Civic Intelligence

Clt Interboro Clt Housing Development Fund Corporation

990 • Fiscal year 2023 • EIN 82-4363742

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 15, 2024

Organization Profilewww.interboroclt.org
60 Broad St 24 FL Bond Collective 2New York, NY 10004

(646) 237-5920

Siviq Scores

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

Liabilities / Assets

24th percentile

0.06x

Higher debt load relative to assets than 24% of similar nonprofits.

2023 filings • NTEE L20 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

29th percentile

0.50x

Higher debt load relative to revenue than 29% of similar nonprofits.

2023 filings • NTEE L20 • $1M-$5M nonprofits • Source year 2023

Net Margin

22nd percentile

-51%

Higher net margin than 22% of similar nonprofits.

2023 filings • NTEE L20 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

46th percentile

$0

Higher top officer pay than 46% of similar nonprofits.

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

2023 filings • NTEE L20 • $1M-$5M nonprofits • Source year 2023

Asset Growth

60th percentile

-0.7%

Faster asset growth than 60% of similar nonprofits.

2023 filings • NTEE L20 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

10th percentile

-48%

Faster revenue growth than 10% of similar nonprofits.

2023 filings • NTEE L20 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets24th percentile

Assets

Down

$1,372,609

Down $9,643 (-0.7%) from 2022

Net Assets

Down

$1,292,084

Down $40,587 (-3.0%) from 2022

Liabilities

Up

$80,525

Up $30,944 (+62%) from 2022

Revenue And Expenses
Liabilities / Revenue29th percentileNet Margin22nd percentile

Revenue

Down

$161,810

Down $149,925 (-48%) from 2022

Expenses

Down

$244,409

Down $67,249 (-22%) from 2022

Net Income

Down

-$82,599

Down $82,676 (-107371%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth60th percentile

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

$2.0M$1.5M$1.0M$500K$0Assets 2018: $1,200,361Liabilities 2018: $0Net Assets 2018: $1,200,3612018Assets 2019: $1,098,298Liabilities 2019: $67,185Net Assets 2019: $1,031,1132019Assets 2020: $1,785,628Liabilities 2020: $26,000Net Assets 2020: $1,759,6282020Assets 2021: $1,632,696Liabilities 2021: $38,540Net Assets 2021: $1,594,1562021Assets 2022: $1,382,252Liabilities 2022: $49,581Net Assets 2022: $1,332,6712022Assets 2023: $1,372,609Liabilities 2023: $80,525Net Assets 2023: $1,292,0842023Assets 2024: $1,340,476Liabilities 2024: $29,825Net Assets 2024: $1,310,6512024

Highlighted filing

2023

Assets$1,372,609
Liabilities$80,525
Net Assets$1,292,084
Open 2023 Filing

Operations Trend

Revenue Growth10th percentile

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

$2.0M$1.5M$1.0M$500K$0-$500KRevenue 2018: $1,724,762Expenses 2018: $524,401Net Income 2018: $1,200,3612018Revenue 2019: $200,000Expenses 2019: $369,248Net Income 2019: -$169,2482019Revenue 2020: $1,115,000Expenses 2020: $386,485Net Income 2020: $728,5152020Revenue 2021: $0Expenses 2021: $165,472Net Income 2021: -$165,4722021Revenue 2022: $311,735Expenses 2022: $311,658Net Income 2022: $772022Revenue 2023: $161,810Expenses 2023: $244,409Net Income 2023: -$82,5992023Revenue 2024: $193,960Expenses 2024: $175,393Net Income 2024: $18,5672024

Highlighted filing

2023

Revenue$161,810
Expenses$244,409
Net Income-$82,599
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 15, 2024
Return Version
2023v5.1
Gross Receipts
$161,810
Mission and Program Overview

Mission

Balancing permanent affordability, equity building, and neighborhood stability, Interboro CLT supports New Yorkers and strengthens communities through the development and stewardship of permanently affordable homes for ownership by low-income households across the five boroughs of New York City.

The Corporation is formed exclusively for the purpose of developing and supporting one or more housing projects to service Persons of Low Income, through its ownership and stewardship of the land beneath rental subprojects and homeownership subprojects.

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$654,515$644,866▼ $9,649
Investments Program Related$500,000$500,000→ $0
Land, Buildings, and Equipment, Net$226,000$226,000→ $0
Prepaid Expenses and Deferred Charges$1,737$1,743▲ $6
Cash and Non-Interest-Bearing Accounts-$0-
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$1,382,252$1,372,609▼ $9,643
Other Assets Total-$0-
Liabilities
Accounts Payable and Accrued Expenses$49,581$79,815▲ $30,234
Other Liabilities-$710-
Total Liabilities$49,581$80,525▲ $30,944
Net Assets / Fund Balance
Net Assets With Donor Restrictions$1,106,671$1,020,890▼ $85,781
Net Assets Without Donor Restrictions$226,000$271,194▲ $45,194
Total Net Assets Fund Balance$1,332,671$1,292,084▼ $40,587
Total Liabilities and Net Assets / Fund Balance$1,382,252$1,372,609▼ $9,643

Asset Categories

AssetBook ValueDepreciationBasis
Land$226,000-$226,000
Compensation and Service Providers
Top Officer Pay46th percentile

Board Members and Trustees

NameTitle
Christie PealeBoard Chair
Matthew DunbarVice Chair
Ismene SpeliotisSecretary
Margy BrownTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$160,850
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$960
All Other Contributions
$160,850
Change in Net Assets
$-82,599
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$244,409
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses$151,122--$151,122
Fees for Services Accounting-$44,600-$44,600
Fees for Services Legal$932$40,532-$41,464
Insurance$5,072--$5,072
Office Expenses$407$1,744-$2,151
Total Functional Expenses$157,533$86,876$0$244,409
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Other Liabilities$710
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
No

Governance Explanations

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

“The board members receive a final version of the tax return for review prior to the filing date.”

Form 990, Part VI, Section C, Line 19

“The governing documents and financial statements are available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
CLT Interboro CLT Housing Development
EIN
82-4363742
Phone
6462375920
Address
60 Broad St 24 FL Bond Collective 2, New York, NY 10004

Signing Officer

Name
Christie Peale
Title
Board Chair
Signed
2024-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Christie Peale
Formed
2018
Legal Domicile
Ny
Voting Board Members
4
Independent Board Members
4
Employees
0
Volunteers
4

Preparer

Firm
WatsonRice LLP
Address
31 West 34th Street 7006, New York, NY 10001
Preparer
Baruti Bediako CPA
Phone
2124477300
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Prior Period Adjustment = $1480”

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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/Desc02023 saw considerable progress on the permanently-affordable homeownership projects in Interboros pipeline. Low- and moderate-income New Yorkers had the chance through the NYC Housing Lottery to apply to purchase Habitat For Humanity NYC and Westchester Countys 15 new-construction, energy-efficient Net Zero Homes, which will go on the CLT. We held a series of informational webinars for those applicants. In addition, Habitats Mosaic project, which will create 42 co-op units that will go on the CLT, went to construction-finance closing. Interboro also developed a CLT training curriculum for the shareholders in limited-equity housing co-ops that will join the CLT. We delivered technical assistance to emerging local CLTs. We also provided critical support to the passage of the Housing Affordability and Energy Efficiency Act of 2023. This state law gives new lending authorities to the NYC Dept. of Housing Preservation and Development, which in turn expands financing resources for CLTs in NYC. Across 2023, we are proud of how our work not only supported but advanced the cause of permanently-affordable housing in New York.
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IRS990/Form990PartVIISectionAGrp/PersonNm1Matthew Dunbar
IRS990/Form990PartVIISectionAGrp/PersonNm2Margy Brown
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IRS990/MissionDesc0Interboro CLT offers a new model for affordable homeownership in NYC. Interboro is the first, and only, citywide community land trust (CLT) in New York City. Our mission is to create and preserve permanently affordable homeownership opportunities for lower-income New Yorkers. Our pipeline and our future community includes limited-equity co-ops and single-family homes located in low-moderate income census tracts, primarily in the boroughs of Brooklyn, Queens, and The Bronx. The homes in our pipeline and our community will benefit those who would otherwise not have the opportunity to become homeowners, creating a pathway to financial stability for families while preserving economic and racial diversity in spite of gentrification. Interboro CLT is a collaboration between the Center for NYC Neighborhoods, Habitat for Humanity New York City, the Mutual Housing Association of New York, and the Urban Homesteading Assistance Board.
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IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft509Grp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind0X
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt0160850
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt0311735
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt01115000
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt0200000
IRS990ScheduleA/Total509Grp/TotalAmt01787585
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt0161810
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt0311735
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt01115000
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0200000
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt01788545
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/LandGrp/BookValueAmt0226000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0226000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0710
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Other Liabilities
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0226000
IRS990ScheduleD/TotalBookValueProgramRltdAmt0500000
IRS990ScheduleD/TotalLiabilityAmt0710
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The board members receive a final version of the tax return for review prior to the filing date.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The governing documents and financial statements are available to the public upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Prior Period Adjustment = $1480
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section C, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part XI, Line 9
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0NY
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt01382252
IRS990/TotalAssetsEOYAmt01372609
IRS990/TotalAssetsGrp/BOYAmt01382252
IRS990/TotalAssetsGrp/EOYAmt01372609
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0160850
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt086876
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0157533
IRS990/TotalFunctionalExpensesGrp/TotalAmt0244409
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt049581
IRS990/TotalLiabilitiesEOYAmt080525
IRS990/TotalLiabilitiesGrp/BOYAmt049581
IRS990/TotalLiabilitiesGrp/EOYAmt080525
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01332671
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01292084
IRS990/TotalProgramServiceExpensesAmt0157533
IRS990/TotalProgramServiceRevenueAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0960
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0161810
IRS990/TotalVolunteersCnt04
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01382252
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01372609
IRS990/TravelGrp/TotalAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt060 Broad St 24 FL Bond Collective 2
IRS990/USAddress/CityNm0New York
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd010004
IRS990/VotingMembersGoverningBodyCnt04
IRS990/VotingMembersIndependentCnt04
IRS990/WebsiteAddressTxt0https://www.interboroclt.org/
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02024-10-15 13:58:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Christie Peale
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Board Chair
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-11-15
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0CLT Interboro CLT Housing Development
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0Fund Corporation
ReturnHeader/Filer/BusinessNameControlTxt0CLTI
ReturnHeader/Filer/EIN0824363742
ReturnHeader/Filer/PhoneNum06462375920
ReturnHeader/Filer/USAddress/AddressLine1Txt060 Broad St 24 FL Bond Collective 2
ReturnHeader/Filer/USAddress/CityNm0New York
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd010004
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0261726741
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0WatsonRice LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt031 West 34th Street 7006
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0New York
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd010001
ReturnHeader/PreparerPersonGrp/PhoneNum02124477300
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Baruti Bediako CPA
ReturnHeader/ReturnTs02024-11-15T09:47:58-08:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,372,609
Liabilities
$80,525
Net assets
$1,292,084
Revenue
$161,810
Expenses
$244,409
Net income
-$82,599
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.34$0.03$1.31$0.19$0.18$0.02
2023Detailed filing. Detailed filing data is available for this year.$1.37$0.08$1.29$0.16$0.24$0.08
2022Detailed filing. Detailed filing data is available for this year.$1.38$0.05$1.33$0.31$0.31$0.00
2021Detailed filing. Detailed filing data is available for this year.$1.63$0.04$1.59$0.00$0.17$0.17
2020Detailed filing. Detailed filing data is available for this year.$1.79$0.03$1.76$1.12$0.39$0.73
2019Detailed filing. Detailed filing data is available for this year.$1.10$0.07$1.03$0.20$0.37$0.17
2018Detailed filing. Detailed filing data is available for this year.$1.20$0.00$1.20$1.72$0.52$1.20