Better Business Bureau Report for
Housing Opportunity Development Corporation

Better Business Bureau Report issued July 2013
Better Business Bureau Report expires July 2015


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 the stock of housing that is affordable to low- and moderate-income people throughout the 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 tackles the lack of affordable housing by actively creating affordable rental and for-sale housing targeted to lower income households. HODC has four primary programs: housing development, property management, homebuyer counseling, and housing advocacy. To date, HODC has developed 18 affordable properties with over 250 units in ten communities. HODC develops both rental and for-sale housing through new construction and rehabilitation of existing properties ranging from one unit to over sixty units. HODC serves families, seniors, people with disabilities, individuals, and local workers. HODC also currently manages 170 affordable rental apartments throughout the suburbs. Their homebuyer counseling program provides pre-purchase counseling in one-on-one and group sessions for potential homebuyers to teach ownership skills and offers access to foreclosure assistance. Each year HODC’s housing counselor teaches approximately 100 home seeking families and helps about twenty families purchase their first home. In order to support these other activities, HODC teaches others about the need for affordable housing and works with partners to educate the community.

For the fiscal year ended June 30, 2012, Housing Opportunity Development Corporation's program expenses were:

  
Property Management 1,013,054
Project Development 171,576
Homebuyer Counseling 164,984
Community Education 17,674
Total Program Expenses: $1,367,288
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Governance

              

Chief Executive : Richard Koenig, Executive Director
Compensation*: 
$72,000

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

Board Size: 12

Paid Staff Size: 6

*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
Fund raising costs were 1% of related contributions. (Related contributions, which totaled $2,902,688, 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, 2012.

Source of Funds  
Grants 2,848,604
Rentals 530,007
Management Service Fees 79,233
Contributions 54,084
Miscellaneous 51,882
Interest 26,399
Total Income $3,590,209


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Uses of Funds as a % of Total Expenses

Programs: 94%  Fund Raising: 2%  Administrative: 4% 

Total income $3,590,209
Program expenses $1,367,288
Fund raising expenses 23,565
Administrative expenses 58,912
Total expenses $1,449,765
Income in Excess of Expenses 2,140,444
Beginning net assets 3,462,165
Other Changes in Net Assets (168,607)
Ending net assets 5,434,002
Total liabilities 4,033,637
Total assets $9,467,639


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An organization may change its practices at any time without notice. A copy of this report has been shared with the organization prior to publication. It is not intended to recommend or deprecate, and is furnished solely to assist you in exercising your own judgment. If the report is about a charity and states the charity meets or does not meet the BBB Standards for Charity Accountability, it reflects the results of an evaluation of information and materials provided voluntarily by the charity. The name Better Business Bureau is a registered service mark of the Council of Better Business Bureaus, Inc.

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