Overview
What is Model Cities Properties?
Model Cities Properties is a development project under the umbrella of Model Cities, focusing on affordable housing and community space. Their flagship project, Model Cities Brownstone, was completed in 2017 and has maintained high occupancy rates. Located near a light rail transit station in St. Paul, Minnesota, it provides 35 units of affordable housing, retail spaces, and a pocket park. The population of residents is diverse, with a mix of races, ages, and families. The commercial spaces have attracted local businesses, including a Somali-owned convenience store, an African-American-owned barbershop, an Hmong-owned apparel store, and an African-American women-owned restaurant, providing employment opportunities in the area. Model Cities continues to expand as a property manager, meeting LIHTC compliance requirements and leasing commercial spaces.
Is Model Cities Properties legitimate?
Model Cities Properties is a legitimate nonprofit organization registered as a 501(c)(3) entity. Model Cities Properties 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.
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What is the mission statement of Model Cities Properties?
Model Cities Properties operates with the primary objective of benefiting Model Cities of St. Paul, Inc. and Model Cities Community Development Corporation. Its mission is centered around managing real estate development projects, with its latest venture being Model Cities Brownstone near the Victoria Street Light Rail Transit (LRT) Station. This four-story, mixed-use development includes affordable rental housing, retail spaces, and a pocket park. Since its opening in 2017, the Brownstone has maintained high occupancy, attracting a diverse population. Model Cities Properties is also expanding its role as a property manager, successfully meeting compliance requirements for the project. Commercial spaces along University Avenue have been leased to local businesses, contributing to employment opportunities in the area.
Who is the CEO of Model Cities Properties?
Kizzy L Downie is the Ceo/Board Secretary of Model Cities Properties. The CEO's salary of Model Cities Properties is $108,226 and their total compensation is $108,226.
What is the revenue of Model Cities Properties?
Model Cities Properties's revenue in 2022 was $732,722.
Who are the executives of Model Cities Properties and what are their salaries?
Here are 9 key members and their salaries (Model Cities Properties's CEO's salary is $108,226 and their total compensation is $108,226):
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Where can I find the form 990 for Model Cities Properties?
Model Cities Properties's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Model Cities Properties
Model Cities Properties is an organization dedicated to benefiting Model Cities of St. Paul, Inc. and Model Cities Community Development Corporation. Its mission involves managing all real estate development projects under its wing, with a notable achievement being the Model Cities Brownstone project. This four-story, mixed-use development, located near the Victoria Street Light Rail Transit (LRT) Station, comprises affordable rental housing, retail, office, and community space, along with a sizable outdoor area. Since its opening in 2017, Brownstone has maintained high occupancy rates, averaging approximately 97% annually, with a diverse population of residents.
In addition to its real estate endeavors, Model Cities Properties has demonstrated success in property management, meeting all the compliance issues that came with the Lighting Tax Credit (LIHTC) project. Commercial spaces within the development have also been leased, attracting a blend of local businesses such as a Somali-owned convenience store/deli, an African-American-owned barbershop, an Hmong-owned apparel store, and an African-American women-owned restaurant. These businesses have not only contributed to the local economy but have also provided employment opportunities for residents in the area.
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Impact
October, 2024
Model Cities Properties has made a significant impact on the St. Paul community through its focus on real estate development aimed at fostering inclusivity and sustainability. One of its key projects, the Model Cities Brownstone, stands as a transformative mixed-use development positioned at the Victoria Street light rail transit station. This four-story building features 35 units of affordable rental housing and approximately 20,000 square feet of retail, office, and community space, along with nearly 7,000 square feet dedicated to a pocket park.
Since its opening in 2017, the Brownstone has maintained an impressive occupancy rate, averaging around 97%, indicating the high demand for affordable housing in the area. This project not only provides homes for a diverse population but also contributes to the economic vitality of the neighborhood by attracting various commercial tenants, such as a Caribbean restaurant and a Somali-owned convenience store. These businesses not only serve the local community but also create job opportunities for residents, fostering economic growth.
The development has actively engaged the local community, with tenants representing a blend of cultural backgrounds, which enriches the fabric of the neighborhood. Continuous interest in the available rental units and commercial spaces demonstrates Model Cities Properties’ success in addressing the need for affordable housing and vibrant retail options in St. Paul.
Additionally, Model Cities Properties has showcased its capacity as a property manager by successfully navigating the complexities associated with Low-Income Housing Tax Credit (LIHTC) compliance, thereby strengthening its operational capabilities. Overall, Model Cities Properties plays a pivotal role in enhancing the living conditions, economic opportunities, and community cohesion within St. Paul.
This information is meant to be a general summary of Model Cities Properties. Please take the time to review official sources before making any decisions based upon the content provided here.
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.
- Investment Income: $14
- Program Service Revenue: $702,866
- Gross Receipts: $732,722
Assets and Liabilities:
- Total Assets: $8,976,818
- Total Liabilities: $8,418,325
- Net Assets: $558,493
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$653,866
SERVICE FEES
Revenue
$49,000
Organization Details
Founding Year
2009
Phone
(651) 632-8350Principal Officer
Kizzy L Downie
Main Address
839 UNIVERSITY AVE W, ST PAUL, MN, 55104
NTEE Category
Code: L112 - Housing
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