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Avesta Housing Development Corporation

EIN 01-0315296 · Portland, ME

Public records show a registered, tax-exempt organization in good standing.

LegitimacyPassesRegistration and standingFinancial healthWeak43 out of 100GovernanceStrong95 out of 100Impact evidenceDescribes programsHow well its results are evidenced

What it says it does

AVESTA HOUSING DEVELOPMENT CORPORATION'S MISSION IS TO IMPROVE LIVES AND STRENGTHEN COMMUNITIES BY PROMOTING AND PROVIDING QUALITY AFFORDABLE HOMES FOR PEOPLE IN NEED.

Income
$13.5 million
Spending
$14.8 million
Spent on programs
100%
Reserves
0.6 months of spending
Largest source of income
fees for its services, 55%
Employees
57
Volunteers
0
Highest pay
$445,503, president (past)

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Financial health

Weak: 43 out of 100. Higher than 28% of charities in its peer group (housing, $10m to $100m).

  • Reserves

    4 of 35

    Spendable reserves would cover 0.6 months of spending.

  • Debt

    5 of 20

    It owes 70% of what it owns.

  • Living within its means

    4 of 15

    Spending exceeded income by 10% of income.

  • Income trend

    15 of 15

    Income rose 25% on the year before.

  • Spending floor

    15 of 15

    100% of spending went to programs and raising each dollar of donations cost 0 cents.

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Governance

Strong: 95 out of 100. Higher than 34% of charities in its peer group (housing, $10m to $100m).

  • Independent board

    25 of 25

    17 of 17 voting board members are independent.

  • Conflict of interest policy

    15 of 15

    Has a written conflict of interest policy.

  • Whistleblower policy

    8 of 8

    Has a written whistleblower policy.

  • Record keeping policy

    7 of 7

    Has a written policy on keeping and destroying records.

  • Board minutes

    5 of 5

    Keeps minutes of board meetings.

  • Board sees the tax return

    10 of 10

    Gave the board a copy of this return before filing it.

  • Pay set independently

    0 of 5

    Reports no independent review process for its chief executive's pay.

  • Independent check of accounts

    15 of 15

    Its accounts were audited by an independent accountant.

  • No reported misuse

    10 of 10

    Reports no diversion of assets, excess benefits or loans to insiders.

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Impact evidence

Describes programs. Its tax return describes what it does but we have found no measurable results in it.

Programs described in its return (1)
  1. $14.8 million spent. ALL EXPENSES RELATE TO THE DEVELOPMENT AND PRESERVATION OF AFFORDABLE HOUSING. AVESTA DRAWS UPON YEARS OF RECIPROCAL RELATIONSHIPS WITH THE FINANCIAL INDUSTRY, FUNDERS, COMMUNITY LEADERS, AND HOUSING ADVOCATES TO DEVELOP, ACQUIRE, AND PRESERVE HUNDREDS OF AFFORDABLE UNITS EACH YEAR. AVESTA'S DEVELOPMENT STAFF CONTRIBUTES EXTENSIVE MANAGEMENT, LEGAL, FINANCIAL, COMMUNITY PLANNING, AND CONSTRUCTION EXPERIENCE. WE ADHERE TO SMART GROWTH PRINCIPLES, SUSTAINABILITY GUIDELINES, AND DESIGN STANDARDS INFORMED BY OUR DEVELOPMENT AND PROPERTY MANAGEMENT EXPERIENCE. IN ADDITION TO DEVELOPING NEW PROPERTIES, AVESTA INVESTS IN MAINE AND NEW HAMPSHIRE'S LARGE STOCK OF OLDER, AFFORDABLE, MULTI-FAMILY HOUSING, INCLUDING DEVELOPMENTS REGULATED BY USDA RURAL DEVELOPMENT, HUD, MAINEHOUSING, AND NEW HAMPSHIRE HOUSING. AVESTA WORKS WITH MUNICIPALITIES, NEIGHBORHOOD GROUPS, AND LOCAL BUSINESSES TO ENSURE THAT EVERY DEVELOPMENT MEETS THE NEEDS OF THE COMMUNITY.IN 2024, AVESTA LAUNCHED A PROGRAM THAT ACQUIRES AND RESTORES EXISTING HOMES, MAKING THEM AVAILABLE AT BELOW-MARKET PRICES FOR LOW TO MODERATE-INCOME HOMEBUYERS.

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Legitimacy checks

  1. Is it registered with the IRS? Passed.

    Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.

  2. Has the IRS revoked its tax-exempt status? Passed.

    Not on the IRS automatic revocation list.

    Source: Automatic revocation of exemption list, Internal Revenue Service, file dated September 30, 2026.

  3. Are donations tax-deductible? Passed.

    On the IRS list of organizations eligible to receive tax-deductible contributions.

    Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated September 10, 2026.

  4. Is it keeping up with its IRS filings? Passed.

    Most recent return on file covers the year ending December 2024.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.

  5. How long has it been tax-exempt? Passed.

    Recognized by the IRS since November 1976.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.

  6. Is it in good standing with state regulators? Passed.

    Not on California's list of charities barred from soliciting. Other states are not yet checked.

    Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 7, 2026.

Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.