Nonprofit · EIN 04-3292614
NEW HOPE COMMUNITY CAPITAL INC
Tax-exempt (reinstated) · BOSTON, MA 02110
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $38,876,237 | $38,242,580 | $633,657 | $75,605,709 | $64,507,462 | $11,098,247 |
| December 31, 2023 | 990 | $7,426,665 | $6,490,579 | $936,086 | $62,167,256 | $51,702,666 | $10,464,590 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $19,544,729
- of which government grants
- $6,197,097
- Program service revenue
- $3,272,655
- Investment income
- $15,835,507
- Net gain from sales of assets
- $15,221,000
- Other revenue
- $223,346
Expenses
- Grants and similar amounts paid
- $34,412,415
- Salaries, compensation and benefits (total)
- $0
- Professional fundraising fees
- $0
- Legal fees
- $27,552
- Accounting fees
- $56,410
- Travel
- $305
- Program services (functional)
- $37,938,819
- Management and general (functional)
- $303,761
Balance sheet and other
- Total assets, start of year
- $62,167,256
- Total assets, end of year
- $75,605,709
- Total liabilities, end of year
- $64,507,462
- Net assets, end of year
- $11,098,247
- Net assets without donor restrictions
- $11,098,247
- Gross receipts
- $38,876,237
- Employees
- 0
- Volunteers
- 6
- Year formed
- 1991
- State of legal domicile
- MA
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| ALLEN FELIZ | DIRECTOR Trustee or director | 0.2 | $0 |
| BEVERLY BATES | DIRECTOR Trustee or director | 0.2 | $0 |
| JENNY NETZER | DIRECTOR/PRESIDENT Trustee or director, Officer | 0.2 | $0 |
| LEONARD CLARK | DIRECTOR/TREASURER Trustee or director, Officer | 0.2 | $0 |
| MICHAEL GILLIGAN | DIRECTOR Trustee or director | 0.2 | $0 |
| NAVJEET BAL | OUTGOING DIRECTOR (THRU 9/2024) Trustee or director | 0.2 | $0 |
| JESSICA JESSE ELTON | VICE PRESIDENT Officer | 0.2 | $0 |
| THOMAS BUONOPANE | VICE PRESIDENT Officer | 0.2 | $0 |
990 for the year ended December 31, 2023: 8 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| ALLEN FELIZ | DIRECTOR Trustee or director | 0.2 | $0 |
| BEVERLY BATES | DIRECTOR Trustee or director | 0.2 | $0 |
| JENNY NETZER | DIRECTOR/PRESIDENT Trustee or director, Officer | 0.2 | $0 |
| LEONARD CLARK | DIRECTOR/TREASURER Trustee or director, Officer | 0.2 | $0 |
| MICHAEL GILLIGAN | DIRECTOR Trustee or director | 0.2 | $0 |
| NAVJEET BAL | DIRECTOR Trustee or director | 0.2 | $0 |
| JESSICA JESSE ELTON | VICE PRESIDENT Officer | 0.2 | $0 |
| THOMAS BUONOPANE | VICE PRESIDENT Officer | 0.2 | $0 |
Address and contacts
- Address (IRS master file)
- CO TCB 33 ARCH STREET 10TH FLOOR, BOSTON, MA 02110-0000
- In care of
- % TCB
- Principal officer (990 for 2024)
- THOMAS BUONOPANE, C/O TCB 33 ARCH STREET 10TH FLOOR, BOSTON, MA 02110
- Signed the 990
- THOMAS BUONOPANE, VICE PRESIDENT
- Phone
- (857) 221-8600
- Website
- WWW.NEWHOPEHOUSINGINC.ORG
- Return prepared by
- COHNREZNICK ADVISORY LLC
Mission
THE PRIMARY PURPOSE OF THE CORPORATION IS TO PROMOTE COMMUNITY DEVELOPMENT BY DIRECTING ITS ACTIVITIES TOWARD IMPROVING THE SOCIAL AND ECONOMIC CONDITIONS OF UNDERSERVED PEOPLE, INCLUDING RESIDENTS OF ECONOMICALLY DISTRESSED COMMUNITIES, LOW-INCOME PERSONS AND OTHER UNDERSERVED PERSONS WHO LACK ADEQUATE ACCESS TO CAPITAL AND FINANCIAL SERVICES.
Program accomplishments
- NEW HOPE WAS FORMED IN 1991 AS A CHARITABLE CORPORATION UNDER THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS, SPECIFICALLY FOR THE PURPOSES OF (A) PROMOTING, DEVELOPING, RENOVATING, MANAGING, AND FACILITATING THE CREATION OF AFFORDABLE HOUSING AT THE LOWEST POSSIBLE COST TO INDIVIDUALS AND FAMILIES OF LOW AND VERY LOW INCOMES; (B) PROMOTING SOCIAL WELFARE AND COMBATING COMMUNITY DETERIORATION THROUGH SUCH AFFORDABLE HOUSING ACTIVITIES; (C) IMPROVING BLIGHTED, DECAYED OR SUBSTANDARD AREAS IN ORDER TO PROMOTE ECONOMIC DEVELOPMENT AND PROVIDE EMPLOYMENT OPPORTUNITIES; AND (D) ANY OTHER TAX-EXEMPT ACTIVITIES THAT PROMOTE SUCH PURPOSES. NEW HOPE HAS PROVIDED CAPITAL FOR AFFORDABLE AND MIXED-INCOME HOUSING AND RELATED COMMUNITY DEVELOPMENT ACTIVITIES. IT DOES SO BY FACILITATING PRIVATE EQUITY INVESTMENTS IN AND MAKING GRANTS AND LOANS IN SUPPORT OF SUCH AFFORDABLE HOUSING AND RELATED COMMUNITY DEVELOPMENT WORK. IN SHORT, NEW HOPE PROMOTES THE CHARITABLE PURPOSE OF AFFORDABLE HOUSING FOR THE DIRECT BENEFIT OF POOR AND DISTRESSED INDIVIDUALS AND FAMILIES, WHICH ARE CHARITABLE CLASSES.NEW HOPE'S CHARITABLE PURPOSES WERE INCLUDES MAKING INVESTMENTS IN, AND GRANTS AND LOANS TO, NONPROFIT ORGANIZATIONS AND NONPROFIT-SPONSORED AFFORDABLE HOUSING PROJECTS AND ENTITIES. IN THIS CAPACITY, NEW HOPE SERVES AS A SYNDICATOR OF AFFORDABLE HOUSING DEVELOPMENTS GENERATING FEDERAL LOW INCOME HOUSING TAX CREDITS ("LIHTCS") AND RECEIVES CERTAIN FEES AND REIMBURSEMENT OF EXPENSES IN CONNECTION WITH ITS ROLE AS SYNDICATOR. NEW HOPE IS MISSION-DRIVEN AND ONLY WORKS ON AFFORDABLE HOUSING PROJECTS CONTROLLED BY ONE OR MORE CHARITABLE ENTITIES. PURSUANT TO INVESTOR SERVICES AGREEMENTS, NEW HOPE INTRODUCES POTENTIAL LIHTC INVESTORS TO INVESTMENT OPPORTUNITIES IN AFFORDABLE HOUSING PROJECTS, ASSISTS INVESTORS IN ANALYZING THE FINANCIAL FEASIBILITY AND FINANCIAL STRUCTURE OF PROJECTS AND MONITORS LIHTC INVESTORS' INVESTMENTS IN PROJECTS. NEW HOPE ONLY PROVIDES THESE SERVICES IN CONNECTION WITH AFFORDABLE RENTAL HOUSING PROJECTS THAT ARE CONTROLLED BY ONE OR MORE 501(C)(3) CHARITABLE ORGANIZATIONS.NEW HOPE ALSO FORMS SINGLE-PURPOSE ENTITIES (TYPICALLY LIMITED LIABILITY COMPANIES) TO SERVE AS INVESTMENT FUNDS ("LIHTC FUNDS") THROUGH WHICH LIHTC INVESTORS INVEST IN LOW-INCOME HOUSING PROJECTS THAT ADVANCE THE CHARITABLE PURPOSES OF NEW HOPE BY INCREASING THE POOL OF EQUITY AVAILABLE FOR INVESTMENT IN AFFORDABLE HOUSING AND MAKING EQUITY AVAILABLE TO DISADVANTAGED POPULATIONS OR UNDERSERVED COMMUNITIES. TYPICALLY, A LIHTC FUND WILL HAVE A 99.99% LIMITED PARTNERSHIP INTEREST (OR NON-MANAGING MEMBER INTEREST IN THE CASE OF AN LLC) IN THE ENTITY THAT OWNS THE AFFORDABLE HOUSING PROJECT. NEW HOPE SERVES AS THE MANAGER OF THE LIHTC FUND AND PROVIDES MANAGEMENT AND ADMINISTRATIVE SERVICES FOR WHICH IT RECEIVES FEES.IN ITS 29-YEAR HISTORY, NEW HOPE HAS RAISED MORE THAN $300 MILLION IN EQUITY WHICH HAS BEEN INVESTED IN AFFORDABLE AND MIXED INCOME HOUSING DEVELOPMENTS SPONSORED BY TAX-EXEMPT ORGANIZATIONS. IT HAS SPONSORED OR CO-SPONSORED FOURTEEN INVESTMENT FUNDS WHICH HAVE INVESTED IN MORE THAN 65 AFFORDABLE HOUSING OR MIXED INCOME DEVELOPMENTS IN FOURTEEN STATES THAT HOUSE APPROXIMATELY 5,000 HOUSEHOLDS. NEW HOPE ALSO ADVANCES ITS MISSION BY MAKING GRANTS AND LOANS IN SUPPORT OF AFFORDABLE HOUSING AND COMMUNITY DEVELOPMENT ACTIVITIES AND TAX-EXEMPT ORGANIZATIONS PURSUING SIMILAR MISSIONS, INCLUDING GRANTS TO COMMUNITY BUILDERS.Expenses $37,938,819 · grants $34,412,415 · revenue $3,496,001
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 04-3292614
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (509(a)(2))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 2014
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Housing and shelter (L21)
- Assets (IRS master file)
- $75,605,709
- Income (IRS master file)
- $38,876,237
Revocation and reinstatement
- Exemption revoked
- May 15, 2011
- Posted by the IRS
- June 4, 2013
- Reinstated
- Effective May 15, 2011
From the IRS automatic revocation list: organizations that did not file a required return or e-Postcard for three consecutive years.
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $38,876,237 | $38,242,580 | $75,605,709 | XML |
| 990 | December 2023 | $7,426,665 | $6,490,579 | $62,167,256 | XML |
| 990 | December 2022 | $7,579,229 | $3,509,023 | $44,271,905 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
| 990 | December 2017 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 04-3292614).
Questions about NEW HOPE COMMUNITY CAPITAL INC
- What is the EIN of NEW HOPE COMMUNITY CAPITAL INC?
- The employer identification number (EIN) of NEW HOPE COMMUNITY CAPITAL INC is 04-3292614.
- Is NEW HOPE COMMUNITY CAPITAL INC tax-exempt?
- Yes. The IRS revoked its exemption on May 15, 2011 and reinstated it effective May 15, 2011.
- Are donations to NEW HOPE COMMUNITY CAPITAL INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does NEW HOPE COMMUNITY CAPITAL INC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of NEW HOPE COMMUNITY CAPITAL INC due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did NEW HOPE COMMUNITY CAPITAL INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of NEW HOPE COMMUNITY CAPITAL INC?
- The 990 for the year ended December 31, 2024 names THOMAS BUONOPANE.
- Who are the officers and directors of NEW HOPE COMMUNITY CAPITAL INC?
- The 990 for the year ended December 31, 2024 lists 8 people; 0 received compensation from the organization.
- How much revenue does NEW HOPE COMMUNITY CAPITAL INC have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $38,876,237, expenses of $38,242,580 and total assets of $75,605,709 at year end.
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