Research suggests that organizations tend to collaborate with others that share similar ascribed status, but focuses less on the role of value homophily. To advance a fuller understanding of how organizations select partners, this study examines the roles of—and relationship between—status and value homophily in interorganizational collaboration (IOC). Specifically, it examines the influence of value homophily (i.e., similar service, staff, and organizational identity) on three forms of status homophily ( attribute-based, geography-based, and institutional) in nonprofit collaborative aspirations. Survey data from 141 U.S. faith-based organizations (FBOs) revealed the differential impact of organizational and service religiosity on FBOs’ collaboration preferences. Specifically, findings suggest that organizational religiosity makes FBOs more restrictive, but service religiosity makes FBOs less restrictive in ideal partner selection. The results suggest theoretical contributions to communication research on IOC and social networks, as well as implications for navigating multifaceted organizational identities and cross-sector partnerships.