Frequently Asked Questions

NOAH refers to housing — usually older small multifamily buildings — that is affordable to lower-income households without any government subsidy. Rents are low because the building is older, in a less-trendy neighborhood, or owned by a small landlord who hasn't pushed rents to market. NOAH is the largest source of unsubsidized affordable housing in the United States, but it's disappearing fastest as investors acquire these buildings and raise rents.

The Amarnath Foundation acquires NOAH buildings and holds them as a mission-aligned owner — we do not raise rents to market.

Yes. The Amarnath Foundation is a 501(c)(3) Private Operating Foundation classified by the IRS. Our EIN is 99-3628811. We were incorporated in Delaware on June 20, 2024 (Delaware filing #4027107).

Donations are tax-deductible to the extent allowed by law: 60% of AGI for cash gifts, 30% of AGI for appreciated assets.

A Private Operating Foundation (POF) is a 501(c)(3) classification for foundations that directly operate charitable programs rather than primarily making grants to other organizations. The Foundation owns and operates affordable housing units directly — that's our program.

POFs receive the same favorable individual-donor deduction limits as public charities (60% AGI cash, 30% AGI appreciated assets) — better than non-operating private foundations. Most other private foundations and donor-advised funds (DAFs) can grant to POFs without the expenditure-responsibility burden that applies to non-operating PFs.

The Foundation's program assets are in central Indiana — Anderson (Madison County) and Muncie (Delaware County). Our two current properties are 1527 Walnut Street, Anderson, and 820/822 W Howard Street, Muncie.

The Foundation's principal office is at 130 Descanso Drive #170, San Jose, CA 95134, where founder Bharath Ramanidharan resides.

Bharath Ramanidharan is the founder and Executive Director. He spent more than two decades in technology and corporate engineering before turning his focus to housing preservation in distressed Midwest communities.

The Board of Directors is currently Bharath Ramanidharan, Shanthi Ramanidharan, and Ramanidharan Sundaram. We plan to diversify the board after reaching $400,000 in cumulative external donations.

Yes. The Amarnath Foundation is a 501(c)(3) Private Operating Foundation. Cash donations are deductible up to 60% of AGI; gifts of appreciated stock or other long-term assets are deductible up to 30% of AGI. We will provide a tax-acknowledgment letter for any donation of $250 or greater (as required by the IRS).

Yes. POFs share the favorable deductibility profile of public charities, which means most DAFs (Fidelity Charitable, Schwab Charitable, Vanguard Charitable, and most community-foundation DAFs) can recommend a grant to us without the expenditure-responsibility burden that applies to non-operating private foundations.

Recommend a grant from your DAF using EIN 99-3628811 and the legal name "Amarnath Foundation."

Yes. Gifts of appreciated stock held more than one year typically receive a 30% AGI deduction without triggering capital-gains tax — often the most tax-efficient way to give. Email info@amarnathfoundation.org to coordinate transfer.

Currently, every donated dollar extends the operating runway of a foundation that is 100% founder-funded today. Specific cost units we publish on the donate page:

$50 funds a routine repair (plumbing, lock, screen). $250 covers a month of property insurance on one unit. $1,000 funds a unit turn (paint, deep clean, minor repair). $5,000 underwrites six months of operating reserves on one property. $25,000 acquires equity in our next NOAH property.

Make payable to "Amarnath Foundation" and mail to:

Amarnath Foundation
130 Descanso Drive #170
San Jose, CA 95134

By being a long-term, mission-aligned owner. Our properties were acquired in 2024 and 2025 with the foundation's own capital, and we do not have a return-on-equity target that would push us to raise rents to market. We renew leases in place. We make repairs. We maintain rents in the $550–$750/month range — meaningfully below the HUD-affordable threshold of roughly $1,000/month for our counties at 80% AMI.

Anderson and Muncie are economically distressed Rust-Belt cities where naturally occurring affordable housing still exists at acquisition costs that allow a small mission-aligned operator to enter the market. Properties like ours in coastal markets would cost five to ten times as much to acquire — and would have already been bought up by investors raising rents.

The need is also acute: Madison and Delaware Counties have significantly higher rates of severely cost-burdened renters than the U.S. average.

The Foundation files Form 990-PF annually with the IRS. As a first-year operating foundation, our initial 990-PF will be filed and made publicly available through Candid (formerly GuideStar) and the IRS Tax Exempt Organization Search after our first full fiscal year. Independent audited financials are planned for fiscal year 2026-2027.

We welcome introductions to potential donors, foundation officers, and partners in the Indiana housing space. We also welcome warm intros to community-foundation DAF managers, CDFIs working in Indiana, and Indiana housing coalitions. Email info@amarnathfoundation.org with a sentence about how you'd like to help.