Civic Intelligence

Avesta Housing Development Corporation

EIN 01-0315296 • 501(c)3 • Portland, ME

View Organization Page

Profile

Development and maintenance of low income housing.

307 Cumberland AvenuePortland, ME 04101

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

82nd percentile

0.70x

Higher debt load relative to assets than 82% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2024

Liabilities / Revenue

92nd percentile

4.30x

Higher debt load relative to revenue than 92% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2024

Net Margin

16th percentile

-9.9%

Higher net margin than 16% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

50th percentile

6.1%

Faster asset growth than 50% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Annualized from 2023 to 2024

Revenue Growth

78th percentile

25%

Faster revenue growth than 78% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets82nd percentile

Assets

Up

$82,732,095

Up $4,728,956 (+6.1%) from 2023

Liabilities

Up

$57,782,435

Up $5,369,913 (+10%) from 2023

Net Assets

Down

$24,949,660

Down $640,957 (-2.5%) from 2023

Operations
Liabilities / Revenue92nd percentileNet Margin16th percentile

Revenue

Up

$13,450,256

Up $2,676,182 (+25%) from 2023

Expenses

Up

$14,778,036

Up $3,870,017 (+35%) from 2023

Net Income

Down

-$1,327,780

Down $1,193,835 (-891%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth50th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$100M$50M$0Assets 2010: $18,555,580Liabilities 2010: $14,439,166Net Assets 2010: $4,116,4142010Assets 2011: $26,837,196Liabilities 2011: $21,436,777Net Assets 2011: $5,400,4192011Assets 2012: $29,874,500Liabilities 2012: $23,806,844Net Assets 2012: $6,067,6562012Assets 2013: $31,464,851Liabilities 2013: $22,431,068Net Assets 2013: $9,033,7832013Assets 2014: $32,669,189Liabilities 2014: $23,381,585Net Assets 2014: $9,287,6042014Assets 2015: $36,818,549Liabilities 2015: $23,767,923Net Assets 2015: $13,050,6262015Assets 2016: $44,181,950Liabilities 2016: $27,857,613Net Assets 2016: $16,324,3372016Assets 2017: $47,150,046Liabilities 2017: $29,488,952Net Assets 2017: $17,661,0942017Assets 2018: $52,382,631Liabilities 2018: $34,889,381Net Assets 2018: $17,493,2502018Assets 2019: $56,826,112Liabilities 2019: $39,684,004Net Assets 2019: $17,142,1082019Assets 2020: $63,197,411Liabilities 2020: $44,682,781Net Assets 2020: $18,514,6302020Assets 2021: $69,411,595Liabilities 2021: $46,479,976Net Assets 2021: $22,931,6192021Assets 2022: $77,344,426Liabilities 2022: $52,341,391Net Assets 2022: $25,003,0352022Assets 2023: $78,003,139Liabilities 2023: $52,412,522Net Assets 2023: $25,590,6172023Assets 2024: $82,732,095Liabilities 2024: $57,782,435Net Assets 2024: $24,949,6602024

Highlighted filing

2024

Assets$82,732,095
Liabilities$57,782,435
Net Assets$24,949,660
Open 2024 Filing

Operations Trend

Revenue Growth78th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$20M$15M$10M$5.0M$0-$5.0MExpenses 2010: $14,621,2462010Expenses 2011: $15,409,2532011Expenses 2012: $8,574,7792012Revenue 2013: $9,230,869Expenses 2013: $6,594,604Net Income 2013: $2,636,2652013Revenue 2014: $7,233,226Expenses 2014: $7,384,400Net Income 2014: -$151,1742014Revenue 2015: $10,663,730Expenses 2015: $7,171,211Net Income 2015: $3,492,5192015Revenue 2016: $8,980,893Expenses 2016: $6,937,241Net Income 2016: $2,043,6522016Revenue 2017: $9,265,374Expenses 2017: $7,134,861Net Income 2017: $2,130,5132017Revenue 2018: $8,378,049Expenses 2018: $8,869,707Net Income 2018: -$491,6582018Revenue 2019: $8,741,762Expenses 2019: $9,472,372Net Income 2019: -$730,6102019Revenue 2020: $10,385,771Expenses 2020: $9,773,992Net Income 2020: $611,7792020Revenue 2021: $13,114,873Expenses 2021: $10,368,140Net Income 2021: $2,746,7332021Revenue 2022: $13,921,623Expenses 2022: $12,679,009Net Income 2022: $1,242,6142022Revenue 2023: $10,774,074Expenses 2023: $10,908,019Net Income 2023: -$133,9452023Revenue 2024: $13,450,256Expenses 2024: $14,778,036Net Income 2024: -$1,327,7802024

Highlighted filing

2024

Revenue$13,450,256
Expenses$14,778,036
Net Income-$1,327,780
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$82,732,095
Liabilities
$57,782,435
Net assets
$24,949,660
Revenue
$13,450,256
Expenses
$14,778,036
Net income
-$1,327,780
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$82.7$57.8$24.9$13.5$14.8$1.33
2023Detailed filing. Detailed filing data is available for this year.$78.0$52.4$25.6$10.8$10.9$0.13
2022Detailed filing. Detailed filing data is available for this year.$77.3$52.3$25.0$13.9$12.7$1.24
2021Detailed filing. Detailed filing data is available for this year.$69.4$46.5$22.9$13.1$10.4$2.75
2020Detailed filing. Detailed filing data is available for this year.$63.2$44.7$18.5$10.4$9.77$0.61
2019Detailed filing. Detailed filing data is available for this year.$56.8$39.7$17.1$8.74$9.47$0.73
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$52.4$34.9$17.5$8.38$8.87$0.49
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$47.2$29.5$17.7$9.27$7.13$2.13
2016Detailed filing. Detailed filing data is available for this year.$44.2$27.9$16.3$8.98$6.94$2.04
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$36.8$23.8$13.1$10.7$7.17$3.49
2014Detailed filing. Detailed filing data is available for this year.$32.7$23.4$9.29$7.23$7.38$0.15
2013Detailed filing. Detailed filing data is available for this year.$31.5$22.4$9.03$9.23$6.59$2.64
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$29.9$23.8$6.07$8.57
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$26.8$21.4$5.40$15.4
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$18.6$14.4$4.12$14.6
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Oct 22, 2025
Return Version
2024v5.2
Gross Receipts
$13,483,055
Mission and Program Overview

Mission

Development and maintenance of low income housing.

Development and maintenance of quality affordable housing in maine and new hampshire.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$24,377,170$24,183,298▼ $193,872
Savings and Temporary Cash Investments$3,288,523$3,517,779▲ $229,256
Cash and Non-Interest-Bearing Accounts$4,113,107$3,051,338▼ $1,061,769
Accounts Receivable$711,061$269,347▼ $441,714
Prepaid Expenses and Deferred Charges$119,511$250,425▲ $130,914
Total Assets$78,003,139$82,732,095▲ $4,728,956
Other Assets Total$45,393,767$51,459,908▲ $6,066,141
Liabilities
Mortgage Notes Payable Secured by Investment Property$47,117,052$51,810,237▲ $4,693,185
Accounts Payable and Accrued Expenses$3,528,495$4,079,800▲ $551,305
Other Liabilities$1,422,191$1,647,614▲ $225,423
Deferred Revenue$344,784$244,784▼ $100,000
Total Liabilities$52,412,522$57,782,435▲ $5,369,913
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$25,590,617$24,949,660▼ $640,957
Total Net Assets Fund Balance$25,590,617$24,949,660▼ $640,957
Total Liabilities and Net Assets / Fund Balance$78,003,139$82,732,095▲ $4,728,956

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$20,554,144$21,029,348$41,583,492
Land$3,629,154-$3,629,154
Other Assets Org$4,759,443--
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleBaseOtherTotal
Rebecca HatfieldPresident (past)$422,503$23,000$445,503
Eric BoucherInterim President and CEO$205,707$47,322$253,029
Katy SmithVP of Senior Living$167,149$40,500$207,649
Kim FarrarVP of Strategic Initiative$164,198$18,383$182,581
Sara OlsonVP of Advancement$146,058$30,500$176,558

Board Members and Trustees

NameTitle
Andrea Dodge PatstoneChair
Dr Renee Fay-leblancVice Chair
Alice KaboreDirector
Amy SmithDirector
Chomba KalubaDirector
Debra Orellana-mejiaDirector
Douglas StockbridgeDirector
Dr Julia ReddingDirector
James ElkinsDirector
Janice De LimaDirector
Jim HanleyDirector
Kimberly TwitchellDirector
Lynne RocheDirector
Nathan PooreDirector
Peter BassDirector
Peter PitegoffSecretary
Timothy AgnewTreasurer
Amanda GilliamVP of Property Management

Highest Paid Contractors

ContractorServicesLocationCompensation
Curtis Thaxter LLCLegalPOB 7320, Portland, ME 04112$287,987
Matthew Johnson Dba New Age Home ImproveConstruction45 ROUND POND ROAD, Turner, ME 04282$271,950
A Plus Environmental LLCEnvironmental1 HARDY ROAD, Bedford, NH 03110$225,000
Firehouse Ventures LLCMaintenance148 REGAN LANE, Portland, ME 04103$220,225
Charter Communications Holdings LLCCommunicationsPOB 6030, Carol Stream, IL 60197$165,683
Revenue and Support

Revenue Composition

Contributions and Grants
$5,278,417
Program Service Revenue
$7,432,464
Investment Income
$739,375
Other Revenue
$0
All Other Contributions
$604,442
Change in Net Assets
$-1,327,780
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$8,368,996
Salaries, Compensation, and Employee Benefits$6,409,040
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$4,162,592--$4,162,592
All Other Expenses$1,409,608--$1,409,608
Interest$1,214,818--$1,214,818
Depreciation Depletion$1,170,948--$1,170,948
Current Officers, Directors, Trustees, and Key Employees$1,105,615--$1,105,615
Other Employee Benefits$800,986--$800,986
Other Expenses$485,384--$485,384
Fees for Services Management$392,002--$392,002
Payroll Taxes$339,847--$339,847
Insurance$238,520--$238,520
Fees for Services Accounting$185,940--$185,940
Fees for Services Legal$125,737--$125,737
Advertising$67,301--$67,301
Information Technology$36,572--$36,572
Travel$32,225--$32,225
Total Functional Expenses$14,778,036$0$0$14,778,036
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Note Payable - Related Party$1,344,701
Tenant Security Deposits$221,162
Development Fee Payable$50,015
Prepaid Rent$31,736
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“The form 990 is sent to the board members for review and approval.”

Form 990, Part VI, Section B, Line 12C

“The board of directors perform an annual review of conflicts of interest.”

Form 990, Part VI, Section C, Line 19

“All organizing and operating documents are available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Avesta Housing Development Corporation
EIN
01-0315296
Phone
2075537777
Address
307 CUMBERLAND AVENUE, PORTLAND, ME 04101

Signing Officer

Name
Eric Boucher
Title
Sr VP of Finance and Administration
Phone
2075537777
Signed
2025-10-22

Organization Details

Principal Officer
Eric Boucher
Formed
1972
Legal Domicile
Me
Voting Board Members
17
Independent Board Members
17
Employees
57
Volunteers
0

Preparer

Firm
Otis Atwell
Address
324 GANNETT DRIVE, SOUTH PORTLAND, ME 04106-3263
Preparer
Gregory Geisser
Phone
2077801100
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 24E

“Consulting: program service expenses 375,231. Management and general expenses 0. Fundraising expenses 0. Total expenses 375,231. Development costs: program service expenses 359,707. Management and general expenses 0. Fundraising expenses 0. Total expenses 359,707. Real estate taxes: program service expenses 203,402. Management and general expenses 0. Fundraising expenses 0. Total expenses 203,402. Miscellaneous operating: program service expenses 174,915. Management and general expenses 0. Fundraising expenses 0. Total expenses 174,915. Supportive services: program service expenses 103,751. Management and general expenses 0. Fundraising expenses 0. Total expenses 103,751. Supplies: program service expenses 97,530. Management and general expenses 0. Fundraising expenses 0. Total expenses 97,530. Miscellaneous financial expenses: program service expenses 64,861. Management and general expenses 0. Fundraising expenses 0. Total expenses 64,861. Bad debts: program service expenses 28,048. Management and general expenses 0. Fundraising expenses 0. Total expenses 28,048. Printing & postage: program service expenses 2,163. Management and general expenses 0. Fundraising expenses 0. Total expenses 2,163.”

FORM 990, PART XI, LINE 9:

“Transferred capital 686,823.”

Raw XML AppendixShowing 400 of 1,833 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

Path#Value
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IRS990/BooksInCareOfDetail/USAddress/AddressLine1Txt0307 CUMBERLAND AVE
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IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt1MATTHEW JOHNSON DBA NEW AGE HOME IMPROVE
IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt2A PLUS ENVIRONMENTAL LLC
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IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt18VP OF STRATEGIC INITIATIVE
IRS990/Form990PartVIISectionAGrp/TitleTxt19INTERIM PRESIDENT AND CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt20PRESIDENT (PAST)
IRS990/Form990PartVIISectionAGrp/TitleTxt21VP OF SENIOR LIVING
IRS990/Form990PartVIISectionAGrp/TitleTxt22VP OF ADVANCEMENT
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