Kb25 Housing Development Fund Corporation

990 • Fiscal year 2024 • EIN 47-0976556

Jan 01, 2024 to Dec 31, 2024 • Filed on Nov 15, 2025

Organization Profile N/A

257 Park Avenue South 12th FloorNew York, NY 10010

(212) 243-9090

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

0.01x

Higher debt load relative to assets than 11% of similar nonprofits.

2024 filings • NTEE L • $10M-$25M nonprofits • Source year 2024

0.12x

Higher debt load relative to revenue than 15% of similar nonprofits.

2024 filings • NTEE L • $10M-$25M nonprofits • Source year 2024

-43%

Higher net margin than 11% of similar nonprofits.

2024 filings • NTEE L • $10M-$25M nonprofits • Source year 2024

$1,043,975

Higher top officer pay than 97% of similar nonprofits.

Top officer pay equals 78.6% of source-year revenue.

2024 filings • NTEE L • $10M-$25M nonprofits • Source year 2024

-4.6%

Faster asset growth than 13% of similar nonprofits.

2024 filings • NTEE L • $10M-$25M nonprofits • Annualized from 2023 to 2024

-1.3%

Faster revenue growth than 23% of similar nonprofits.

2024 filings • NTEE L • $10M-$25M nonprofits • Annualized from 2023 to 2024

Balance Sheet

Liabilities / Assets11th percentile

Assets

Down

$14,331,668

Down $685,341 (-4.6%) from 2023

Net Assets

Down

$14,172,307

Down $566,926 (-3.8%) from 2023

Liabilities

Down

$159,361

Down $118,415 (-43%) from 2023

Revenue And Expenses

Liabilities / Revenue15th percentile Net Margin11th percentile

Revenue

Down

$1,327,715

Down $17,679 (-1.3%) from 2023

Expenses

$1,894,679

Up $670,446 (+55%) from 2023

Net Income

Down

-$566,964

Down $688,125 (-568%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth13th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

Highlighted filing

2024

Assets$14,331,668

Liabilities$159,361

Net Assets$14,172,307

Open 2024 Filing

Operations Trend

Revenue Growth23rd percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

Highlighted filing

2024

Revenue$1,327,715

Expenses$1,894,679

Net Income-$566,964

Open 2024 Filing

Jump To

Filing Snapshot

Filing Period: Jan 1, 2024 to Dec 31, 2024
Signed: Nov 15, 2025
Return Version: 2024v5.2
Gross Receipts: $1,327,715

Mission and Program Overview

Mission

Kb25 housing development fund corporation was formed to own and operate a residential building for persons of low and moderate income.

Balance Sheet Detail

Line	Beginning	End	Change
Assets
Land, Buildings, and Equipment, Net	$14,326,186	$13,867,921	▼ $458,265
Cash and Non-Interest-Bearing Accounts	$463,193	$202,027	▼ $261,166
Savings and Temporary Cash Investments	$149,639	$152,234	▲ $2,595
Prepaid Expenses and Deferred Charges	$51,443	$59,275	▲ $7,832
Accounts Receivable	$18,301	$45,368	▲ $27,067
Total Assets	$15,017,009	$14,331,668	▼ $685,341
Other Assets Total	$8,247	$4,843	▼ $3,404
Liabilities
Escrow Account Liability	$96,039	$98,634	▲ $2,595
Accounts Payable and Accrued Expenses	$163,077	$45,234	▼ $117,843
Deferred Revenue	$18,660	$15,493	▼ $3,167
Total Liabilities	$277,776	$159,361	▼ $118,415
Net Assets / Fund Balance
Net Assets Without Donor Restrictions	$14,739,233	$14,172,307	▼ $566,926
Total Net Assets Fund Balance	$14,739,233	$14,172,307	▼ $566,926
Total Liabilities and Net Assets / Fund Balance	$15,017,009	$14,331,668	▼ $685,341

Asset Categories

Asset	Book Value	Depreciation	Basis
Buildings	$13,648,991	$3,354,579	$17,003,570
Other Land Buildings	$151,575	$86,388	$237,963
Equipment	$30,355	$182,470	$212,825
Land	$37,000	-	$37,000

Compensation and Service Providers

Top Officer Pay97th percentile

Board Members and Trustees

Name	Title
Adam Weinstein	President/CEO
Matthew Kelly	Outgoing Vice President
Michael Wadman	Vice President
James Robert Pigott Jr	Vice President and Secreta
Lukeman Ogunyinka	Treasurer

Revenue and Support

Revenue Composition

Contributions and Grants: $0
Program Service Revenue: $1,314,876
Investment Income: $1,193
Other Revenue: $11,646
Change in Net Assets: $-566,964

Audited Revenue Reconciliation

Revenue per Audited Statements: $1,320,923
Revenue Not Reported on Financial Statements: $6,792
Revenue Not Reported on Form 990: $0
Other Revenue Adjustments: $6,792
Total Revenue per Audited Statements: $1,320,923
Total Revenue per Form 990: $1,327,715

Expenses and Functional Allocation

Major Expense Lines

Line Item	Amount
Other Expenses	$1,013,295
Grants and Similar Amounts Paid	$765,000
Salaries, Compensation, and Employee Benefits	$116,384
Professional Fundraising Fees	$0
Total Fundraising Expense	$0

Functional Expense Allocation

Line Item	Program	Management	Fundraising	Total
Grants to Domestic Orgs	$765,000	-	-	$765,000
Depreciation Depletion	$465,906	-	-	$465,906
Other Expenses	$279,594	-	-	$279,594
Fees for Services Management	-	$102,414	-	$102,414
Occupancy	$84,495	-	-	$84,495
Other Salaries and Wages	$72,520	-	-	$72,520
Insurance	$41,997	-	-	$41,997
Other Employee Benefits	$31,389	-	-	$31,389
Office Expenses	-	$17,063	-	$17,063
Fees for Services Accounting	-	$12,957	-	$12,957
Payroll Taxes	$8,300	-	-	$8,300
Fees for Services Legal	-	$5,358	-	$5,358
Pension Plan Contributions	$4,175	-	-	$4,175
Fees for Services Other	-	$3,326	-	$3,326
Advertising	-	$185	-	$185
Total Functional Expenses	$1,753,376	$141,303	$0	$1,894,679

Audited Expense Reconciliation

Line Item	Amount
Expenses per Audited Statements	$1,894,679
Total Expenses per Form 990	$1,894,679
Total Expenses per Audited Statements	$1,887,887
Expenses Not Reported on Financial Statements	$0
Expenses Not Reported on Form 990	$-6,792

International Activity

Grant and Assistance Recipients

Recipient	Location	Category	Purpose	Amount
Phipps Houses	New York, NY	501(c)(3)	The Development or Maintenance of Low-income or Affordable Housing on a Tax Exempt Basis.	$765,000

Fundraising, Events, and Gaming

Fundraising activities: No
Gaming activities: No
Professional fundraiser used: No

Fundraising and Gaming Totals

Line Item	Amount
Professional Fundraising Fees	$0

Political and Lobbying Activity

Political campaign activity: No
Subject to proxy tax: No

Related Organizations and Partnerships

Related Tax-Exempt Organizations

Organization	Location	Activity	Code	Public Charity	Controlled
1039 Boston Road Hdfc	New York, NY	Real Estate	501(c)(4)	Line 10	No
1675 Westchester Avenue Hdfc	New York, NY	Real Estate	501(c)(4)	Line 10	No
1691 Fulton Avenue Hdfc	New York, NY	Real Estate	501(c)(4)	Line 10	No
2136 Crotona Parkway Hdfc	New York, NY	Real Estate	501(c)(3)	Line 7	No
600 East 156th Street Hdfc	New York, NY	Real Estate	501(c)(4)	Line 10	No
63 Thompson Street Hdfc	New York, NY	Real Estate	501(c)(4)	Line 10	No
710 East 9th Street Hdfc	New York, NY	Real Estate	501(c)(4)	Line 10	No
760-770 East Tremont Avenue Hdfc	New York, NY	Real Estate	501(c)(3)	Line 10	No
912 East 178th Street Hdfc	New York, NY	Real Estate	501(c)(4)	Line 7	No
Bellwest Management Corp	New York, NY	Real Estate	501(c)(4)	Line 10	No
Boston Tremont Hdfc	New York, NY	Real Estate	501(c)(4)	Line 7	No
Brook 156 Hdfc	New York, NY	Real Estate	501(c)(4)	-	No
Courtlandt Community Hdfc	New York, NY	Real Estate	501(c)(4)	-	No
Courtlandt Corners I Hdfc	New York, NY	Real Estate	501(c)(4)	-	No
Courtlandt Corners Ii Hdfc	New York, NY	Real Estate	501(c)(4)	-	No
Courtlandt Crescent Hdfc	New York, NY	Real Estate	501(c)(4)	-	No
Crotona Park West Hdfc	New York, NY	Real Estate	501(c)(3)	-	No
Daly 180 Hdfc	New York, NY	Real Estate	501(c)(4)	-	No
Dempsey Apartments Hdfc	New York, NY	Real Estate	501(c)(4)	-	No
Echo Apartments Hdfc	New York, NY	Real Estate	501(c)(4)	-	No
Extra Place Hdfc	New York, NY	Real Estate	501(c)(4)	-	No
Fabria Houses Hdfc	New York, NY	Real Estate	501(c)(4)	-	No
Friends of Crotona Park	New York, NY	Real Estate	501(c)(3)	-	No
Fulton Jefferson Hdfc	New York, NY	Real Estate	501(c)(4)	-	No
Hancock Place Apartments Hdfc	New York, NY	Real Estate	501(c)(4)	-	No
Henry Phipps Plaza East Hdfc	New York, NY	Real Estate	501(c)(4)	-	No
Henry Phipps Plaza East Inc	New York, NY	Real Estate	501(c)(4)	-	No
Henry Phipps Plaza North Hdfc	New York, NY	Real Estate	501(c)(4)	-	No
Henry Phipps Plaza South Hdfc	New York, NY	Real Estate	501(c)(3)	-	No
Hobbs Ciena Hdfc	New York, NY	Real Estate	501(c)(4)	-	No
Honeywell Ii Hdfc	New York, NY	Real Estate	501(c)(4)	-	No
Hunters Point South Borden Hdfc	New York, NY	Real Estate	501(c)(4)	-	No
Hunters Point South Hdfc	New York, NY	Real Estate	501(c)(4)	-	No
Kb25 Hdfc	New York, NY	Real Estate	501(c)(4)	-	No
La Casa De Felicidad Hdfc	New York, NY	Real Estate	501(c)(3)	-	No
La Puerta De Vitalidad Hdfc	New York, NY	Real Estate	501(c)(4)	-	No
Lebanon West Farms Hdfc	New York, NY	Real Estate	501(c)(4)	-	No
Lee Goodwin Hdfc	New York, NY	Real Estate	501(c)(4)	-	No
Mapes Boulevard Hdfc	New York, NY	Real Estate	501(c)(3)	-	No
Monterrey Apartments Hdfc	New York, NY	Real Estate	501(c)(4)	-	No
Ph Affordable Housing Fund Inc	New York, NY	Real Estate	501(c)(3)	-	No
Phipps Affordable Hdfc	New York, NY	Real Estate	501(c)(4)	-	No
Phipps Affordable Housing Admin Agent Co	New York, NY	Real Estate	501(c)(4)	-	No
Phipps Affordable Housing Support Corp	New York, NY	Real Estate	501(c)(4)	-	No
Phipps Affordable Ii Hdfc	New York, NY	Real Estate	501(c)(4)	-	No
Phipps Cdc Early Childhood Services Corp	New York, NY	Real Estate	501(c)(3)	-	No
Phipps Houses	New York, NY	Real Estate	501(c)(3)	-	No
Phipps Neighborhoods Inc	New York, NY	Real Estate	501(c)(3)	-	No
Rcb Apartments Hdfc	New York, NY	Real Estate	501(c)(4)	-	No
Rockaway Village Hdfc	New York, NY	Real Estate	501(c)(4)	-	No
Salem House Hdfc	New York, NY	Real Estate	501(c)(4)	-	No
Via Verde Hdfc	New York, NY	Real Estate	501(c)(4)	-	No
Via Verde Homes Hdfc	New York, NY	Real Estate	501(c)(4)	-	No
West 128th Street Hdfc	New York, NY	Real Estate	501(c)(4)	-	No

Related Partnerships and Joint Ventures

Organization	Location	Activity	Income	Assets	Ownership	Managing Partner
Plaza South Management Company Ii LLC	New York, NY	Real Estate Mgmt.	-	-	-	No
Via Verde Rental Leasing LLC	New York, NY	Real Estate Mgmt.	-	-	-	No

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: No
Key decisions subject to board approval: No
Management duties delegated: Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

“Kb25 housing development fund corporation (the reporting organization) has a contract with phipps houses services, inc. ("phsi") to provide property management services to the reporting organization, which includes billing and collecting rent, paying the entity's bills and maintaining the property. Phsi is wholly owned by phipps houses (tax-exempt under irc section 501(c)(3) ein: 11-1187480). None of the officers, directors, trustees, or key employees listed in part vii, section a, were compensated by phsi (i.e., the provider of management services) for services provided to the filing organization and related organizations during the calendar year ending with or within the organization's tax year.”

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

“Members of the organization's governing body review the form 990 for accuracy of content and discuss as necessary.”

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

“Officers and directors must complete and certify annually a list of conflicts of interest.”

Form 990, Part VI, Section B, Line 15

“The organization does not compensate any officers or key employees.”

Form 990, Part VI, Section C, Line 19

“The organization makes its governing documents, conflict of interest policy and financial statements available to the public upon request.”

FORM 990, PART VII, SECTION A:

“The compensation of the president, vice presidents, secretary and treasurer reflects their contributions to not only kb25 housing development fund corporation but to all of its affiliated entities. On a consolidated basis, the phipps houses group has annual revenue of over $100 million and assets currently of almost $2 billion.”

Filing and Contact Details

Filer

Filer Name: Kb25 Housing Development Fund
EIN: 47-0976556
Phone: 2122439090
Address: 257 PARK AVENUE SOUTH 12TH FLOOR, NEW YORK, NY 10010

Signing Officer

Name: Lukeman Ogunyinka
Title: Treasurer
Phone: 2122439090
Signed: 2025-11-15
Discuss with paid preparer: Yes

Organization Details

Principal Officer: Adam Weinstein
Formed: 2014
Legal Domicile: Ny
Voting Board Members: 3
Independent Board Members: 0
Employees: 1
Volunteers: 0

Preparer

Firm: Cohnreznick Advisory LLC
Address: 1301 AVENUE OF THE AMERICAS, NEW YORK, NY 10019
Preparer: Lori Rothe Yokobosky
Phone: 2122970400

Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Post retirement benefits adjustment 38.”

Financial Statement Notes

PART IV, LINE 2B:

“The escrow liability amounts on form 990, part x, line 21 consist of tenant security deposits.”

PART X, LINE 2:

“Management has analyzed the tax positions taken by the corporation and has concluded that, as of december 31, 2024 and 2023, there are no uncertain tax positiions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. Accordingly, these financial statements do not refect a provision for income taxes and the corporation has no other tax positions which must be considered for disclosure. Income tax returns filed by the corporation are subject to examination by the irs for a period of three years. While no income tax returns are currently being examined by the irs, tax years since 2021 remain open.”

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“Bad debts recovery 6,792.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Bad debts recovery -6,792.”

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

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IRS990/IndoorTanningServicesInd	0	0
IRS990/InfoInScheduleOPartVIInd	0	X
IRS990/InfoInScheduleOPartXIInd	0	X
IRS990/InsuranceGrp/ProgramServicesAmt	0	41997
IRS990/InsuranceGrp/TotalAmt	0	41997
IRS990/InvestmentIncomeGrp/ExclusionAmt	0	1193
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt	0	1193
IRS990/InvestmentInJointVentureInd	0	0
IRS990/IRPDocumentCnt	0	5
IRS990/IRPDocumentW2GCnt	0	0
IRS990/LandBldgEquipAccumDeprecAmt	0	3623437
IRS990/LandBldgEquipBasisNetGrp/BOYAmt	0	14326186
IRS990/LandBldgEquipBasisNetGrp/EOYAmt	0	13867921
IRS990/LandBldgEquipCostOrOtherBssAmt	0	17491358
IRS990/LegalDomicileStateCd	0	NY
IRS990/LoanOutstandingInd	0	0
IRS990/LocalChaptersInd	0	0
IRS990/MaterialDiversionOrMisuseInd	0	0
IRS990/MembersOrStockholdersInd	0	0
IRS990/MethodOfAccountingAccrualInd	0	X
IRS990/MinutesOfCommitteesInd	0	1
IRS990/MinutesOfGoverningBodyInd	0	1
IRS990/MiscellaneousRevenueGrp/RelatedOrExemptFuncIncomeAmt	0	4854
IRS990/MiscellaneousRevenueGrp/TotalRevenueColumnAmt	0	4854
IRS990/MissionDesc	0	KB25 HOUSING DEVELOPMENT FUND CORPORATION WAS FORMED TO OWN AND OPERATE A RESIDENTIAL BUILDING FOR PERSONS OF LOW AND MODERATE INCOME.
IRS990/MoreThan5000KToIndividualsInd	0	0
IRS990/MoreThan5000KToOrgInd	0	0
IRS990/NetAssetsOrFundBalancesBOYAmt	0	14739233
IRS990/NetAssetsOrFundBalancesEOYAmt	0	14172307
IRS990/NetUnrelatedBusTxblIncmAmt	0	0
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt	0	14739233
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt	0	14172307
IRS990/NondeductibleContributionsInd	0	0
IRS990/OccupancyGrp/ProgramServicesAmt	0	84495
IRS990/OccupancyGrp/TotalAmt	0	84495
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt	0	17063
IRS990/OfficeExpensesGrp/TotalAmt	0	17063
IRS990/OfficerMailingAddressInd	0	0
IRS990/OperateHospitalInd	0	0
IRS990/Organization501cInd	0	X
IRS990/OrganizationFollowsFASB117Ind	0	X
IRS990/OtherAssetsTotalGrp/BOYAmt	0	8247
IRS990/OtherAssetsTotalGrp/EOYAmt	0	4843
IRS990/OtherChangesInNetAssetsAmt	0	38
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt	0	31389
IRS990/OtherEmployeeBenefitsGrp/TotalAmt	0	31389
IRS990/OtherExpensesGrp/Desc	0	REPAIRS AND MAINTENANCE
IRS990/OtherExpensesGrp/ProgramServicesAmt	0	279594
IRS990/OtherExpensesGrp/TotalAmt	0	279594
IRS990/OtherRevenueMiscGrp/BusinessCd	0	900099
IRS990/OtherRevenueMiscGrp/Desc	0	BAD DEBTS RECOVERY
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt	0	6792
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt	0	6792
IRS990/OtherRevenueTotalAmt	0	11646
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt	0	72520
IRS990/OtherSalariesAndWagesGrp/TotalAmt	0	72520
IRS990/PartialLiquidationInd	0	0
IRS990/PayrollTaxesGrp/ProgramServicesAmt	0	8300
IRS990/PayrollTaxesGrp/TotalAmt	0	8300
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt	0	4175
IRS990/PensionPlanContributionsGrp/TotalAmt	0	4175
IRS990/PoliticalCampaignActyInd	0	0
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt	0	51443
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt	0	59275
IRS990/PrincipalOfficerNm	0	ADAM WEINSTEIN
IRS990/ProfessionalFundraisingInd	0	0
IRS990/ProgramServiceRevenueGrp/BusinessCd	0	532000
IRS990/ProgramServiceRevenueGrp/BusinessCd	1	532000
IRS990/ProgramServiceRevenueGrp/Desc	0	RENTAL INCOME
IRS990/ProgramServiceRevenueGrp/Desc	1	TENANT CHARGES
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt	0	1307708
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt	1	7168
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt	0	1307708
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt	1	7168
IRS990/ProgSrvcAccomActy2Grp/Desc	0	GRANT TO PHIPPS HOUSES, AN AFFILIATE ORGANIZATION UNDER IRC 501(C)(3), TO BE USED ONLY FOR THE PURPOSE OF PROMOTING AFFORDABLE HOUSING.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt	0	765000
IRS990/ProgSrvcAccomActy2Grp/GrantAmt	0	765000
IRS990/ProhibitedTaxShelterTransInd	0	0
IRS990/PYBenefitsPaidToMembersAmt	0	0
IRS990/PYContributionsGrantsAmt	0	0
IRS990/PYExcessBenefitTransInd	0	0
IRS990/PYGrantsAndSimilarPaidAmt	0	50000
IRS990/PYInvestmentIncomeAmt	0	1070
IRS990/PYOtherExpensesAmt	0	1086186
IRS990/PYOtherRevenueAmt	0	67036
IRS990/PYProgramServiceRevenueAmt	0	1277288
IRS990/PYRevenuesLessExpensesAmt	0	121161
IRS990/PYSalariesCompEmpBnftPaidAmt	0	88047
IRS990/PYTotalExpensesAmt	0	1224233
IRS990/PYTotalProfFndrsngExpnsAmt	0	0
IRS990/PYTotalRevenueAmt	0	1345394
IRS990/ReconcilationRevenueExpnssAmt	0	-566964
IRS990/RegularMonitoringEnfrcInd	0	1
IRS990/RelatedEntityInd	0	1
IRS990/RelatedOrganizationCtrlEntInd	0	0
IRS990/ReportInvestmentsOtherSecInd	0	0
IRS990/ReportLandBuildingEquipmentInd	0	1
IRS990/ReportOtherAssetsInd	0	0
IRS990/ReportOtherLiabilitiesInd	0	0
IRS990/ReportProgramRelatedInvstInd	0	0
IRS990/RevenueAmt	0	1326522
IRS990/SavingsAndTempCashInvstGrp/BOYAmt	0	149639
IRS990/SavingsAndTempCashInvstGrp/EOYAmt	0	152234
IRS990/ScheduleBRequiredInd	0	0
IRS990ScheduleD/AgentTrusteeEtcInd	0	0
IRS990ScheduleD/BuildingsGrp/BookValueAmt	0	13648991
IRS990ScheduleD/BuildingsGrp/DepreciationAmt	0	3354579
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt	0	17003570
IRS990ScheduleD/EquipmentGrp/BookValueAmt	0	30355
IRS990ScheduleD/EquipmentGrp/DepreciationAmt	0	182470
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt	0	212825
IRS990ScheduleD/ExpensesNotReportedAmt	0	-6792
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt	0	0
IRS990ScheduleD/ExpensesSubtotalAmt	0	1894679
IRS990ScheduleD/ExplanationProvidedInd	0	X
IRS990ScheduleD/FootnoteTextInd	0	X
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd	0	1
IRS990ScheduleD/LandGrp/BookValueAmt	0	37000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt	0	37000
IRS990ScheduleD/OtherExpensesIncludedAmt	0	-6792
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt	0	151575
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt	0	86388
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt	0	237963
IRS990ScheduleD/OtherRevenuesNotIncludedAmt	0	6792
IRS990ScheduleD/RevenueNotReportedAmt	0	0
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt	0	6792
IRS990ScheduleD/RevenueSubtotalAmt	0	1320923
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt	0	THE ESCROW LIABILITY AMOUNTS ON FORM 990, PART X, LINE 21 CONSIST OF TENANT SECURITY DEPOSITS.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt	1	MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE CORPORATION AND HAS CONCLUDED THAT, AS OF DECEMBER 31, 2024 AND 2023, THERE ARE NO UNCERTAIN TAX POSITIIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS. ACCORDINGLY, THESE FINANCIAL STATEMENTS DO NOT REFECT A PROVISION FOR INCOME TAXES AND THE CORPORATION HAS NO OTHER TAX POSITIONS WHICH MUST BE CONSIDERED FOR DISCLOSURE. INCOME TAX RETURNS FILED BY THE CORPORATION ARE SUBJECT TO EXAMINATION BY THE IRS FOR A PERIOD OF THREE YEARS. WHILE NO INCOME TAX RETURNS ARE CURRENTLY BEING EXAMINED BY THE IRS, TAX YEARS SINCE 2021 REMAIN OPEN.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt	2	BAD DEBTS RECOVERY 6,792.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt	3	BAD DEBTS RECOVERY -6,792.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc	0	PART IV, LINE 2B:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc	1	PART X, LINE 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc	2	PART XI, LINE 4B - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc	3	PART XII, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt	0	13867921
IRS990ScheduleD/TotalExpensesPerForm990Amt	0	1894679
IRS990ScheduleD/TotalRevenuePerForm990Amt	0	1327715
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt	0	1320923
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt	0	1887887
IRS990ScheduleI/GrantRecordsMaintainedInd	0	1
IRS990ScheduleI/RecipientTable/CashGrantAmt	0	765000
IRS990ScheduleI/RecipientTable/IRCSectionDesc	0	501(C)(3)
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt	0	0
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt	0	THE DEVELOPMENT OR MAINTENANCE OF LOW-INCOME OR AFFORDABLE HOUSING ON A TAX EXEMPT BASIS.
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt	0	PHIPPS HOUSES
IRS990ScheduleI/RecipientTable/RecipientEIN	0	111187480
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt	0	257 PARK AVENUE SOUTH 12TH FLOOR
IRS990ScheduleI/RecipientTable/USAddress/CityNm	0	NEW YORK
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd	0	NY
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd	0	10010
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt	0	DETAILED SCHEDULES OF EXPENDITURES ARE PREPARED QUARTERLY AND REVIEWED BY MANAGEMENT.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc	0	PART I, LINE 2:
IRS990ScheduleI/Total501c3OrgCnt	0	1
IRS990ScheduleJ/AnyNonFixedPaymentsInd	0	0
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd	0	0
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd	0	0
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd	0	0
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd	0	0
IRS990ScheduleJ/EquityBasedCompArrngmInd	0	0
IRS990ScheduleJ/InitialContractExceptionInd	0	0
IRS990/ScheduleJRequiredInd	0	1
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt	0	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt	1	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt	2	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt	3	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt	4	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount	0	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount	1	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount	2	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount	3	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount	4	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt	0	150000
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt	1	59000
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt	2	42000
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt	3	60000
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt	4	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt	0	713534
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt	1	307981
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt	2	279134
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt	3	276041
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt	4	241381
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt	0	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt	1	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt	2	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt	3	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt	4	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt	0	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt	1	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt	2	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt	3	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt	4	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt	0	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt	1	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt	2	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt	3	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt	4	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt	0	143252
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt	1	56202
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt	2	56202
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt	3	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt	4	56202
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt	0	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt	1	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt	2	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt	3	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt	4	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt	0	37189
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt	1	31367
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt	2	3235
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt	3	9964
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt	4	13877
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt	0	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt	1	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt	2	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt	3	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt	4	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt	0	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt	1	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt	2	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt	3	21200
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt	4	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm	0	ADAM WEINSTEIN
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm	1	JAMES ROBERT PIGOTT JR
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm	2	MICHAEL WADMAN
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm	3	LUKEMAN OGUNYINKA
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm	4	MATTHEW KELLY
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt	0	PRESIDENT/CEO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt	1	VICE PRESIDENT AND SECRETA
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt	2	VICE PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt	3	TREASURER
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt	4	OUTGOING VICE PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt	0	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt	1	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt	2	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt	3	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt	4	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt	0	1043975
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt	1	454550
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt	2	380571
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt	3	367205
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt	4	311460
IRS990ScheduleJ/SeverancePaymentInd	0	0
IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt	0	PHIPPS HOUSES, AN AFFILIATE OF THE REPORTING ORGANIZATION PAID COMPENSATION TO THE REPORTING ORGANIZATION'S TOP MANAGEMENT OFFICIAL. PHIPPS HOUSES HAS ESTABLISHED THE COMPENSATION OF THE TOP MANAGEMENT OFFICIAL USING COMPENSATION COMMITTEE, INDEPENDENT COMPENSATION CONSULTANT, FORM 990 OF OTHER ORGANIZATIONS, COMPENSATION SURVEY OR STUDY, AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE.
IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt	1	ADAM WEINSTEIN, PRESIDENT, IS A PARTICIPANT IN A SECTION 457(F) PLAN THAT REQUIRES HIM TO PERFORM SERVICES FOR A PERIOD OF TIME. HE HAS RECEIVED ANNUAL AWARDS BEGINNING IN 2017 AND (CONSISTENT WITH IRS FORM 990, SCHEDULE J INSTRUCTIONS) THESE AMOUNTS ARE TREATED AS ACCRUED OR EARNED RATABLY OVER THE COURSE OF THE SERVICE PERIOD. $87,050 IS REPORTED AS EARNED DURING THE REPORTING PERIOD WHICH IS INCLUDED IN SCHEDULE J, PART II, COLUMN (C).
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc	0	PART I, LINE 3
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc	1	PART I, LINE 4B:
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd	0	1
IRS990/ScheduleORequiredInd	0	1
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt	0	KB25 HOUSING DEVELOPMENT FUND CORPORATION (THE REPORTING ORGANIZATION) HAS A CONTRACT WITH PHIPPS HOUSES SERVICES, INC. ("PHSI") TO PROVIDE PROPERTY MANAGEMENT SERVICES TO THE REPORTING ORGANIZATION, WHICH INCLUDES BILLING AND COLLECTING RENT, PAYING THE ENTITY'S BILLS AND MAINTAINING THE PROPERTY. PHSI IS WHOLLY OWNED BY PHIPPS HOUSES (TAX-EXEMPT UNDER IRC SECTION 501(C)(3) EIN: 11-1187480). NONE OF THE OFFICERS, DIRECTORS, TRUSTEES, OR KEY EMPLOYEES LISTED IN PART VII, SECTION A, WERE COMPENSATED BY PHSI (I.E., THE PROVIDER OF MANAGEMENT SERVICES) FOR SERVICES PROVIDED TO THE FILING ORGANIZATION AND RELATED ORGANIZATIONS DURING THE CALENDAR YEAR ENDING WITH OR WITHIN THE ORGANIZATION'S TAX YEAR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt	1	MEMBERS OF THE ORGANIZATION'S GOVERNING BODY REVIEW THE FORM 990 FOR ACCURACY OF CONTENT AND DISCUSS AS NECESSARY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt	2	OFFICERS AND DIRECTORS MUST COMPLETE AND CERTIFY ANNUALLY A LIST OF CONFLICTS OF INTEREST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt	3	THE ORGANIZATION DOES NOT COMPENSATE ANY OFFICERS OR KEY EMPLOYEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt	4	THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt	5	POST RETIREMENT BENEFITS ADJUSTMENT 38.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt	6	THE COMPENSATION OF THE PRESIDENT, VICE PRESIDENTS, SECRETARY AND TREASURER REFLECTS THEIR CONTRIBUTIONS TO NOT ONLY KB25 HOUSING DEVELOPMENT FUND CORPORATION BUT TO ALL OF ITS AFFILIATED ENTITIES. ON A CONSOLIDATED BASIS, THE PHIPPS HOUSES GROUP HAS ANNUAL REVENUE OF OVER $100 MILLION AND ASSETS CURRENTLY OF ALMOST $2 BILLION.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc	0	FORM 990, PART VI, SECTION A, LINE 3

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

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

Open filing

Assets: $14,331,668
Liabilities: $159,361
Net assets: $14,172,307
Revenue: $1,327,715
Expenses: $1,894,679
Net income: -$566,964

	Balance Sheet			Operations
Year	Assets	Liabilities	Net Assets	Revenue	Expenses	Net Income
2024Detailed filing. Detailed filing data is available for this year.	$14.3	$0.16	$14.2	$1.33	$1.89	$0.57
2023Summary only. Only limited summary data is available for this year.	$15.0	$0.28	$14.7	$1.35	$1.22	$0.12
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.	$15.0	$0.34	$14.6	$1.16	$1.93	$0.77
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.	$15.5	$0.11	$15.4	$1.06	$1.42	$0.36
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.	$15.9	$0.12	$15.7	$1.09	$1.32	$0.23
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.	$16.3	$0.32	$16.0	$1.18	$1.30	$0.12
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.	$16.6	$0.45	$16.1	$0.95	$1.62	$0.67
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.	$17.0	$0.26	$16.8	$37.0	$20.4	$16.7
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.	$17.2	$17.1	$0.11	$0.07	$0.00	$0.07
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.	$15.3	$15.2	$0.01	$0.04	$0.00	$0.04
2014Summary only. Only limited summary data is available for this year.	$5.80	$5.80	$0.00	$0.00	$0.00	$0.00