. HODC provides homebuyer counseling to people interesting in purchasing their first home and staff actively promote expansion of affordable housing options.

For the fiscal year ended June 30, 2014, Housing Opportunity Development Corporation's program expenses were:

  
salaries and employee benefits 218,768
misc operating expenses 155,884
real estate taxes 132,499
interest expense 128,902
office expenses 116,345
utilities 92,678
other expenses 79,394
entity expenses 60,713
property management fee 43,046
insurance 24,703
Total Program Expenses: $1,052,932
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Governance

              

Chief Executive : Richard Koenig, Executive Director
Compensation*: 
$96,000

Chair of the Board: Kathryn Cole
Chair's Profession / Business Affiliation: retired

Board Size: 9

Paid Staff Size: 9

*Compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
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Fund Raising

              

Method(s) Used:

direct mail, grant proposals, internet
Fund raising costs were 1% of related contributions. (Related contributions, which totaled $2,347,876, are donations received as a result of fund raising activities.)
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Tax Status

              

This organization is tax-exempt under section 501(c)(3) of the Internal Revenue Code. It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.
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Financial

              

The following information is based on Housing Opportunity Development Corporation's audited financial statements - consolidated for the fiscal year ended June 30, 2014.

Source of Funds  
grant income 2,329,482
net rental revenue 677,268
developer fee income 144,798
management fees 71,332
miscellaneous income 65,896
contributions 18,394
laundry income 3,759
interest income 82
Total Income $3,311,011


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Uses of Funds as a % of Total Expenses

Programs: 67%  Fund Raising: 2%  Administrative: 5%  Other Expenses: 26%

Total income $3,311,011
Program expenses $1,052,932
Fund raising expenses 30,503
Administrative expenses 76,256
Other Expenses 407,135
Total expenses $1,566,826
Income in Excess of Expenses 1,744,185
Beginning net assets 3,339,471
Ending net assets 3,389,306
Total liabilities 0
Total assets $0


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