Seward Housing Corporation
- Assets
- $33.6m
- Revenue
- $4.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Minneapolis, MN
- Founding
- 09/1990
- Data as of
- 12/2023
- EIN
- 41-1675502
Organization Overview
Seward Housing Corporation is located in Minneapolis, MN. The organization was established in 1990. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Seward Housing Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Seward Housing Corporation generated $4.7m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (4.4%) each year. All expenses for the organization totaled $21.4k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (28.9%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
SEWARD TOWERS CORPORATION WAS FORMED TO PRESERVE 640 UNITS OF AFFORDABLE HOUSING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEWARD TOWERS CORPORATION WAS FORMED IN 1990 TO PRESERVE TWO BUILDINGS COMPRISING ONE OF THE LARGEST AFFORDABLE HOUSING PROJECTS IN MINNESOTA AND WHOSE RESIDENTS WERE AN INTEGRAL PART OF THE SEWARD COMMUNITY. A UNIQUE OWNERSHIP STRUCTURE WAS CREATED IN ORDER TO ENGAGE RESIDENTS AND MANAGEMENT OF THE BUILDING (COMMONBOND COMMUNITIES) WITH ORGANIZATIONS REPRESENTATIVE OF THE LARGER COMMUNITY (SEWARD NEIGHBORHOOD GROUP AND SEWARD REDESIGN) EACH OF THOSE GROUPS CONTINUE TO APPOINT THE GOVERNING BOARD OF DIRECTORS. ADDITIONAL SEATS ON THE BOARD OF DIRECTORS ARE HELD FOR RESIDENTS OF THE TWO BUILDINGS.BY 2015, THE BUILDINGS WERE 45 YEARS OLD AND IN NEED OF MAJOR CAPITAL REPLACEMENTS. THE BOARD AND THE ENTITIES WHO APPOINT THEM DECIDED TO WORK TOGETHER TO RESTRUCTURE THE OWNERSHIP IN ORDER TO EXTEND SECTION 8 CONTRACTS PROVIDING RENTAL SUPPORT TO VERY-LOW-INCOME RESIDENTS AND TO ACCESS THE CAPITAL NEEDED TO RENOVATE THE BUILDINGS. A NEW ENTITY WAS FORMED, SEWARD TOWERS RENOVATION LP, WITH SEWARD TOWERS CORPORATION AND COMMONBOND COMMUNITIES AS ITS GENERAL PARTNERS. SEWARD TOWERS CORPORATION RENEWED THE SECTION 8 CONTRACTS FOR AN ADDITIONAL 20 YEARS AND THEN SOLD THE BUILDING TO THE NEW ENTITY ON JANUARY 14, 2016 AND COMPLETED THE WHOLESALE RENOVATION OF THE BUILDINGS BY THE FOLLOWING YEAR. LOW-INCOME HOUSING TAX CREDITS WERE UTILIZED IN PART TO SECURE THE NEEDED CAPITAL. SEWARD TOWERS CORPORATION HAS RETAINED A RIGHT-OF-FIRST-REFUSAL AND OPTION TO REPURCHASE THE BUILDINGS FOLLOWING THE 15-YEAR TAX CREDIT COMPLIANCE PERIOD IN 2031.IN THE SALE, SEWARD TOWERS CORPORATION WAS PAID WITH A NOTE RECEIVABLE FROM THE AFFILIATED LIMITED PARTNERSHIP. SEWARD TOWERS CORPORATION PLANS TO UTILIZE THE NOTE RECEIVABLE TO REPURCHASE THE PROPERTY UNDER THE RIGHT-OF-FIRST-REFUSAL OR OPTION IN ORDER TO CONTINUE TO ASSURE AFFORDABILITY OF THE PROPERTY AND PRESERVE THE UNIQUE GOVERNANCE STRUCTURE THAT BRINGS MANAGEMENT, RESIDENTS AND THE COMMUNITY TOGETHER. PAYMENTS RECEIVED ON THE NOTE WILL BE APPLIED TOWARD THAT PURPOSE AS THE CENTRAL MISSION OF THE CORPORATION.PAYMENTS RECEIVED ARE CONSIDERED PROGRAM SERVICE REVENUE AS THEY ARE APPLIED FOR THAT PURPOSE OR FOR OTHER PURPOSES DEEMED CRITICAL TO THAT MISSION ON A CURRENT BASIS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Diann Anders President | OfficerTrustee | 1 | $0 |
Mark Ruff Vice President | OfficerTrustee | 1 | $0 |
Sheldon Mains Secretary/treasurer | OfficerTrustee | 1 | $0 |
Melodie Bridgeman Director | Trustee | 1 | $0 |
Brian Miller Director | Trustee | 1 | $0 |
Nancy Cardinal Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $4,475,298 |
| Investment income | $241,689 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,717,188 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $900 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $16,086 |
| Advertising and promotion | $0 |
| Office expenses | $160 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $4,123 |
| All other expenses | $0 |
| Total functional expenses | $21,354 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $258,453 |
| Savings and temporary cash investments | $251,104 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $21,516,831 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $8,627,011 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,917,602 |
| Total assets | $33,571,001 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $21,516,831 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $21,516,831 |
| Net assets without donor restrictions | $12,054,170 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $33,571,001 |