Covenant Community Capital Corporation
Covenant Community Capital Corporation
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About this organization
Revenue
$4,717,262
Expenses
$1,712,201
Mission
COVENANT WAS FORMED IN 1998 TO ENHANCE THE BEAUTY, SAFETY, AND ECONOMIC VITALITY OF LOW-INCOME COMMUNITIES BY INCREASING THEIR CAPACITY TO DEVELOP AFFORDABLE HOUSING, GROW BUSINESS ENTERPRISES AND BUILD FAMILY AND COMMUNITY ASSETS.
About
Affordable Multifamily Rental Property during 2018, the Corporation acquired the wholly owned interest in Townhomes of Bay Forest, LP, a partnership organized to construct, develop, and operate a 128-unit apartment building, in Baytown, Texas known as Townhomes of Bay Forest (Bay Forest) for rental to low-income individuals and families. During 2002, the Project was placed in service and commenced rental operations under a previous general partner. Bay Forest received an allocation of low-income housing tax credits from the Texas Department of Housing and Community Affairs under Section 42 of the Internal Revenue Code of 1986, as amended. As such, the Project is required to lease a minimum of 100% of its units to families whose income is 60% or less of the area median gross income (AMI). In addition, the Corporation has executed an Extended Use Commitment which requires the utilization of the Project pursuant to Section 42 for a minimum of 40 years, even if the Corporation disposes of the Project. In 2010 Bay Forests investor partner, a subsidiary of a major bank, approached the Corporation about overseeing a workout as a replacement general partner after the project defaulted on its mortgage. The Corporation agreed, subject to certain conditions that included making capital improvements, upgrading the resident amenities, and lowering the rents from a 60% AMI ceiling to 50%. The Corporation executed the workout by procuring a $5,660,000 0% loan that retired the defaulted mortgage and facilitated the improvements and lower rents.
Interesting data from their 2020 990 filing
The non-profit's mission, as documented in the filing, is “Covenant was formed in 1998 to enhance the beauty, safety, and economic vitality of low-income communities by increasing their capacity to develop affordable housing, grow business enterprises and build family and community assets.”.
When explaining its purpose, the activities were described as: “Covenant was formed in 1998 to enhance the beauty, safety, and economic vitality of low-income communities by increasing their capacity to develop affordable housing, grow business enterprises and build family and community assets.”.
- The non-profit is legally allowed to operate in the state of TX, as reported.
- The filing provides the non-profit's address in 2020 as PO BOX 15398, HOUSTON, TX, 77220.
- The non-profit has a total of 9 employees, as reported on their form for 2020.
- Does not operate a hospital.
- Does not operate a school.
- Does not collect art.
- Does not provide credit counseling.
- Does not have foreign activities.
- Is not a donor-advised fund.
- Is not a private foundation.
- Expenses are greater than $1,000,000.
- Revenue is greater than $1,000,000.
- Revenue less expenses is $3,005,061.
- The CEO compensation strategy within the organization is determined through a review and approval process by a neutral party.
- The organization has a written policy that delegates the management duties.
- The organization has a written policy that describes how long it will retain documents.
- The organization has 4 independent voting members.
- The organization was formed in 1998.
- The organization has a written policy that addresses conflicts of interest.
- The organization is required to file Schedule B.
- The organization is required to file Schedule J.
- The organization is required to file Schedule O.
- The organization pays $512,762 in salary, compensation, and benefits to its employees.
- The organization pays $10,245 in fundraising expenses.
- The organization provides Form 990 to its governing body.
- The organization pays grants to individuals.
- The organization has minutes of its meetings.
- The organization has a written whistleblower policy.
- The organization's financial statements were reviewed by an accountant.
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