LOWELL COMMUNITY LOAN FUND INC

LAWRENCE, MA | Essex County
Revitalization/Stabilization

Overview

LOWELL COMMUNITY LOAN FUND INC
04-3571892
50 ISLAND ST APT 103
LAWRENCE, MA 01840
Essex County

Mission Statement info

This nonprofit has not reported a mission statement.

CRA Category info
  • Revitalization/Stabilization
Nonprofit location info
  • LMI Census Tract
  • Majority Minority Census Tract
  • Opportunity Zone
Awards & Certifications info
  • CDFI Organization
  • CDFI Award Recipient
Founded info
Not reported
Total Employees info
Not reported
Total Volunteers info
Not reported
Nonprofit Classification (NTEE Code) info
L20

L - Housing, Shelter

Housing Development, Construction & Management

Organizations that build, rehabilitate, manage and/or provide rental housing for low-income individuals and families, older adults and people with disabilities; or which make purchasable housing available to low or moderate income families by offering lower priced housing and/or affordable payment plans, by arranging for interest or mortgage subsidies or by involving eventual owners in the construction process (sweat equity). Use this code for organizations that provide housing services for a wide range of individuals or for those that offer housing options for low income tenants that are not specified below.

IRS Activity Codes info
-
Not reported
-
Not reported
-
Not reported
Standard Business Classification (NAICS Code) info
624229
Other Community Housing Services

CRA Alignment

CRA Category info
Revitalization/Stabilization
Community and economic development in distressed, underserved or disadvantaged areas.
What does it mean for a nonprofit to be CRA aligned?
Each nonprofit on Community Qualifier has been reviewed by findCRA utilizing a dual evaluation process. Nonprofits are first evaluated by our proprietary algorithm, CRANIA, and then further validated by our CRA experts. When nonprofit passes both parts of this review, we create a nonprofit profile for them on Community Qualifier. From there, a nonprofit can claim their profile and add additional information including their programs & services, counties served, targeted clients and income groups and more.
Awards & Certifications info
Community Development Financial Institution info
Date Certified info
10/25/2013
Native American CDFI info
N
Financial Institution Type info
Loan Fund
Community Development Financial Institution Award Recipient info
New Market Tax Credit Recipient info
YearAmountProgramAwardee Name
2014 $306,000 CDFI Financial Assistance open_in_new Lowell Community Loan Fund
2016 $700,000 CDFI Financial Assistance open_in_new Lowell Community Loan Fund
2017 $350,000 CDFI Financial Assistance open_in_new Lowell Community Loan Fund
2019 $275,000 CDFI Financial Assistance open_in_new Lowell Community Loan Fund
2021 $300,000 CDFI Financial Assistance open_in_new Lowell Community Loan Fund
2021 $1,826,265 CDFI Rapid Response Program (COVID-19) open_in_new Lowell Community Loan Fund

Includes CDFI Fund awards granted between January 2013 and December 2023

HUD Counseling Agency info
Low Income Housing Tax Credit Recipient info

IRS Summary

Income
$6.6M
Revenue
$6.6M
Assets
$20M

IRS Business Master File Details info

As of August 2024
Exempt Ruling Date info
2009-07
Deductibility Status info
Deductible
Last Tax Filing info
2023
Organization Type info
Corporation
Organization Tax Filing Status info
990 (all other) or 990EZ return
Foundation Tax Filing Status info
990-PF not required by IRS
Affiliation Classification info
Independent Organization
Basis for Foundation/Public Charity Status info
Organization normally receives no more than one-third of support from gross investment and unrelated business income and at same time more than one-third of its support from contributions, fees and gross receipts related to exempt purposes 509(a)(2)

IRS Publication 78 Details info

As of August 2024
Verified in Publication 78 info
Yes
Deductibility Limitation info
50% (60% for cash contributions)
Organization Description info
A public charity

IRS Form 990 Returns info

Through August 2023
Tax period ending in
2021-12
Tax period ending in
2020-12
Tax period ending in
2019-12
Tax period ending in
2018-12
Tax period ending in
2017-12
Tax period ending in
2016-12

Nonprofit Location

Physical Address info
50 ISLAND ST APT 103
LAWRENCE, MA 01840
Essex County
Area Type info
Metropolitan Statistical Area
FIPS Geocoded Address info
15764
MSA/MD info
25
State info
009
County info
2501.00
Tract info
Low
Income Level info
Core-Based Statistical Area info
14460 - Boston-Cambridge-Newton, MA-NH
Combined Statistical Area info
148 - Boston-Worcester-Providence, MA-RI-NH-CT
Metropolitan Division info
15764 - Cambridge-Newton-Framingham, MA
Located In info
Low- or Moderate-Income Census Tract info
Opportunity Zone info
Majority Minority Census Tract info 83.91%
FFIEC Distressed Census Tract info
FFIEC Underserved Census Tract info

Market Data

Census Tract County
2501.00 Essex County
Population
Total Population 3,753 806,103
Total Households 1,466 310,059
Income
Median Income* $36,625 $94,378
Median Family Income (2024 FFIEC est.) $146,600 $146,600
Tract Income Percentage 30.14% N/A
Below Poverty Level 35.2% 9.7%
Unemployment Level 12.4% 5.3%
Housing
Total Housing Units 1,513 326,936
Total Owner-Occupied Units 1.3% 63.7%
Total Renter-Occupied Units 95.6% 36.3%
Total Vacant Units 3.1% 3.4%
* Census Tract Median Income based on 2020 Tract Median Family Income as reported in the 2024 FFIEC Census Flat File. County Income based on Median Household Income as reported in the 2022 American Community Survey.
View more than 200 performance context data points for this county now.

Management

11
Total Voting Members
in Governing Body
info
0
Independent Voting Members
in Governing Body
info
Tax Filing Signatory info
Glynn Lloyd
(978) 258-2772
Principal Officer info
Kristen Harol
findCRA Profile Owner
Nonprofit profile has not yet been claimed
Key Policies & Documents info
Written Conflict of Interest Policy
Written Document Retention & Destruction Policy
Written Whistleblower Policy
CEO Compensation Review Process
Written Minutes of Board Meetings
Financial Statements & Reporting info
Compiled or Reviewed by an Independent Accountant
Audited by an Independent Accountant
Included in Consolidated Financial Statements
Internal Audit Committee Review
Federal Grant Audit Required
Federal Grand Audit Performed
Organization Activities info
Provides Credit Counseling
Conducts Gaming Activities
Engages in Lobbying Activities
Engages in Political Activities
Makes Grants to Individuals
Makes Grants to Organizations

Information in this section is extracted from the nonprofit's e-filed tax return and based on answers provided by the nonprofit in their 990 e-filed for the tax period ending on 2021-12.

A hyphen (“-“) in this section indicates that the information was not required by the IRS or not reported by the nonprofit in its tax return e-filing.

This Nonprofit Profile was automatically created by findCRA based on data available from publicly available government and industry sources and our own research. This Nonprofit Profile is not currently maintained by, endorsed by, or affiliated with this nonprofit. Whenever possible, we utilize the most recent information available including information as made public by the Internal Revenue Service, U.S. Census Bureau, Federal Financial Institutions Examination Council, and more. The format and design of this Nonprofit Profile is ©findCRA. For more information about our Nonprofit Profiles, please visit help.findcra.com.