Overview
What is Midwest Housing Equity Group Inc?
Midwest Housing Equity Group Inc, based in Omaha, Nebraska, is a nonprofit organization dedicated to promoting the development and sustainability of affordable housing. They serve as the general partner of approximately 49 limited partnerships, investing equity capital in other partnerships or LLCs for the purpose of developing, owning, and operating affordable housing projects that qualify for federal tax credits under Section 42 of the Internal Revenue Code. In 2022, they partnered with 36 developers to close over $230 million in equity for 41 developments, resulting in the creation of 1,778 affordable housing units across 37 Midwest communities. Their work includes 17 age-restricted developments, 20 multifamily developments, two single-family home properties, and two special needs housing developments. The organization's mission is to improve lives and create a better tomorrow by fostering the development of high-quality, sustainable affordable housing.
Official website here: www.mheginc.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96% (Four-Star out of Four Stars)
Midwest Housing Equity Group Inc has achieved an impressive 96% rating from Charity Navigator, reflecting its strong accountability and financial management. The charity’s score is derived entirely from its performance in the Accountability & Finance beacon, which highlights the organization's commitment to transparency and fiscal responsibility.
One of the notable strengths of this nonprofit is its governance, featuring a board composed entirely of independent members, which enhances its decision-making process. The organization also demonstrates robust financial practices, with high scores in areas such as audit oversight and a low liabilities to assets ratio. Furthermore, they maintain comprehensive policies regarding whistleblower protection, conflict of interest, and document retention.
Despite the high rating, potential donors may still want to consider the overall impact of the organization's programs, as the summary does not provide specific information on program effectiveness or community outcomes. However, the strong financial ratios indicate that a significant portion of their resources is directed towards program expenses, ensuring that funds are utilized effectively.
This AI summary has been generated from information found on Charity Navigator.
Is Midwest Housing Equity Group Inc legitimate?
Midwest Housing Equity Group Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Midwest Housing Equity Group Inc 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: $3,973,631
Professional Fundraising Fees: $0
Other Salaries and Wages: $4,296,590
For more financial information, click here
Official website here: www.mheginc.com
What is the mission statement of Midwest Housing Equity Group Inc?
Midwest Housing Equity Group Inc's mission is focused on enhancing lives for a brighter future by championing the growth and sustainability of quality affordable housing. Through their primary role as the general partner of approximately 49 limited partnerships, they invest equity capital in other partnerships or LLCs, developing, owning, and operating affordable housing projects eligible for federal tax credits under Section 42 of the Internal Revenue Code. In 2022, Midwest Housing Equity Group Inc partnered with 36 developers to close over $230 million in equity for 41 projects, resulting in 1,778 affordable housing units. These projects catered to various community types, ranging from 15-unit rural deals to 124-unit urban projects, encompassing 37 Midwest communities.
Official website here: www.mheginc.com
Who is the CEO of Midwest Housing Equity Group Inc?
Jason Main is the Chairman of Midwest Housing Equity Group Inc. The CEO's salary of Midwest Housing Equity Group Inc is $1,006,067 and their total compensation is $1,055,943.
Official website here: www.mheginc.com
What is the revenue of Midwest Housing Equity Group Inc?
Midwest Housing Equity Group Inc's revenue in 2022 was $17,847,318.
Official website here: www.mheginc.com
Who are the executives of Midwest Housing Equity Group Inc and what are their salaries?
The average compensation at Midwest Housing Equity Group Inc during 2022 was $129,222. There are 64 employees at Midwest Housing Equity Group Inc.
Here are 17 key members and their salaries (Midwest Housing Equity Group Inc's CEO's salary is $1,006,067 and their total compensation is $1,055,943):
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- Compensation: $1,006,067
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- Other: $49,876
- Compensation: $556,927
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- Other: $53,617
- Compensation: $566,546
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- Other: $37,954
- Compensation: $622,781
- Related: $0
- Other: $51,740
- Compensation: $386,943
- Related: $0
- Other: $41,030
- Compensation: $270,267
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- Other: $39,000
- Compensation: $266,925
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- Other: $29,269
- Compensation: $260,318
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- Other: $32,168
- Compensation: $210,606
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- Other: $26,779
- Compensation: $193,559
- Related: $0
- Other: $35,259
Official website here: www.mheginc.com
Where can I find the form 990 for Midwest Housing Equity Group Inc?
Midwest Housing Equity Group Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.mheginc.com
Learn more at the official website: www.mheginc.com
Mission Statement of Midwest Housing Equity Group Inc
Midwest Housing Equity Group Inc, a prominent organization in the affordable housing sector, is dedicated to transforming lives for a brighter tomorrow. The group's mission revolves around promoting the development and sustainability of quality affordable housing.
To put this into action, Midwest Housing Equity Group Inc acts as the general partner of approximately 49 limited partnerships, collectively referred to as the "Funds." These partnerships invest equity capital in other collaborations or limited liability companies established to develop, own, and operate affordable housing projects eligible for federal tax credits under Section 42 of the Internal Revenue Code. In addition to providing equity for these projects, Midwest Housing Equity Group Inc offers technical and advisory services to these partnerships for a fee.
In the year 2022, Midwest Housing Equity Group Inc collaborated with 36 developers to secure over $230 million in equity for 41 developments. These projects resulted in the creation of 1,778 affordable housing units, featuring a diverse range of housing types. Among these developments were 17 age-restricted communities, 20 multifamily units, two single-family homes, and two special needs housing projects. These projects ranged from a 15-unit rural deal in Nebraska to a 124-unit urban development in Kansas, encompassing 37 Midwest communities. By providing equity and expert guidance, Midwest Housing Equity Group Inc plays a significant role in bringing affordable housing opportunities to life.
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Impact
October, 2024
Midwest Housing Equity Group Inc significantly impacts the region by enhancing the availability of quality affordable housing. Through its strategic partnerships and financial investments, it serves as a major catalyst for the development of diverse housing options across 37 communities in the Midwest. In 2022 alone, MHEG collaborated with 36 developers to secure over $230 million in equity for 41 housing developments, resulting in the creation of 1,778 affordable housing units.
By acting as the general partner in approximately 49 limited partnerships, MHEG not only invests equity capital but also provides essential technical and advisory services to ensure the sustainability and success of these housing projects. The range of developments includes age-restricted, multifamily, single-family homes, and special needs housing, accommodating varying community needs. From urban projects to rural initiatives, MHEG plays a crucial role in transforming lives and fostering more inclusive communities, ultimately driving social and economic growth in the Midwest.
This information is meant to be a general summary of Midwest Housing Equity Group Inc. 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: $502,619
- Program Service Revenue: $17,344,699
- Gross Receipts: $17,892,628
Assets and Liabilities:
- Total Assets: $64,673,112
- Total Liabilities: $4,323,850
- Net Assets: $60,349,262
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ACQUISITION/ADVISORY
Revenue
$13,504,150
MONITORING FEES
Revenue
$1,691,847
ASSET MGMT FEES
Revenue
$1,074,619
ORGANIZATION/OFFERING
Revenue
$676,063
MISCELLANEOUS INCOME
Revenue
$225,666
Organization Details
Founding Year
1993
Phone
(402) 334-8899Principal Officer
Jason Main
Main Address
515 N 162ND AVE 202, OMAHA, NE, 68118
Website
www.mheginc.comNTEE Category
Code: L99Z - Housing
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