Midwest Housing Development Fund Inc
- Assets
- $74.7m
- Revenue
- $5.8m
- Investments
- $556.6k
- Employees
- 4
- Location
- Omaha, NE
- Founding
- 11/2005
- Data as of
- 12/2023
- EIN
- 84-1686593
Organization Overview
Midwest Housing Development Fund Inc is located in Omaha, NE. The organization was established in 2005. According to its NTEE Classification (T30) the organization is classified as: Public Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2023, Midwest Housing Development Fund Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Midwest Housing Development Fund Inc 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, Midwest Housing Development Fund Inc generated $5.8m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 31.9% each year . All expenses for the organization totaled $1.9m during the year ending 12/2023. While expenses have increased by 17.9% per year over the past 9 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE SUSTAINABLE COMMUNITY DEVELOPMENT AND QUALITY OF LIFE IN THE MIDWEST UNITED STATES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MIDWEST HOUSING DEVELOPMENT FUND HAS PROVIDED AND/OR FACILITATED FINANCING IN CONNECTION WITH DEVELOPMENT OF LOW AND MODERATE INCOME AND WORKFORCE HOUSING. SINCE THE ORGANIZATION'S INCEPTION, IT HAS MADE 250+ LOANS TOTALING OVER $150 MILLION. THESE LOANS HELPED CREATE OVER 9,100 AFFORDABLE RENTAL HOUSING UNITS FOR INDIVIDUALS AND FAMILIES ACROSS THE MIDWEST. DURING THE YEAR ENDED DECEMBER 31, 2023, THE ORGANIZATION WAS ABLE TO PROVIDE OVER $45 MILLION BETWEEN 34 NEW LOANS TO HELP FINANCE AFFORDABLE HOUSING. MIDWEST HOUSING DEVELOPMENT FUND BEGAN PROVIDING AND FACILITATING FINANCING FOR AFFORDABLE, WORKFORCE HOUSING IN 2017. IN 2020 MHDF EXPANDED THE DEVELOPMENT SERVICES IN NEBRASKA TO THE METRO OMAHA IOWA COUNTIES. THESE TECHNICAL ASSISTANCE SERVICES ARE FOR AFFORDABLE AND WORKFORCE HOUSING AND THE INITIATIVE IS NAMED MIDWEST HOUSING RESOURCE NETWORK. THE MIDWEST HOUSING RESOURCE NETWORK FUNCTIONS CONTINUE THROUGH THE COMBINED EFFORTS OF NEBRASKA STRATEGIC HOUSING COUNCIL LED BY THE NEBRASKA INVESTMENT FINANCE AUTHORITY, THE NEBRASKA HOUSING DEVELOPERS' ASSOCIATION TECHNICAL ASSISTANCE, AND MIDWEST HOUSING DEVELOPMENT FUND DIRECT DEVELOPMENT SERVICES AND TECHNICAL ASSISTANCE TO DEVELOPERS, COMMUNITY LEADERS AND HOUSING STAKEHOLDERS. MHDF PARTICIPATES AS A MEMBER OF THE NEBRASKA STRATEGIC HOUSING COUNCIL CORE TEAM AND THE NEBRASKA HOUSING DEVELOPERS' ASSOCIATION BOARD OF DIRECTORS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David S Fisher President | OfficerTrustee | 40 | $251,490 |
Barry Sandstrom Chairperson | OfficerTrustee | 1 | $0 |
Matthew Cavanaugh Secretary | OfficerTrustee | 1 | $0 |
James Zimmerman Director | Trustee | 1 | $0 |
Kris Saddoris Director | Trustee | 1 | $0 |
Valerie Thompson Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,727,352 |
| All other contributions, gifts, grants, and similar amounts not included above | $270,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,997,352 |
| Total Program Service Revenue | $2,238,314 |
| Investment income | $540,986 |
| 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 | $5,776,652 |
| 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. | $455,563 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $132,054 |
| Pension plan accruals and contributions | $60,944 |
| Other employee benefits | $43,482 |
| Payroll taxes | $33,989 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,449 |
| Fees for services: Accounting | $7,630 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $29,381 |
| Advertising and promotion | $0 |
| Office expenses | $22,871 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $28,741 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $701,966 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,329 |
| Insurance | $1,621 |
| All other expenses | $0 |
| Total functional expenses | $1,853,460 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,348,931 |
| Savings and temporary cash investments | $12,650,400 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $687,882 |
| 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 | $2,606 |
| Net Land, buildings, and equipment | $9,828 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $556,600 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $58,447,548 |
| Total assets | $74,703,795 |
| Accounts payable and accrued expenses | $335,573 |
| Grants payable | $0 |
| Deferred revenue | $9,437,648 |
| 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 | $12,110,842 |
| Unsecured mortgages and notes payable | $27,007,674 |
| Other liabilities | $500,000 |
| Total liabilities | $49,391,737 |
| Net assets without donor restrictions | $25,312,058 |
| 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 | $74,703,795 |