$37.9M in expenses

New hope was formed in 1991 as a charitable corporation under the laws of the commonwealth of massachusetts, specifically for the purposes of (a) promoting, developing, renovating, managing, and facilitating the creation of affordable housing at the lowest possible cost to individuals and families of low and very low incomes; (b) promoting social welfare and combating community deterioration through such affordable housing activities; (c) improving blighted, decayed or substandard areas in order to promote economic development and provide employment opportunities; and (d) any other tax-exempt activities that promote such purposes. New hope has provided capital for affordable and mixed-income housing and related community development activities. It does so by facilitating private equity investments in and making grants and loans in support of such affordable housing and related community development work. In short, new hope promotes the charitable purpose of affordable housing for the direct benefit of poor and distressed individuals and families, which are charitable classes.new hope's charitable purposes were includes making investments in, and grants and loans to, nonprofit organizations and nonprofit-sponsored affordable housing projects and entities. In this capacity, new hope serves as a syndicator of affordable housing developments generating federal low income housing tax credits ("lihtcs") and receives certain fees and reimbursement of expenses in connection with its role as syndicator. New hope is mission-driven and only works on affordable housing projects controlled by one or more charitable entities. Pursuant to investor services agreements, new hope introduces potential lihtc investors to investment opportunities in affordable housing projects, assists investors in analyzing the financial feasibility and financial structure of projects and monitors lihtc investors' investments in projects. New hope only provides these services in connection with affordable rental housing projects that are controlled by one or more 501(c)(3) charitable organizations.new hope also forms single-purpose entities (typically limited liability companies) to serve as investment funds ("lihtc funds") through which lihtc investors invest in low-income housing projects that advance the charitable purposes of new hope by increasing the pool of equity available for investment in affordable housing and making equity available to disadvantaged populations or underserved communities. Typically, a lihtc fund will have a 99.99% limited partnership interest (or non-managing member interest in the case of an LLC) in the entity that owns the affordable housing project. New hope serves as the manager of the lihtc fund and provides management and administrative services for which it receives fees.in its 29-year history, new hope has raised more than $300 million in equity which has been invested in affordable and mixed income housing developments sponsored by tax-exempt organizations. It has sponsored or co-sponsored fourteen investment funds which have invested in more than 65 affordable housing or mixed income developments in fourteen states that house approximately 5,000 households. New hope also advances its mission by making grants and loans in support of affordable housing and community development activities and tax-exempt organizations pursuing similar missions, including grants to community builders.