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
What are the reviews and ratings of this charity?
Charity Navigator Rating: 100% (Four-Star out of Four Star rating) from Charity Navigator
The Greater Minnesota Housing Fund has achieved a perfect score of 100% on Charity Navigator, reflecting outstanding accountability and financial management. This strong rating indicates that the organization meets the highest standards in transparency and governance, which are crucial for building trust among donors and stakeholders.
With an entirely independent board of 15 members, the organization demonstrates a robust governance structure. The absence of any material diversion of assets and the presence of comprehensive policies on conflict of interest, whistleblower protections, and document retention further enhance its credibility. The significant program expense ratio of 79.81% indicates that a large portion of its funding is directly allocated to its housing-related programs, showcasing a strong commitment to its mission.
Despite these strengths, the review does not highlight any specific areas for improvement. The organization appears to maintain excellent financial health and operational integrity, making it a reliable choice for donors looking to support housing initiatives in Minnesota. Overall, the Greater Minnesota Housing Fund stands out as a highly accountable nonprofit in the sector.
This AI summary has been generated from information found on Charity Navigator.
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.
Heare are some key statistics you may want to consider:
Executive Compensation: $616,114
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,936,889
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 CEO of Greater Minnesota Housing Fund The CEO's salary of Greater Minnesota Housing Fund is $162,307 and their total compensation is $181,473.
Official website here: www.gmhf.com
What is the revenue of Greater Minnesota Housing Fund?
Greater Minnesota Housing Fund's revenue in 2023 was $21,142,915.
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 2023 was $104,500. There are 34 employees and 15 volunteers at Greater Minnesota Housing Fund.
Here are 23 key members and their salaries (Greater Minnesota Housing Fund's CEO's salary is $162,307 and their total compensation is $181,473):
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- Compensation: $207,229
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- Other: $31,482
- Compensation: $162,307
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- Other: $19,166
- Compensation: $102,730
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- Other: $13,319
- Compensation: $34,704
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- Other: $5,966
- Compensation: $225,432
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- Other: $56,003
- Compensation: $207,425
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- Other: $47,791
- Compensation: $208,759
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- Other: $32,795
- Compensation: $141,731
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- Other: $43,712
- Compensation: $122,509
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- Other: $37,704
- Compensation: $114,346
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- Other: $49,215
Official website here: www.gmhf.com
Where can I find the form 990 for Greater Minnesota Housing Fund?
Greater Minnesota Housing Fund's most recent form 990 was submitted in 2023 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.
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Impact
October, 2024
Greater Minnesota Housing Fund significantly impacts the housing landscape in Greater Minnesota by facilitating the creation and preservation of affordable housing. Through its revolving loan fund, it provides between $80 million and $100 million annually in a variety of low-cost loans to support affordable housing development initiatives. This funding enables approximately 1,000 permanently affordable multifamily and single-family homes to be developed or preserved each year.
The organization drives its mission by offering a range of financial products, including loans for planning, site acquisition, construction, rehabilitation, and even first mortgage loans. This financial assistance ensures that developers have the necessary capital to tackle high-priority affordable housing projects across communities.
In addition to lending, Greater Minnesota Housing Fund also plays a crucial role in building capacity within the affordable housing sector. It provides technical assistance, conducts research, and facilitates educational programs to address housing challenges. By advocating for systemic changes and promoting public and private support for affordable housing, it strengthens the foundation of communities throughout Minnesota, ultimately leading to more equitable and accessible housing options for residents.
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.
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 2023.
- Investment Income: $2,267,223
- Program Service Revenue: $5,922,877
- Gross Receipts: $94,600,704
Assets and Liabilities:
- Total Assets: $217,893,047
- Total Liabilities: $102,853,054
- Net Assets: $115,039,993
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST INCOME ON LOA
Revenue
$6,213,787
LOAN ORIGINATION FEES
Revenue
$1,060,830
LOAN LOSS RESERVE
Revenue
$853,520
ACQUISITION FEES
Revenue
$416,567
PROGRAM FEES
Revenue
$385,337
Organization Details
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