2025-11-17T08:40:39-06:00 2024-12-31 411360831 OLSEN THIELEN & CO LTD 2675 LONG LAKE ROAD ST PAUL MN 55113 990 2024-01-01 410968007 GREATER METROPOLITAN HOUSING CORPORATION GREA 6123390601 2136 FORD PKWY 172 ST PAUL MN 55116 SCOTT WEATHERBY TREASURER 6123390601 2025-11-16 1 1 RYAN VETTRUS CPA P01243596 6514834521 2025-11-16 2024 2025-03-06 01:10:19Z X JULIA SPENCER 2136 FORD PKWY 172 ST PAUL MN 55116 4833613 0 X WWW.GMHCHOUSING.ORG X 1970 MN PRESERVE, IMPROVE & INCREASE AFFORDABLE HOUSING; ASSIST COMMUNITIES WITH HOUSING REVITALIZATION 11 10 4 0 0 0 982241 1413496 1451736 3420109 33 8 0 0 2434010 4833613 0 0 0 0 298365 229856 0 0 43416 2161626 4852039 2459991 5081895 -25981 -248282 7274976 4804805 7391935 5170046 -116959 -365241 X TO PRESERVE, IMPROVE, AND INCREASE AFFORDABLE HOUSING FOR LOW AND MODERATE INCOME INDIVIDUALS AND FAMILIES, ASSIST COMMUNITIES WITH HOUSING REVITALIZATION AS WELL AS CREATE AND CARRY OUT DEMONSTRATION PROJECTS. 0 0 4420109 0 3045066 SINGLE FAMILY HOMEOWNERSHIP PROGRAM GMHC BUILDS AND RENOVATES SINGLE FAMILY HOMES IN THE INNER-CITY OF MINNEAPOLIS, ST. PAUL AND VARIOUS SUBURBAN COMMUNITIES. THE MAJORITY OF HOMES ARE SOLD TO PERSONS WITH INCOMES AT OR BELOW 80% OF THE MEDIAN INCOME AND FIRST-TIME HOMEBUYERS. FINANCING TOOLS ARE AVAILABLE TO MAKE THESE HOMES AFFORDABLE. THIS PROGRAM PROVIDES AMONG OTHER THINGS: HOMEOWNERSHIP OPPORTUNITIES FOR INDIVIDUALS OFTEN PREVIOUSLY LEFT OUT OF THE OWNERSHIP MARKETPLACE, STABILITY AND INCREASED PROPERTY VALUES TO NEIGHBORHOODS, ADDITIONAL TAX REVENUE FOR THE CITY AND COUNTY, AND JOBS DURING CONSTRUCTION. THE HOMES ARE BUILT IN COOPERATION WITH VARIOUS CITIES, COUNTIES, MINNESOTA HOUSING AND NEIGHBORHOOD DEVELOPMENT CORPORATIONS. 471225 0 352407 NEW MARKET TAX CREDIT PROGRAM THIS IS AN EXPANSION OF GMHC'S SINGLE FAMILY HOMEOWNERSHIP PROGRAM. GMHC HAS OBTAINED DEDICATED TAX-CREDIT FINANCING FROM A POOL OF OUTSIDE INVESTORS TO ACQUIRE, REHAB AND/OR CONSTRUCT SINGLE-FAMILY HOMES IN QUALIFIED AREAS IN THE LOCAL COMMUNITY, AND SELL AT LEAST 20% OF SUCH HOMES TO LOW-INCOME PERSONS. THE BENEFITS OF THIS PROGRAM ARE SIMILAR TO THE SINGLE FAMILY PROGRAM. 42967 0 22636 SUSTAINABLE HOME OWNERSHIP PROGRAM (SHOP HOME MORTGAGE (TM)) IN PARTNERSHIP WITH DAYTON'S BLUFF NEIGHBORHOOD SERVICES, GMHC CREATED SHOP HOME MORTGAGE. SHOP'S PROPRIETARY PRODUCT WAS THE BRIDGE TO SUCCESS CONTRACT-FOR-DEED PROGRAM, AN INNOVATIVE AND FLEXIBLE CREDIT FACILITY FUNDED BY PUBLIC AND SOCIALLY RESPONSIBLE INVESTORS THAT OFFERED PRUDENT, AFFORDABLE CREDIT TO BORROWERS NO LONGER SERVED BY MAINSTREAM CREDIT MARKETS. THE 10-YEAR CONTRACT-FOR-DEED WAS FOR PEOPLE WHO HAD THE FINANCIAL CAPACITY TO PURCHASE A HOME BUT WHO HAD BEEN UNABLE TO QUALIFY FOR BANK FINANCING DUE TO POOR CREDIT HISTORY, BANKRUPTCY, FORECLOSURE, OR NOT UNDERSTANDING THE FINANCIAL PROCESS. THE PROGRAM ALLOWED BUYERS WHO HAD ADDRESSED THEIR CREDIT ISSUES TO PURCHASE A HOME THEN AND SUPPORTED THEM THROUGH A PERSONAL FINANCIAL PLAN, INDIVIDUAL COUNSELING, AND HOME BUYER EDUCATION. THE GOAL FOR THE BUYERS REMAINING IN A CONTRACT-FOR-DEED WAS AND STILL IS TO RESTORE THEIR CREDIT AND IMPROVE THEIR FINANCIAL HABITS SO THAT THE CONTRACT-FOR-DEED CAN BE REFINANCED INTO AN FHA OR CONVENTIONAL FIXED-RATE LOAN PRODUCT WITHIN TEN YEARS. AS A RESULT OF THE EFFORTS OF SHOP STAFF, COUNSELORS AND OUR SERVICER, COMMUNITY REINVESTMENT FUND, OVER 70% OF THE 156 CONTRACT-FOR DEED CLIENTS HAVE BEEN ABLE TO REFINANCE TO MARKET RATE MORTGAGE PRODUCTS.EFFECTIVE IN 2018, THE SHOP PROGRAM DISCONTINUED THE ISSUANCE OF NEW LOANS AND NOW ONLY SERVICES EXISTING LOANS OUTSTANDING. 0 0 0 PREDEVELOPMENT REVOLVING LOAN FUND THIS PROGRAM BEGAN IN 1992 AND SINCE THEN HAS PROVIDED OVER $74 MILLION IN PROJECT FINANCING, MAINLY THROUGH SEED MONEY AVERAGING 3% OF TOTAL DEVELOPMENT COSTS FOR THE PROJECTS. SINCE 1992, THE PROGRAM HAS FUNDED OVER 600 PROJECTS WHICH BUILT OUT OVER 26,000 HOUSING UNITS, WITH TOTAL BUILD OUT COSTS OF $2.4 BILLION. UNDER THIS PROGRAM, GMHC PROVIDED TECHNICAL ASSISTANCE AND HIGH-RISK PREDEVELOPMENT (SEED) LOANS TO ORGANIZATIONS TO ASSIST IN THE DEVELOPMENT OF QUALITY AFFORDABLE HOUSING. THESE LOANS COVERED EXPENSES SUCH AS ARCHITECTURAL FEES, SURVEYS, ENVIRONMENTAL AND SOIL TESTING, LAND COSTS, CONSULTANTS, ETC., AS WELL AS BRIDGE LOANS. GMHC ALSO ADMINISTERED THE FUNDING DURING THE PREDEVELOPMENT PHASE. THIS PROGRAM NO LONGER MAKES NEW LOANS, AND HAS 2 LONG-TERM LOAN RECEIVABLES TO COLLECT. 0 0 0 4934301 1 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 7 0 1 4 1 0 0 0 0 0 0 0 0 0 0 0 0 X 11 10 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MN X THE ORGANIZATION 6123390601 2136 FORD PKWY 172 ST PAUL MN 55116 EDEN SPENCER PRESIDENT/CEO 40.00 X X 69864 0 10812 MAUREEN O'BRIEN WIESER CHAIR 0.00 X X 0 0 0 ERIK A ANDERSON VICE CHAIR 0.00 X X 0 0 0 COREY HAALAND VICE CHAIR 0.00 X X 0 0 0 JAY KIEDROWSKI SECRETARY/TREASURER 0.00 X X 0 0 0 TODD BERREMAN DIRECTOR 0.00 X 0 0 0 CAROLYN E OLSON DIRECTOR 0.00 X 0 0 0 GLENN SANSBURN DIRECTOR 0.00 X 0 0 0 DANIEL SMITH DIRECTOR 0.00 X 0 0 0 ALYSON VAN DYK DIRECTOR 0.00 X 0 0 0 SCOTT WEATHERBY DIRECTOR 0.00 X 0 0 0 69864 0 10812 0 0 0 0 JP'S REMODELING 7413 22ND ST N OAKDALE MN 55128 CONSTRUCTION 211545 LUTZ CONSTRUCTION 4909 KAMA LN NE ALBERTVILLE MN 55301 CONSTRUCTION 183270 2 1284287 129209 1413496 REAL ESTATE SALES 531390 3301900 3301900 PROJECT DEVELOPMENT FEES 531390 90802 90802 INTEREST - PROGRAM LOANS 531390 27407 27407 3420109 8 8 4833613 3420109 0 8 80676 64541 12101 4034 129466 104620 2908 21938 2577 2072 64 441 1618 778 840 15519 12455 1091 1973 567 425 142 80904 21890 55057 3957 8915 7153 628 1134 2996 2404 211 381 43453 34872 3056 5525 19451 15611 1367 2473 48876 38143 10733 12908 12811 35 62 41438 26578 14860 DIRECT PROJECT DEVELOPM 4558744 4558744 OTHER PROFESSINAL SERVI 15010 15010 REPAIRS AND MAINTENANCE 9184 7623 1561 AUTOMOBILE & PARKING 5174 4152 364 658 4419 4419 5081895 4934301 104178 43416 89166 259479 139313 87726 3646760 1089289 13912 13872 534 40 3317414 3317414 81789 50857 7274976 4804805 162796 285750 32405 13888 6126540 4564840 1070194 305568 7391935 5170046 X -116959 -365241 -116959 -365241 7274976 4804805 -248282 0 X X 0 1 X 1 0 X 1081876 1267299 446370 982241 1413496 5191282 1081876 1267299 446370 982241 1413496 5191282 467813 4723469 115 133 104 33 8 393 5191675 12134079 0.90980 0.83880 X 13912 13872 40 40 PROGRAM NOTES RECEIVABLE 437551 F SECOND MORTGAGES 144715 F INVESTMENT IN HPN LEVERAGE IV, LLC 2735148 F 3317414 REFUNDABLE ADVANCE 305568 305568 X 4833613 0 4833613 0 4833613 5081895 0 5081895 0 5081895 PART X, LINE 2: FIN 48 (ASC 740) DISCLOSURE FROM AUDITED FINANCIAL STATEMENTS: THE ORGANIZATION HAS EXEMPT STATUS RELATIVE TO FEDERAL AND MINNESOTA CORPORATE INCOME TAXES UNDER INTERNAL REVENUE CODE SECTION 501(C)(3) AND APPLICABLE STATE STATUTES. THE ORGANIZATION IS NOT A PRIVATE FOUNDATION AND CONTRIBUTIONS TO THE ORGANIZATION QUALIFY AS A CHARITABLE TAX DEDUCTION BY THE CONTRIBUTOR. THE ORGANIZATION REVIEWS INCOME TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN INCOME TAX RETURNS TO DETERMINE IF THERE ARE ANY INCOME TAX UNCERTAINTIES. THIS INCLUDES POSITIONS THAT THE ORGANIZATION IS EXEMPT FROM INCOME TAXES OR NOT SUBJECT TO INCOME TAXES ON UNRELATED BUSINESS INCOME. THE ORGANIZATION RECOGNIZES TAX BENEFITS FROM UNCERTAIN TAX POSITIONS ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITIONS WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITIONS. THE ORGANIZATION HAS IDENTIFIED NO INCOME TAX UNCERTAINTIES. THE ORGANIZATION FILES INFORMATION RETURNS AS A TAX-EXEMPT ORGANIZATION. SHOULD THAT STATUS BE CHALLENGED IN THE FUTURE, ALL YEARS SINCE INCEPTION COULD BE SUBJECT TO REVIEW BY THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 11B A FINANCE COMMITTEE MEMBER REVIEWS FORM 990 AND MAKES A RECOMMENDATION TO THE BOARD FOR ITS APPROVAL BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C STAFF AND BOARD MEMBERS ANNUALLY SIGN A CONFLICT OF INTEREST FORM. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS ANNUALLY REVIEWS AND APPROVES THE CEO'S SALARY. AN OUTSIDE CONSULTANT PROVIDES COMPARABILITY DATA. FORM 990, PART VI, SECTION C, LINE 19 THE FORMS ARE AVAILABLE UPON WRITTEN REQUEST. FORM 990, PART XII, LINE 2C: THE ORGANIZATION'S FINANCE COMMITTEE HAS RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT, SELECTION OF THE INDEPENDENT AUDITOR AND RELATED MATTERS. THIS POLICY HAS NOT CHANGED DURING THE PAST YEAR. 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