Historically, the Canaan Baptist Church of Christ has served as the community sponsor for various housing programs. Included under the outreach program of the church, are the housing programs for the elderly, and low income and homeless families. Entities receiving funds for housing programs from federal, state and/or city government agencies are required to form an Article XI corporation, under the Private Housing Finance Law and Section 402 of the Not For Profit Corporation Law of the State of New York.
Canaan Baptist Church of Christ is a separate entity from any of the housing corporations that it sponsors. Accordingly, the church is not liable for financial or other liabilities of the housing corporation.
Canaan's housing corporations are organized exclusively to develop housing projects for persons of low income, on a not for profit basis. These projects are aided by federal, state and city mortgage financing as defined in Section 572 of the Private Housing
Finance Law of the State of New York. All income and earnings of the corporations are used exclusively for corporate purposes and no part of the net income, net earnings or assets of the corporation shall inure to the benefit or profit of any private individual, firm, corporation or association.
Each of the housing corporations was formed to receive funds to provide decent and affordable housing. All financial operations are monitored by various federal, state, and city agencies under which the corporations were formed. Annual reports and monthly financial reports are provided by the corporations' accounting firms.
The Canaan Management Service Corporation is incorporated under Section 402 of the Business Corporation Law in the State of New York. The purposes for which the corporation was formed are as follows:
To acquire, own, operate, and manage or otherwise deal in real property, residential and commercial; and
To engage in any lawful act or activity for which corporations may be formed under the business corporation law.
Canaan Management Service Corporation manages the Housing 2000 properties.