Mount Olive Gardens No 1 Inc

Mount Olive Gardens No 1 Inc is a nonprofit organization situated in Alvin, Texas, with a postal address of PO Box 165, 77512. Its primary mission is to promote and enhance community welfare, as evidenced by its establishment for the construction, maintenance, and operation of a multifamily government-assisted housing project. This project, located under Section 221(D)(3) of the National Housing Act, is designed for low-to-moderate income residents. Mount Olive Gardens No 1 Inc. also holds a Section 8 Housing Assistance Payment Contract, which lasts for a ten-year period beginning in June 2017. This contract provides funds based on the availability of sufficient appropriations, ensuring that the project expenses are covered. The HUD-assisted program for Mount Olive Gardens mainly consists of below-market interest loan assistance under Section 221, which involves rent restrictions and other requirements.

Mount Olive Gardens No 1 Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Mount Olive Gardens No 1 Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.

Here are some key statistics you may want to consider:

Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $138,791

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Mount Olive Gardens No 1 Inc was established with the mission to enhance the well-being of the community. The organization was primarily formed to construct, maintain, and operate a multi-family housing project of 60 units, specifically designed for low-to-moderate income residents. This project was initiated under Section 221(D)(3) of the National Housing Act. The primary goal of Mount Olive Gardens No 1 Inc is to promote and advance the welfare of its residents by providing them with affordable housing options. To achieve this, the organization has a Section 8 Housing Assistance Payment Contract for 59 units, which is a ten-year agreement starting from June 1, 2017. This contract provides funds based on the availability of sufficient appropriations, as determined by the HUD, to cover the project expenses. The organization also benefits from the Below-Market Rate Interest Loan Assistance under Section 221, which imposes rent restrictions and other requirements.

Avolene Change is the Director of Mount Olive Gardens No 1 Inc.

Mount Olive Gardens No 1 Inc's revenue in 2023 was $846,878.

The Mount Olive Gardens No 1 Inc’s most recent form 990 was submitted in 2023 and can be accessed here