Overview
What is Greater Minnesota Housing Fund?
The Greater Minnesota Housing Fund, established in 1996 and based in St. Paul, Minnesota, is a 501(c)(3) nonprofit and a certified Community Development Financial Institution (CDFI). With a mission to support the creation and preservation of affordable homes and strong communities, they make strategic investments and form effective partnerships. The organization provides a wide range of loans, grants, and investments for the development of multifamily rental housing and single-family homes. Additionally, they offer capacity-building technical assistance and grant making. The Greater Minnesota Housing Fund annually dispenses between $80 million and $100 million in loans to assist affordable housing organizations in creating or preserving approximately 1,000 permanently affordable multifamily and single-family homes in Minnesota. Their loan types include planning and predevelopment, site acquisition, construction, rehabilitation, tax increment and equity-bridge financing, first mortgage loans, and working capital enterprise level loans.
Official website here: www.gmhf.com
Is Greater Minnesota Housing Fund legitimate?
Greater Minnesota Housing Fund is a legitimate nonprofit organization registered as a 501(c)(3) entity. Greater Minnesota Housing Fund submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Here are some key statistics you may want to consider:
Executive Compensation: $1,022,801
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,243,153
For more financial information, click here
Official website here: www.gmhf.com
What is the mission statement of Greater Minnesota Housing Fund?
Greater Minnesota Housing Fund is a 501(c)(3) nonprofit organization and CDFI with a mission to support the creation and preservation of affordable housing. Through strategic investments and effective partnerships, the fund provides loans, grants, and investments for multifamily rental housing and single-family homes. Additionally, it offers capacity-building technical assistance and grant making for mission-related programs. The organization conducts research and program development on affordable housing challenges and opportunities, advocates for systems change, and promotes increased public and private support for affordable housing in Minnesota. Greater Minnesota Housing Fund operates educational programs and demonstration projects, pilots new programs and products, and acts as an advocate for affordable housing initiatives.
Official website here: www.gmhf.com
Who is the CEO of Greater Minnesota Housing Fund?
Andrea Brennan is the Chair of Greater Minnesota Housing Fund. The CEO's salary of Greater Minnesota Housing Fund is $365,339 and their total compensation is $441,568.
Official website here: www.gmhf.com
What is the revenue of Greater Minnesota Housing Fund?
Greater Minnesota Housing Fund's revenue in 2022 was $25,043,112.
Official website here: www.gmhf.com
Who are the executives of Greater Minnesota Housing Fund and what are their salaries?
The average compensation at Greater Minnesota Housing Fund during 2022 was $102,061. There are 32 employees and 15 volunteers at Greater Minnesota Housing Fund.
Here are 22 key members and their salaries (Greater Minnesota Housing Fund's CEO's salary is $365,339 and their total compensation is $441,568):
- Warren Hanson (President/Ceo)
- John Errigo (Director Of Syndication)
- Mohamed Omar (Cfo)
- Rebecca Martin (Coo)
- John Rocker (Director Of Lending)
- Eric Mushler (Director Housing & Helath Equity)
- Patrick Ness (Heading Home Minnesota Funders Collaborative Direc)
- Nancy Vyskocil (Chair) [Trustee/Director]
- Stephanie Cummings (Vice Chair) [Trustee/Director]
- Joseph Errigo (Secretary/Treasurer) [Trustee/Director]
- Jane Barrett (Director)
- Mitchell Berg (Director)
- Kim Bretheim (Director)
- Rosy Hjermstad (Director)
- Natalie Jones (Director)
- Cheryl Key (Director)
- Stephanie Klinzing (Director)
- Angela Larson (Director)
- Emily Larson (Director)
- Todd Prafke (Director)
- Dale Roemmich (Director)
- Richard Roesler (Director)
Official website here: www.gmhf.com
Where can I find the form 990 for Greater Minnesota Housing Fund?
The Greater Minnesota Housing Fund’s most recent form 990 was submitted in 2022 and can be accessed here
Official website here: www.gmhf.com
Learn more at the official website: www.gmhf.com
Mission Statement of Greater Minnesota Housing Fund
Greater Minnesota Housing Fund, a 501 (C)(3) nonprofit and CDFI, is dedicated to fostering strong communities and creating affordable housing solutions in Minnesota. Established in 1996 by the McKnight Foundation and Blandin Foundation, the organization's mission is to support the development and preservation of affordable housing through strategic investments and effective partnerships.
Greater Minnesota Housing Fund provides various financial resources, including loans, grants, and investments, for the creation and preservation of multifamily rental housing and single-family homes. In addition, the organization offers mission-related program services, such as capacity-building technical assistance and grant making, to enhance its impact. The CDFI also operates educational programs, conducts research and program development, and advocates for systems change, all aimed at increasing public and private support for affordable housing in Minnesota.
Greater Minnesota Housing Fund's commitment to making a difference extends beyond financial support. The organization demonstrates its dedication through the implementation of new programs and products, and by promoting increased awareness and understanding of affordable housing challenges and opportunities. By adopting a collaborative approach, Greater Minnesota Housing Fund has become a valuable partner in the quest to provide affordable housing for Minnesotans, ultimately contributing to sustainable, thriving communities throughout the state.
Impact
This information is meant to be a general summary of Greater Minnesota Housing Fund. Please take the time to review official sources before making any decisions based upon the content provided here.
Thursday, August 15, 2024
The Greater Minnesota Housing Fund has a significant impact on communities throughout Minnesota by supporting the creation and preservation of affordable housing. Through its revolving loan fund, the organization provides between $80 million and $100 million annually in various loans to assist affordable housing development organizations. This funding helps create or preserve approximately 1,000 permanently affordable multifamily and single-family homes each year.
By offering low-cost loans for planning, predevelopment, construction, rehabilitation, and other essential aspects of affordable housing projects, the Greater Minnesota Housing Fund ensures that developers have the capital necessary to undertake high-priority housing developments in communities across the state. Additionally, the organization provides grant-making and capacity-building technical assistance to further support the affordable housing sector.
Overall, the Greater Minnesota Housing Fund's strategic investments and partnerships contribute to the creation of strong communities and affordable homes, addressing housing challenges and promoting increased support for affordable housing initiatives in Minnesota.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Assets and Liabilities:
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST INN. ON LOANS
Revenue
$5,388,749
LOAN ORIGINATION FEES
Revenue
$1,528,434
ACQUISITION FEES
Revenue
$1,066,949
SPE GAIN
Revenue
$704,930
ADMIN FEES
Revenue
$415,280
Organization Details
Founding Year
1996
Phone
(651) 221-1997
Principal Officer
Andrea Brennan
Main Address
332 MINNESOTA STREET 1650W, ST PAUL, MN, 55101
Website
www.gmhf.com
NTEE Category
Code: L20 - Housing
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