Civic Intelligence

Milford Housing Development Corp

EIN 51-0218904 • 501(c)3 • Milford, DE

View Organization Page

Profile

The mission of the mhdc is to provide decent, safe, and affordable housing solutions for people of modest means.

977 E Masten CirMilford, DE 19963

www.milfordhousing.com

Siviq Scores

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

Liabilities / Assets

96th percentile

1.08x

Higher debt load relative to assets than 96% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Liabilities / Revenue

87th percentile

1.94x

Higher debt load relative to revenue than 87% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Net Margin

84th percentile

37%

Higher net margin than 84% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

9th percentile

$0

Higher top officer pay than 9% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Asset Growth

35th percentile

1.4%

Faster asset growth than 35% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Revenue Growth

91st percentile

85%

Faster revenue growth than 91% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets96th percentile

Assets

Up

$33,961,258

Up $477,244 (+1.4%) from 2023

Liabilities

Down

$36,835,859

Down $6,733,654 (-15%) from 2023

Net Assets

Up

-$2,874,601

Up $7,210,898 (+71%) from 2023

Operations
Liabilities / Revenue87th percentileNet Margin84th percentile

Revenue

Up

$18,975,124

Up $8,708,724 (+85%) from 2023

Expenses

Up

$12,039,623

Up $411,930 (+3.5%) from 2023

Net Income

Up

$6,935,501

Up $8,296,794 (+609%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth35th percentile

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

$60M$40M$20M$0-$20MAssets 2010: $14,380,181Liabilities 2010: $11,154,669Net Assets 2010: $3,225,5122010Assets 2011: $14,987,927Liabilities 2011: $12,324,045Net Assets 2011: $2,663,8822011Assets 2012: $14,887,667Liabilities 2012: $11,805,568Net Assets 2012: $3,082,0992012Assets 2013: $16,158,559Liabilities 2013: $12,564,664Net Assets 2013: $3,593,8952013Assets 2014: $15,942,728Liabilities 2014: $13,196,650Net Assets 2014: $2,746,0782014Assets 2015: $15,716,868Liabilities 2015: $13,328,310Net Assets 2015: $2,388,5582015Assets 2016: $21,145,833Liabilities 2016: $19,308,046Net Assets 2016: $1,837,7872016Assets 2017: $23,214,801Liabilities 2017: $20,876,483Net Assets 2017: $2,338,3182017Assets 2018: $47,239,306Liabilities 2018: $55,264,202Net Assets 2018: -$8,024,8962018Assets 2019: $44,806,240Liabilities 2019: $52,938,291Net Assets 2019: -$8,132,0512019Assets 2020: $39,375,823Liabilities 2020: $45,940,563Net Assets 2020: -$6,564,7402020Assets 2021: $34,677,401Liabilities 2021: $42,112,533Net Assets 2021: -$7,435,1322021Assets 2022: $32,022,744Liabilities 2022: $39,894,326Net Assets 2022: -$7,871,5822022Assets 2023: $33,484,014Liabilities 2023: $43,569,513Net Assets 2023: -$10,085,4992023Assets 2024: $33,961,258Liabilities 2024: $36,835,859Net Assets 2024: -$2,874,6012024

Highlighted filing

2024

Assets$33,961,258
Liabilities$36,835,859
Net Assets-$2,874,601
Open 2024 Filing

Operations Trend

Revenue Growth91st percentile

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

$20M$10M$0-$10MExpenses 2010: $2,837,6152010Expenses 2011: $4,098,2642011Expenses 2012: $4,587,0612012Revenue 2013: $5,935,705Expenses 2013: $5,519,024Net Income 2013: $416,6812013Revenue 2014: $5,656,308Expenses 2014: $6,611,570Net Income 2014: -$955,2622014Revenue 2015: $7,306,600Expenses 2015: $6,660,859Net Income 2015: $645,7412015Revenue 2016: $6,122,134Expenses 2016: $6,672,389Net Income 2016: -$550,2552016Revenue 2017: $8,076,994Expenses 2017: $7,579,744Net Income 2017: $497,2502017Revenue 2018: $9,869,779Expenses 2018: $11,757,170Net Income 2018: -$1,887,3912018Revenue 2019: $14,754,367Expenses 2019: $13,952,533Net Income 2019: $801,8342019Revenue 2020: $12,513,663Expenses 2020: $10,399,363Net Income 2020: $2,114,3002020Revenue 2021: $10,337,525Expenses 2021: $10,122,363Net Income 2021: $215,1622021Revenue 2022: $10,610,866Expenses 2022: $10,971,772Net Income 2022: -$360,9062022Revenue 2023: $10,266,400Expenses 2023: $11,627,693Net Income 2023: -$1,361,2932023Revenue 2024: $18,975,124Expenses 2024: $12,039,623Net Income 2024: $6,935,5012024

Highlighted filing

2024

Revenue$18,975,124
Expenses$12,039,623
Net Income$6,935,501
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$33,961,258
Liabilities
$36,835,859
Net assets
-$2,874,601
Revenue
$18,975,124
Expenses
$12,039,623
Net income
$6,935,501
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$34.0$36.8$2.87$19.0$12.0$6.94
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$33.5$43.6$10.1$10.3$11.6$1.36
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$32.0$39.9$7.87$10.6$11.0$0.36
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$34.7$42.1$7.44$10.3$10.1$0.22
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$39.4$45.9$6.56$12.5$10.4$2.11
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$44.8$52.9$8.13$14.8$14.0$0.80
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$47.2$55.3$8.02$9.87$11.8$1.89
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$23.2$20.9$2.34$8.08$7.58$0.50
2016Facts available. Structured filing facts are available, but richer extracted sections are limited.$21.1$19.3$1.84$6.12$6.67$0.55
2015Detailed filing. Detailed filing data is available for this year.$15.7$13.3$2.39$7.31$6.66$0.65
2014XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$15.9$13.2$2.75$5.66$6.61$0.96
2013Detailed filing. Detailed filing data is available for this year.$16.2$12.6$3.59$5.94$5.52$0.42
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$14.9$11.8$3.08$4.59
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$15.0$12.3$2.66$4.10
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$14.4$11.2$3.23$2.84
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 6, 2025
Return Version
2024v5.0
Gross Receipts
$18,975,124
Mission and Program Overview

Mission

The mission of the mhdc is to provide decent, safe, and affordable housing solutions for people of modest means.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$20,525,385$19,635,055▼ $890,330
Savings and Temporary Cash Investments$4,674,793$5,233,515▲ $558,722
Accounts Receivable$1,318,533$1,265,867▼ $52,666
Prepaid Expenses and Deferred Charges$548,198$634,390▲ $86,192
Investments Other Securities$243,863$272,284▲ $28,421
Intangible Assets$74,261$117,871▲ $43,610
Total Assets$33,484,014$33,961,258▲ $477,244
Other Assets Total$6,098,981$6,802,276▲ $703,295
Liabilities
Mortgage Notes Payable Secured by Investment Property$31,555,519$24,140,223▼ $7,415,296
Other Liabilities$9,013,497$9,335,946▲ $322,449
Deferred Revenue$2,151,533$2,271,489▲ $119,956
Accounts Payable and Accrued Expenses$848,964$1,088,201▲ $239,237
Total Liabilities$43,569,513$36,835,859▼ $6,733,654
Net Assets / Fund Balance
Net Assets With Donor Restrictions$1,659,588$1,793,839▲ $134,251
Net Assets Without Donor Restrictions$-11,745,087$-4,668,440▲ $7,076,647
Total Net Assets Fund Balance$-10,085,499$-2,874,601▲ $7,210,898
Total Liabilities and Net Assets / Fund Balance$33,484,014$33,961,258▲ $477,244

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$12,004,119$29,441,338$41,445,457
Land$6,853,966-$6,853,966
Equipment$776,970$4,204,001$4,980,971
Other Assets Org$339,634--
Compensation and Service Providers
Top Officer Pay9th percentile

Board Members and Trustees

NameTitle
Matthew ParksChair
David MoorePresident
Lisa KirkwoodVice Chair
Joseph HerbertDirector
Linda RogersDirector
Teressa WalkerDirector
Thomas HoulihanDirector
Timothy RileyDirector
Jennifer KintzTreasurer
Christina StanleyVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$12,096,523
Program Service Revenue
$7,170,254
Investment Income
$129,222
Other Revenue
$-420,875
All Other Contributions
$956,020
Change in Net Assets
$6,935,501
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$8,032,873
Salaries, Compensation, and Employee Benefits$4,006,750
Total Fundraising Expense$120,576
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,896,887$1,057,035$91,508$3,045,430
Occupancy$2,385,369$11,337-$2,396,706
Depreciation Depletion$1,394,066$103,777-$1,497,843
Other Employee Benefits$553,259$381,938$26,123$961,320
Interest$637,203$130,478-$767,681
Insurance$570,868$90,222-$661,090
Office Expenses$210,191$22,604-$232,795
Fees for Services Accounting$173,129$43,946-$217,075
Fees for Services Legal$12,494$48,326-$60,820
Information Technology$20,435$22,373-$42,808
Other Expenses$14,353$17,030-$31,383
All Other Expenses$3,998$21,982-$25,980
Conferences and Meetings$7,178$15,989$947$24,114
Travel$1,695$2,531-$4,226
Advertising$554$1,407$1,998$3,959
Total Functional Expenses$9,926,183$1,992,864$120,576$12,039,623
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
Accrued Interest$8,996,958
Security Deposits Funded$338,988
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
Yes
Other officer compensation reviewed
Yes
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, Page 6, Part VI, Line 11B

“Form 990, along with audited financial statements, is provided to the board of directors for review before filing with the irs. Auditors present the documents at a scheduled meeting in july or august of each year.”

Form 990, Page 6, Part VI, Line 12C

“Employees are required by the personnel policy to disclose any potential conflicts of interest. The entity is small enough, management is aware of relationships.”

Form 990, Page 6, Part VI, Line 15A

“The president's salary is approved by the board of directors”

Form 990, Page 6, Part VI, Line 15B

“Compensation is approved by the board of directors”

Form 990, Page 6, Part VI, Line 19

“Governing documents are available upon request”

Filing and Contact Details

Filer

Filer Name
Milford Housing Development Corp
EIN
51-0218904
Phone
3024228255
Address
977 E MASTEN CIR, MILFORD, DE 19963

Signing Officer

Name
David Moore
Title
President
Phone
3024914000
Signed
2025-11-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
David Moore
Formed
1977
Legal Domicile
De
Voting Board Members
10
Independent Board Members
10
Employees
21
Volunteers
111

Preparer

Firm
Lank Johnson & Tull Cpas
Address
521 N MARKET ST EXT, SEAFORD, DE 19973
Preparer
Richard L Tull CPA
Phone
3026299543
Supplemental Narrative

Additional Explanations

Form 990, Page 1, Part I, Line 6

“As part of the self help program, mhdc enlists volunteers to help in constructing new homes for people of modest means.”

Form 990, Part XI, Line 9

“Equity assumed in consolidation 275,397”

Raw XML AppendixShowing 400 of 494 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/ExpenseAmt09926183
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IRS990/Form990PartVIISectionAGrp/TitleTxt7TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt8PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt9VICE PRESIDE
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IRS990/MiscellaneousRevenueGrp/ExclusionAmt0-393547
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IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt0381938
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0553259
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IRS990/OtherExpensesGrp/Desc0PROJECT COSTS
IRS990/OtherExpensesGrp/Desc1BAD DEBTS
IRS990/OtherExpensesGrp/Desc2AUTOMOTIVE
IRS990/OtherExpensesGrp/Desc3DUES AND SUBSCRIPTIONS
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt117030
IRS990/OtherExpensesGrp/ProgramServicesAmt01889816
IRS990/OtherExpensesGrp/ProgramServicesAmt1106825
IRS990/OtherExpensesGrp/ProgramServicesAmt247863
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IRS990/ProgramServiceRevenueGrp/Desc1CONSTRUCTION AND MANAGEMENT
IRS990/ProgramServiceRevenueGrp/Desc2USDA & HUD ASSISTANCE
IRS990/ProgramServiceRevenueGrp/Desc3OTHER INCOME AND SALES
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt11966738
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IRS990/PYContributionsGrantsAmt02469189
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IRS990/ReconcilationRevenueExpnssAmt06935501
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0true
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt01708712
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt0389505
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt096614
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt043364411
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IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt041445457
IRS990ScheduleD/EquipmentGrp/BookValueAmt0776970
IRS990ScheduleD/EquipmentGrp/DepreciationAmt04204001
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt04980971
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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt1893538
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt2832151
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt3436724
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt4339634
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0FUNDED ESCROWS AND RESERVES
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1CAPITOL PLAZA INVESTMENT
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2INVESTMENT IN LIMITED PARTNERSHIPS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc3NLV LAND
IRS990ScheduleD/OtherAssetsOrgGrp/Desc4TENANT SECURITY DEPOSITS
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1338988
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0ACCRUED INTEREST
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1SECURITY DEPOSITS FUNDED
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IRS990ScheduleD/TotalBookValueOtherAssetsAmt06802276
IRS990ScheduleD/TotalLiabilityAmt09335946
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0AS PART OF THE SELF HELP PROGRAM, MHDC ENLISTS VOLUNTEERS TO HELP IN CONSTRUCTING NEW HOMES FOR PEOPLE OF MODEST MEANS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1FORM 990, ALONG WITH AUDITED FINANCIAL STATEMENTS, IS PROVIDED TO THE BOARD OF DIRECTORS FOR REVIEW BEFORE FILING WITH THE IRS. AUDITORS PRESENT THE DOCUMENTS AT A SCHEDULED MEETING IN JULY OR AUGUST OF EACH YEAR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2EMPLOYEES ARE REQUIRED BY THE PERSONNEL POLICY TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST. THE ENTITY IS SMALL ENOUGH, MANAGEMENT IS AWARE OF RELATIONSHIPS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE PRESIDENT'S SALARY IS APPROVED BY THE BOARD OF DIRECTORS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4COMPENSATION IS APPROVED BY THE BOARD OF DIRECTORS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6EQUITY ASSUMED IN CONSOLIDATION 275,397
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 1, PART I, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART XI, LINE 9
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt0MHDC
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt1MHDC
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IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingNACd1N/A
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt0MISSION BUILDERS LLC
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt1CAPITOL PLAZA LLC
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt2CARLTON COURT LLC
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt3MHDC GP LLC
IRS990ScheduleR/IdDisregardedEntitiesGrp/EIN0300264575
IRS990ScheduleR/IdDisregardedEntitiesGrp/EIN1522258967
IRS990ScheduleR/IdDisregardedEntitiesGrp/LegalDomicileStateCd0DE
IRS990ScheduleR/IdDisregardedEntitiesGrp/LegalDomicileStateCd1DE
IRS990ScheduleR/IdDisregardedEntitiesGrp/LegalDomicileStateCd2MD
IRS990ScheduleR/IdDisregardedEntitiesGrp/LegalDomicileStateCd3DE
IRS990ScheduleR/IdDisregardedEntitiesGrp/PrimaryActivitiesTxt0CONTRACTOR
IRS990ScheduleR/IdDisregardedEntitiesGrp/PrimaryActivitiesTxt1RENTAL
IRS990ScheduleR/IdDisregardedEntitiesGrp/PrimaryActivitiesTxt2RENTAL
IRS990ScheduleR/IdDisregardedEntitiesGrp/PrimaryActivitiesTxt3RENTAL
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/AddressLine1Txt0977 E MASTEN CIRCLE

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