RESIDENTIAL OPTIONS INC

NORFOLK, VA | Norfolk City
Economic Development

Overview

RESIDENTIAL OPTIONS INC
54-1614700
440 MONTICELLO AVE STE 1400
NORFOLK, VA 23510
Norfolk City
(757) 623-1111

Mission Statement info

TO PROVIDE HOUSING FOR THE MENTALLY DISADVANTAGED CITIZENS OF NORFOLK.

Founded info
1992
Total Employees info
0
Total Volunteers info
4
CRA Category info
  • Economic Development
Nonprofit location info
  • This nonprofit is not located in any CRA geographies.
Awards & Certifications info
  • This nonprofit has not received any CRA awards or certifications.
Nonprofit Classification (NTEE Code) info
S20

S - Community Improvement, Capacity Building

Community & Neighborhood Development

Organizations that focus broadly on strengthening, unifying and building the economic, cultural, educational and social services of an urban community or neighborhood. Use this code for community and neighborhood improvement organizations other than those specified below.

IRS Activity Codes info
380
Low-income housing
-
Not reported
-
Not reported
Standard Business Classification (NAICS Code) info
813410
Civic and Social Organizations

CRA Alignment

CRA Category info
Economic Development
Workforce development, job training, and small business or startup support.
CRA Certification info
Has not applied.
Awards & Certifications info
Community Development Financial Institution info
Community Development Financial Institution Award Recipient info
New Market Tax Credit Recipient info
HUD Counseling Agency info
Low Income Housing Tax Credit Recipient info

IRS Summary

Income
$112K
Revenue
$112K
Assets
$890K
Exempt Ruling Date info
1992-04
Deductibility Status info
Deductible
Tax Filing Year info
2018
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
States Where Tax Return is Filed info
VA
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 Reported Activities info
Provides Credit Counseling
Conducts Gaming Activities
Engages in Lobbying Activities
Engages in Political Activities
Makes Grants to Individuals
Makes Grants to Organizations

Nonprofit Location

Physical Address info
440 MONTICELLO AVE STE 1400
NORFOLK, VA 23510
Norfolk City
FIPS Geocoded Address info
47260
MSA/CBSA info
51
State info
710
County info
0049.00
Tract info
Upper
Income Level info
Core-Based Statistical Area info
Virginia Beach-Norfolk-Newport News, VA-NC
Combined Statistical Area info
Virginia Beach-Norfolk, VA-NC
Metropolitan Division info
Not located in an MD.
Area Type info
Metropolitan Statistical Area
Located In info
Low- or Moderate-Income Census Tract info
Opportunity Zone info
Majority Minority Census Tract info 41.42%
Designated Distressed Census Tract info
Underserved Census Tract info

Market Data

Census Tract County
0049.00 Norfolk City
Population
Total Population 4,338 244,601
Total Households 1,867 88,353
Income
Median Family Income (Census*) $118,611 $51,590
Median Family Income (2019 FFIEC) $75,800 N/A
Tract Income Percentage 169.99% N/A
Below Poverty Level 15.7% 18.7%
Unemployment Level 4.4% 7.6%
Housing
Total Housing Units 2,167 97,670
Total Owner-Occupied Units 23.5% 43.4%
Total Renter-Occupied Units 62.6% 56.6%
Total Vacant Units 13.8% 9.5%
* Census tract income based on 2019 Census estimated data; County income based on 2019 American Community Survey data.
View more than 200 performance context data points for this county now.

Management

4
Total Voting Members
in Governing Body
info
0
Independent Voting Members
in Governing Body
info
Tax Filing Signatory info
John Kownack
President
(757) 623-1111
Principal Officer info
John Kownack
Key Policies & Documents info
Written Conflict of Interest Policy
Written Document Retention & Destruction Policy
Written Wistleblower 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

"NA" in this section indicates that the information was not available in the nonprofit's most recent IRS tax 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 www.learncra.com.