Greater Minnesota Housing Fund is located in St Paul, MN. The organization was established in 1996. 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. As of 12/2021, Greater Minnesota Housing Fund employed 22 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greater Minnesota Housing Fund 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 12/2021, Greater Minnesota Housing Fund generated $19.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.8% each year . All expenses for the organization totaled $8.9m during the year ending 12/2021. While expenses have increased by 5.9% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Greater Minnesota Housing Fund has awarded 197 individual grants totaling $7,324,298. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
SUPPORTING THE CREATION AND PRESERVATION OF AFFORDABLE HOUSING IN GREATER MINNESOTA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AFFORDABLE HOUSING LENDING: PLEASE SEE SCHEDULE O FOR THE DESCRIPTION OF AFFORDABLE HOUSING LENDING.GREATER MINNESOTA HOUSING FUND (GMHF) OPERATES A REVOLVING LOAN FUND AND ANNUALLY PROVIDES BETWEEN $40 MILLION AND $60 MILLION IN A VARIETY OF LOANS TO ASSIST AFFORDABLE HOUSING DEVELOPMENT ORGANIZATIONS CREATE OR PRESERVE BETWEEN 700 AND 1,000 PERMANENTLY AFFORDABLE MULTIFAMILY AND SINGLE-FAMILY HOMES ANNUALLY. GMHF PROVIDES LOW-COST LOANS FOR PLANNING AND PREDEVELOPMENT, SITE ACQUISITION, CONSTRUCTION, REHABILITATION, TAX INCREMENT AND EQUITY-BRIDGE FINANCING, FIRST MORTGAGE LOANS, AND WORKING CAPITAL ENTERPRISE LEVEL LOANS FOR QUALIFIED AFFORDABLE HOUSING DEVELOPMENT ORGANIZATIONS. THESE LOANS ENSURE AFFORDABLE HOUSING DEVELOPERS HAVE THE CAPITAL NECESSARY TO UNDERTAKE HIGH-PRIORITY MULTIFAMILY AND SINGLE-FAMILY AFFORDABLE HOUSING REAL ESTATE DEVELOPMENTS IN COMMUNITIES THROUGHOUT MINNESOTA.
AFFORDABLE HOUSING INVESTING ACTIVITIES: PLEASE SEE SCHEDULE O FOR THE DESCRIPTION OF NOAH IMPACT FUND LLC (NIF) AND MINNESOTA EQUITY FUND (MEF).NOAH IMPACT FUND LLC (NIF), A WHOLLY OWNED MINNESOTA NOT FOR PROFIT LIMITED LIABILITY COMPANY, WAS ORGANIZED ON JUNE 1, 2017 WITH THE MISSION OF PRESERVING EXISTING UNSUBSIDIZED CLASS B AND C OLDER AFFORDABLE RENTAL HOUSING AT RISK OF LOSS DUE TO AGE OR CONVERSION TO LUXURY HOUSING. PRESERVATION ACTIVITIES OF NOAH IMPACT FUND LLC ARE DESIGNATED TO FURTHER THE CHARITABLE PURPOSES OF ITS PARENT AFFILIATE, GMHF, BY PRESERVING THE AFFORDABILITY OF UNSUBSIDIZED RENTAL HOUSING STOCK, ENSURING PROPERTY OWNERS ACCEPT SECTION 8 AND OTHER RENTAL ASSISTANCE VOUCHERS, AND AVOID DISPLACEMENT OF CURRENT RESIDENTS. NOAH IMPACT FUND RAISED $32.5 MILLION IN SOCIAL IMPACT CAPITAL FOR NOAH POOL I LLC, ORGANIZED JUNE 1, 2017, WITH INVESTMENTS FROM SOCIAL IMPACT FUNDERS INCLUDING FINANCIAL INSTITUTIONS, LOCAL AND STATE GOVERNMENT AGENCIES, AND PHILANTHROPY. AT THE END OF 2021, NOAH POOL I HAS INVESTED $23.4 MILLION TO PRESERVE THE AFFORDABILITY OF BETWEEN 600 AND 650 RENTAL UNITS AT RISK OF BEING UPSCALED WHICH WOULD HAVE RESULTED IN SIGNIFICANT RENT INCREASES AND DISPLACEMENT OF LOW-INCOME TENANTS.MINNESOTA EQUITY FUND, A NON-PROFIT SUBSIDIARY OF GMHF, WAS CREATED IN 2011 TO ASSEMBLE PRIVATE EQUITY CAPITAL FOR THE DEVELOPMENT AND PRESERVATION OF AFFORDABLE RENTAL HOUSING THROUGH THE SYNDICATION OF FEDERAL LOW-INCOME HOUSING TAX CREDITS (LIHTC). THROUGH THE END OF 2021, MEF HAS FACILITATED THE INVESTMENT OF OVER $200 MILLION IN LIHTC EQUITY CAPITAL FOR PROJECTS IN MINNESOTA AND OTHER STATES THROUGH MULTI-INVESTOR AND SINGLE INVESTOR FUNDS. AS OF THE END OF 2021, MEF HAS FACILITATED LIHTC EQUITY INVESTMENTS IN MORE THAN 2,200 NEW AND PRESERVED UNITS OF AFFORDABLE MULTIFAMILY HOUSING. IN ADDITION TO CREATING AFFORDABLE HOUSING FOR WORKFORCE FAMILIES AND INDIVIDUALS, MEF FUNDED AFFORDABLE HOUSING DEVELOPMENTS INCLUDE PERMANENT SUPPORTIVE HOUSING (PSH) FOR HOMELESS INDIVIDUALS WHO SUFFER FROM CHRONIC HEALTH PROBLEMS INCLUDING MENTAL ILLNESS, SUBSTANCE USE DISORDERS, AND MAY OTHERWISE BE HARD TO HOUSE.
AFFORDABLE HOUSING PROGRAMS, PLANNING AND TECHNICAL ASSISTANCE: PLEASE SEE SCHEDULE O FOR THE DESCRIPTION OF GMHF'S AFFORDABLE HOUSING PROGRAMS, PLANNING AND TECHNICAL ASSISTANCE.IN ADDITION TO LENDING, GREATER MINNESOTA HOUSING FUND DELIVERS A VARIETY OF TECHNICAL ASSISTANCE AND GRANTMAKING ACTIVITIES AND WORKS IN CONJUNCTION WITH NONPROFIT ORGANIZATIONS AND GOVERNMENT AGENCIES TO ADVANCE THE DEVELOPMENT OF AFFORDABLE HOUSING SPECIAL HOUSING PROGRAMS AND INITIATIVES, CONDUCT RESEARCH AND DEVELOPMENT OF HOUSING MODELS, PILOT DEMONSTRATION PROJECTS, AND PROMOTE PUBLIC AND PRIVATE INVESTMENT IN AFFORDABLE HOUSING. GRANTMAKING: GMHF PROVIDES CAPACITY-BUILDING AND OPERATING GRANTS TO NONPROFIT HOUSING ORGANIZATIONS IN MINNESOTA WHO CONDUCT SPECIALIZED ACTIVITIES IN THE AREAS OF HOUSING ADVOCACY, LEGAL SERVICES, TENANT ORGANIZING, HOMEBUYER TRAINING, HOUSING RESEARCH, COMMUNITY-BASED PLANNING, CROSS-SECTOR COLLABORATION, LEGAL SERVICES, LOCAL PLANNING AND TECHNICAL ASSISTANCE, AND OTHER ACTIVITIES COMPLEMENTARY TO GMHF TO ADVANCE THE AFFORDABLE HOUSING AGENDA IN MINNESOTA.PROGRAMS: GMHF PROVIDES A SERIES OF PROGRAMS TO PROMOTE BEST PRACTICES IN THE FIELD OF AFFORDABLE HOUSING, INCLUDING (A) THE MINNESOTA HOUSING & HEALTH EQUITY INITIATIVE TO SUPPORT COLLABORATION AND INVESTMENT FOR UPSTREAM SOLUTIONS TO COMMUNITY HEALTH; (B) THE EMERGING DEVELOPERS OF COLOR INITIAITVE TO INCREASE PARTICIPATION OF BLACK, INDIGENOUS AND PEOPLE OF COLOR (BIPOC) DEVELOPERS IN THE AFFORDABLE HOUSING SPACE; (C) THE SMALL NOAH PROGRAM, WHICH SUPPORTS SMALL, EMERGING LANDLORDS IN ACQUIRING AND PRESERVING NATURALLY OCCURRING AFFORDABLE UNITS THROUGHOUT MINNESOTA'S RURAL AND URBAN AREAS, WITH AN EMPHASIS ON ASSISTING EMERGING BLACK, INDIGENOUS, AND PEOPLE OF COLOR WITH THEIR PARTICIPATION IN THE PRESERVATION OF AFFORDABLE HOUSING; (D) THE COVID CAPACITY BUILDING COLLABORATIVE AND COVID RENTER SURVEY TO IDENTIFY EFFECTIVE PANDEMIC RESPONSES TO KEEPING RENTERS AND HOUSING STAFF SAFE, AND INFORM THE HOUSING FIELD AND PUBLIC OFFICIALS ABOUT THE IMPACTS OF THE COVID-19 PANDEMIC ON RENTER HOUSEHOLDS; (E) REBUILDING BETTER NEIGHBORHOODS TO PROVIDE CASE STUDIES OF MODEL PROJECTS TO INSPIRE COMMUNITIES TO DEVELOP APPROPRIATE AFFORDABLE HOUSING; (F) EMPLOYER ASSISTED HOUSING AND TECHNICAL ASSISTANCE, AND (G) PROSPERITY'S FRONT DOOR -- HOW HOMES BUILD STRONG COMMUNITIES, A PROGRAM THAT GREW OUT OF THE 2018 MINNESOTA GOVERNOR'S HOUSING TASK FORCE TO INCREASE PUBLIC AWARENESS AND UNDERSTANDING OF THE IMPORTANCE OF AFFORDABLE HOUSING TO MINNESOTA'S ECONOMY, IMPROVING SOCIAL OUTCOMES IN HEALTH & EDUCATION. GMHF ALSO SERVES AS FISCAL SPONSOR FOR THE HEADING HOME MINNESOTA FUNDERS COLLABORATIVE WHOSE PURPOSE IS TO ENGAGE PHILANTHROPY IN SUPPORTING STATE AND LOCAL PLANS TO END AND PREVENT HOMELESSNESS AND GREATER PRODUCTION OF PERMANENT SUPPORTIVE HOUSING WITH SERVICES. TECHNICAL ASSISTANCE: GMHF PROVIDES DIRECT PLANNING AND TECHNICAL ASSISTANCE TO SUPPORT THE DEVELOPMENT OF AFFORDABLE HOUSING DEVELOPMENTS THAT MEET THE NEEDS OF LOW-INCOME POPULATIONS IN RURAL AND URBAN COMMUNITIES THROUGHOUT MINNESOTA. RESEARCH AND DEVELOPMENT (R&D): GMHF CONDUCTS RESEARCH ON BEST PRACTICES AND STRATEGIES IN AFFORDABLE HOUSING AND DEVELOPS DEMONSTRATION PROJECTS, AS WELL AS PILOT PROGRAMS AND INITIATIVES THAT CAN BE ADOPTED AND IMPLEMENTED STATEWIDE.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Warren Hanson President/ceo | Officer | 40 | $293,493 |
Rebecca Martin COO | Officer | 40 | $249,902 |
John Errigo Director Of Syndication | 40 | $173,172 | |
John Rocker Noah Impact Fund Manager | 40 | $163,790 | |
Patrick Ness Hhmfc Executive Director | 40 | $113,666 | |
Miranda Walker Sr. Loan Officer | 40 | $106,537 |
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 | $12,567,187 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $12,567,187 |
Total Program Service Revenue | $5,622,395 |
Investment income | $929,360 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | -$16,978 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $19,170,053 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $629,903 |
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. | $781,653 |
Compensation of current officers, directors, key employees. | $271,793 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $1,728,442 |
Pension plan accruals and contributions | $179,964 |
Other employee benefits | $247,047 |
Payroll taxes | $176,494 |
Fees for services: Management | $0 |
Fees for services: Legal | $78,086 |
Fees for services: Accounting | $41,951 |
Fees for services: Lobbying | $47,500 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $98,932 |
Fees for services: Other | $1,301,300 |
Advertising and promotion | $0 |
Office expenses | $113,071 |
Information technology | $13,918 |
Royalties | $0 |
Occupancy | $115,931 |
Travel | $997 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $40,882 |
Interest | $1,838,571 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $22,183 |
Insurance | $144,121 |
All other expenses | $0 |
Total functional expenses | $8,877,055 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $9,716,756 |
Savings and temporary cash investments | $960,148 |
Pledges and grants receivable | $3,140,000 |
Accounts receivable, net | $0 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $0 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $93,605 |
Net Land, buildings, and equipment | $26,393 |
Investments—publicly traded securities | $58,278,638 |
Investments—other securities | $772,670 |
Investments—program-related | $131,307,606 |
Intangible assets | $0 |
Other assets | $4,819,730 |
Total assets | $209,115,546 |
Accounts payable and accrued expenses | $1,531,794 |
Grants payable | $100,333 |
Deferred revenue | $79,933 |
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 | $86,072,060 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $13,668,563 |
Total liabilities | $101,452,683 |
Net assets without donor restrictions | $100,561,085 |
Net assets with donor restrictions | $7,101,778 |
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 | $209,115,546 |
Over the last fiscal year, Greater Minnesota Housing Fund has awarded $619,903 in support to 15 organizations.
Grant Recipient | Amount |
---|---|
MINNESOTA HOUSING FINANCE AGENCY PURPOSE: PROGRAMS | $115,000 |
Saint Paul, MN PURPOSE: ORGANIZATIONAL SUPPORT | $86,250 |
Saint Paul, MN PURPOSE: ORGANIZATIONAL SUPPORT | $55,000 |
Bloomington, MN PURPOSE: PROGRAMS | $55,000 |
Saint Paul, MN PURPOSE: PROGRAMS | $55,000 |
Minneapolis, MN PURPOSE: PROGRAMS | $50,000 |
Over the last fiscal year, we have identified 16 grants that Greater Minnesota Housing Fund has recieved totaling $6,741,835.
Awarding Organization | Amount |
---|---|
Mcknight Foundation Minneapolis, MN PURPOSE: FOR GENERAL OPERATING SUPPORT | $2,000,000 |
Mcknight Foundation Minneapolis, MN PURPOSE: FOR GENERAL OPERATING SUPPORT | $2,000,000 |
Margaret A Cargill Foundation Eden Prairie, MN PURPOSE: SUPPORT FOR STATEWIDE HOUSING SYSTEMS TRANSFORMATION INITIATIVE | $1,000,000 |
Saint Paul & Minnesota Foundation Saint Paul, MN PURPOSE: MULTIPLE GRANTS FOR MULTIPLE PURPOSES | $841,312 |
Pohlad Family Foundation Minneapolis, MN PURPOSE: GENERAL OPERATING | $250,000 |
Minnesota Council On Foundations Minneapolis, MN PURPOSE: Integrated Capital Recovery Project | $166,000 |
Organization Name | Assets | Revenue |
---|---|---|
Sholom Home East Inc St Paul, MN | $55,805,227 | $20,264,604 |
Homestead At Rochester Inc Eden Prairie, MN | $84,661,096 | $19,652,604 |
Jeremiah Program Minneapolis, MN | $39,745,824 | $13,376,447 |
Milwaukee Habitat For Humanity Milwaukee, WI | $24,987,795 | $20,382,762 |
Habitat For Humanity International Inc Des Moines, IA | $24,118,438 | $12,529,342 |
Community Housing Resources Minneapolis, MN | $41,679,341 | $15,920,162 |
Home And Community Options Inc Winona, MN | $11,542,509 | $9,788,629 |
Phm New Richmond Senior Housing Inc Roseville, MN | $18,158,628 | $8,376,438 |
Greater Minnesota Housing Fund St Paul, MN | $209,115,546 | $19,170,053 |
American Indian Community Development Corporation Minneapolis, MN | $37,892,319 | $10,832,403 |
Habitat For Humanity International Inc Madison, WI | $16,210,690 | $8,401,610 |
Phw Menomonee Falls Inc Roseville, MN | $45,125,918 | $7,810,658 |