Corporate Structure

PhippsNY, or the Phipps Houses Group of Companies, began with the incorporation of Phipps Houses by special act of the New York State legislature in 1905. Phipps Houses remains the principal entity within the Group. Its low-income housing development activities are furthered by its property management arm, Phipps Houses Services, Inc., a stock corporation wholly-owned by Phipps Houses that is also a licensed real estate broker.

The third major entity within the Phipps Houses Group is Phipps Neighborhoods, a social services organization created in 1972. In addition to these three entities, numerous corporations created to own and operate specific low-income housing projects make up the Phipps Houses Group. Typically, Phipps Houses is the sole member of these not-for-profit entities.

After the enactment of the New York Not-for-Profit Corporation Law in 1970, Phipps Houses became a charitable New York not-for-profit corporation. Phipps Houses was granted tax-exempt status by the Internal Revenue Service in 1948, and is classified as tax-exempt under Section 501(c)(4) of the Internal Revenue Code.

Phipps Neighborhoods is also a charitable New York not-for-profit corporation. Exempt from taxation under Section 501(c)(3) of the Internal Revenue Code, it is qualified to receive tax-deductible charitable contributions. It is the only Phipps entity that regularly engages in the solicitation of charitable contributions to support its charitable activities, namely, the delivery of social services to underprivileged New Yorkers.