National Community Stabilization Trust Llc
National Community Stabilization Trust Llc
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About this organization
Mission
The National Community Stabilization Trust (NCST) is a non-profit organization that works to restore vacant and abandoned properties to productive use and protect neighborhoods from blight. Our programs facilitate the rehabilitation of vacant but structurally sound homes, enable safe, targeted demolition when necessary, and support creative and productive re-use of vacant land.
About
PROGRAM SERVICES INCLUDE THE TRANSFER OF FORECLOSED AND ABANDONED PROPERTIES FROM FINANCIAL INSTITUTIONS TO LOCAL HOUSING PROVIDERS AND ACCESS TO ACQUISITION AND REHABILITATION FINANCING TO SUPPORT STATE AND LOCAL COMMUNITY STABILIZATION EFFORTS. SINCE THE REO TRANSFER PROGRAM'S INCEPTION IN OCTOBER 2008, OVER 20,000 PROPERTIES HAVE BEEN TRANSFERRED TO APPROXIMATELY 976 LOCAL HOUSING PROVIDERS. THE STABILIZATION TRUST REO CAPITAL FUND WAS ESTABLISHED IN SEPTEMBER 2009 AND RECEIVED A $25 MILLION PROGRAM RELATED INVESTMENT FROM THE FORD FOUNDATION TO CAPITALIZE THE FUND AND PROVIDE CAPITAL FOR LENDING, $17.5 MILLION OF WHICH HAS BEEN RETURNED TO THE FORD FOUNDATION. TWENTY-FIVE LOANS TOTALING APPROXIMATELY $42.3 MILLION IN COMMITMENTS HAVE CLOSED. DURING 2011, THE TRUST ESTABLISHED A WHOLLY-OWNED SUBSIDIARY, NCST MORTGAGE RESOLUTIONS, LLC (NMR), A DELAWARE LIMITED LIABILITY COMPANY. NMR WILL PROVIDE SERVICES TO NCST AFFILIATES THAT ACQUIRE NON-PERFORMING MORTGAGE LOANS FROM FINANCIAL INSTITUTIONS WITH THE INTENT OF FOCUSING SERVICES AND RESOURCES TO REMEDIATE THE CURRENT BORROWER OR PROPERTIES IN A MANNER THAT EMPHASIZES OCCUPANCY AND NEIGHBORHOOD STABILITY. IN THE LAST THREE YEARS, NMR PROVIDED SERVICES TO THE MORTGAGE RESOLUTION FUND IN THE PURCHASE OF 1,071 NON-PERFORMING LOANS THROUGH 9 TRANSACTIONS WITH 6 DIFFERENT SELLERS. IN ADDITION, NMR PROVIDED SERVICES TO COMMUNITY RESTORATION CORPORATION IN THE ACQUISITION OF OVER 1200 DISTRESSED NOTES.
Interesting data from their 2019 990 filing
The non-profit's mission, as documented in the filing, is “The national community stabilization trust's mission is to remove the blight of vacant, abandoned and foreclosed residential properties to the stock of rental and ownership housing available primarily to low and moderate income families by facilitating the transfer of foreclosed property from financial institutions to local organizations and providing financial assistance to support state and local stabilization programs.”.
When explaining its purpose, the activities were described as: “The national community stabilization trust's mission is to remove the blight of vacant, abandoned and foreclosed residential properties to the stock of rental and ownership housing available primarily to low and moderate income families by facilitating the transfer of foreclosed property from financial institutions to local organizations and providing financial assistance to support state and local stabilization programs.”.
- The non-profit is legally allowed to operate in the state of DC, as reported.
- The filing provides the non-profit's address in 2019 as 910 17TH STREET NW NO 500A, WASHINGTON, DC, 20006.
- The non-profit has a total of 24 employees, as reported on their form for 2019.
- Is not a private foundation.
- Expenses are greater than $1,000,000.
- Revenue is greater than $1,000,000.
- Revenue less expenses is -$190,045.
- The organization has 6 independent voting members.
- The organization was formed in 2008.
- The organization pays $2,514,947 in salary, compensation, and benefits to its employees.
- The organization pays $49,990 in fundraising expenses.