2025-09-24T10:43:07-05:00 2025-06-30 411647057 MAHONEY ULBRICH CHRISTIANSEN & RUSS PA 10 RIVER PARK PLAZA SUITE 800 SAINT PAUL MN 55107 990 2024-07-01 273983571 AFFORDABLE HOMES FOR ALL AFFO 6123770549 2507 LAKE PLACE MINNEAPOLIS MN 55405 JOSEPH L HOLMBERG PRESIDENT 6123770549 2025-09-23 1 0 TONYA J SHELDON P01270696 6512276695 2025-09-23 2024 2025-03-06 01:10:19Z JOSEPH L HOLMBERG 2507 LAKE PLACE MINNEAPOLIS MN 55405 877939 0 X N/A X 2010 MN TO PRESERVE AND BUILD AFFORDABLE HOMES FOR ALL 4 4 0 5 0 0 0 0 742340 785646 201882 92293 0 0 944222 877939 0 0 0 0 120000 0 0 0 0 405767 178919 525767 178919 418455 699020 29915993 30615013 0 0 29915993 30615013 X THE MISSION OF AFFORDABLE HOMES FOR ALL IS TO PRESERVE AND BUILD AFFORDABLE HOMES FOR ALL. IT HAS BEEN CREATED TO RESPOND TO THE GROWING NEED FOR QUALITY AFFORDABLE HOUSING FOR FAMILIES, INDIVIDUALS, THE ELDELY AND HADICAPPED. 0 0 80683 785646 AFFORDABLE HOMES FOR ALL HAS 2 PROGRAMS: THE DEVELOPMENT OF AFFORDABLE HOUSING UNITS AND THE OPERATION OF AFFORDABLE HOUSING UNITS. OUR MISSIONS IS TO DEVELOP, OPERATE, AND MAINTAIN HIGH QUALITY AFFORDABLE HOUSING. WE OPERATED AND MAINTAINED THE FOLLOWING AFFORDABLE PROPERTIES:AFFORDABLE HOMES FOR ALL ACQUIRED WINONA ARMS, INC. IN 2012. WINONA ARMS OWNS A 49-UNIT APARTMENT BUILDING IN WINONA, MINNESOTA. THE BUILDING OPERATES UNDER HUD SECTION 202 AND SECTION 8 REGULATIONS. AFFORDABLE HOMES FOR ALL ACQUIRED GENERAL PARTNERSHIP INTEREST IN EMERSON HOUSING, L.P. IN 2012. EMERSON HOUSING OWNS 44-UNIT MULTIFAMILY HOUSING PROJECT IN GARY, INDIANA. THE HOUSING OPERATES UNDER THE LOW INCOME HOUSING TAX CREDIT PROGRAM. AFFORDABLE HOMES FOR ALL CONTROLS SE HALL-WHITNEY YOUNG HOUSING CORPORATION (THE CORPORATION). THE CORPORATION OWNS 45-UNIT APARTMENT FOR THE ELDELY LOCATED IN SAINT PAUL, MINNESOTA (THE PROJECT). THE PROJECT OPERATES UNDER SECTION 202 OF THE NATIONAL HOUSING ACT. THE CORPORATION'S FIRST MORTGAGE IS FINANCED BY THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) UNDER SECTION 202 OF THE NATIONAL HOUSING ACT. AFFORDABLE HOMES FOR ALL HAS A GENERAL PARTNERSHIP INTEREST IN YORKTOWN CONTINENTAL, LP. YORKTOWN OPERATES A 264 - UNIT APARTMENT BUILDING LOCATED IN EDINA, MINNESOTA (THE PROJECT). THE PROJECT OPERATES UNDER HUD SECTION 8 REGULATIONS. THE MORTGAGE ON THE THE PROJECT IS INSURED BY THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) UNDER SECTION 221(D)4 OF THE NATIONAL HOUSING ACT.AFFORDABLE HOMES FOR ALL HAS A GENERAL PARTNERSHIP INTEREST IN PLYMOUTH STEVENS, LP. THIS LIMITED PARTNERSHIP PURCHASED THE PROPERTIES OWNED BY PLYMOUTH AVENUE AND STEVENS HOUSE ON JUNE 30, 2016. THE PARTNERSHIP OPERATES A 207-UNIT APARTMENT BUILDING LOCATED IN MINNEAPOLIS, MINNESOTA (THE PROJECT). THE PROJECT OPERATES UNDER HUD SECTION 8 REGULATIONS. THE MORTGAGE ON THE PROJECT IS INSURED BY THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) UNDER SECTION 221(D)(4) OF THE NATIONAL HOUSING ACT.AFFORDABLE HOMES FOR ALL HAS A GENERAL PARTNERSHIP INTEREST IN CECIL NEWMAN APARTMENTS, LP AND EFFECTIVE DECEMBER 31, 2021, NRRC ASSIGNED THEIR GENERAL PARTNERSHIP INTEREST AND NEF ASSIGNED THEIR LIMITED PARTNERSHIP INTEREST IN CECIL NEWMAN TO AFFORDABLE HOMES FOR ALL. CECIL NEWMAN OPERATES A 64-UNIT APARTMENT COMPLEX IN MINNEAPOLIS, MINNESOTA. ALL UNITS ARE ELIGIBLE TO RECEIVE SECTION 8 RENTAL ASSISTANCE. FINANCED WITH A HUD INSURED MORTGAGE.AFFORDABLE HOMES FOR ALL HAS A GENERAL PARTNERSHIP AND LIMITED PARTNERSHIP INTEREST IN WINNIPEG APARMENTS, LP. WINNIPEG OPERATES A MIXED USE APARTMENT BUILDING LOCATED IN ST. PAUL, MINNESOTA, CONTAINING 56 RESIDENTIAL UNITS AND 6,000 SQUARE FEET OF COMMERCIAL SPACE. FINANCED WITH A HUD INSURED MORTGAGE. 80683 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 4 4 1 0 0 0 0 0 0 1 0 0 0 1 1 1 1 1 1 0 0 0 MN X JOE HOLMBERG 6123770549 2507 LAKE PLACE MINNEAPOLIS MN 55405 X X JOHN MILLER CHAIR 1.00 X X 0 0 0 JOSEPH L HOLMBERG PRESIDENT 40.00 X X 0 0 0 BRUCE WILSON TREASURER 1.00 X X 0 0 0 NANCY HOLMBERG SECRETARY 1.00 X X 0 0 0 0 0 0 0 0 0 0 0 INTEREST INCOME ON NOT 531390 759540 759540 DEVELOPMENT/ADMIN FEES 531390 26106 26106 785646 92293 92293 877939 785646 0 92293 71032 71032 22750 22750 3963 3963 FEES PAID UNDER SETTLEM 80683 80683 OTHER EXPENSE 491 491 178919 80683 98236 0 415872 163792 1763631 1834873 1403954 1604954 26332536 27011394 29915993 30615013 0 0 X 29915993 30615013 29915993 30615013 29915993 30615013 699020 0 X 0 1 X 1 0 X 907776 957002 886079 742340 785646 4278843 907776 957002 886079 742340 785646 4278843 0 0 0 4278843 8808 141 201882 92293 303124 8808 141 201882 92293 303124 916584 957143 886079 944222 877939 4581967 0.93380 0.95650 0.06620 0.04350 X 0 INVESTMENT IN AHA YORKTOWN, LLC 986472 C AFFILIATE RECEIVABLES 25125308 C WINNIPEG APARTMENTS 899614 C 27011394 X PART X, LINE 2: INCOME TAXES - AHA IS EXEMPT FROM INCOME TAXES UNDER INTERNAL REVENUE CODE SECTION 501(C)(3) AND APPLICABLE MINNESOTA STATUTES, EXCEPT TO THE EXTENT IT HAS TAXABLE INCOME FROM BUSINESSES THAT ARE NOT RELATED TO ITS EXEMPT PURPOSE. MANAGEMENT BELIEVES AHA DOES NOT HAVE ANY UNRELATED BUSINESS INCOME. AHA BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN, AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. AHA WOULD RECOGNIZE FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS AND LIABILITIES IN INCOME TAX EXPENSE IF SUCH INTEREST AND PENALTIES ARE INCURRED. MDR REAL ESTATE HOLDINGS LLC MDR REAL ESTATE HOLDINGS L.L.C., A MINNESOTA LIMITED LIABILITY COMPANY ("MD $80,683 IN EXCESS BENEFIT TRANSACTIONS IS DETAILED IN PART V. THE EXCESS BENEFIT TRANSACTIONS RESULT FROM A 2013 MEMORANDUM OF UNDERSTANDING (THE "MOU") ENTERED INTO BY AHA WITH MDR AND MDR'S FOUNDERS, MARVIN J. KOTEK (AS TRUSTEE OF THE MARVIN J. KOTEK REVOCABLE TRUST), DAVID DYE, AND RICHARD HUTSELL, FOR THE CREATION OF THE PROJECT PARTNERSHIPS TO DEVELOP CERTAIN AFFORDABLE HOUSING PROPERTIES IN MINNESOTA. 0 SCHEDULE L PART I, B MDR REAL ESTATE HOLDINGS L.L.C., A MINNESOTA LIMITED LIABILITY COMPANY ("MDR"), IS THE CO-MEMBER OF THE MANAGING GENERAL PARTNERS OF TWO LIMITED PARTNERSHIPS CREATED BY MDR AND AFFORDABLE HOMES FOR ALL ("AHA") TO OWN TWO AFFORDABLE HOUSING PROPERTIES (THE "PROJECT PARTNERSHIPS"). THE ASSETS MANAGED THROUGH THE PROJECT PARTNERSHIPS REPRESENT APPROXIMATELY 64% OF AHA'S CONSOLIDATED ASSETS. BECAUSE MDR APPOINTED THREE OUT OF THE FOUR GOVERNORS ON THE BOARD OF GOVERNORS OF EACH OF THE GENERAL PARTNER ENTITIES, MDR HAS CONTROL OF THESE PROJECT PARTNERSHIPS AND SUBSTANTIAL INFLUENCE OVER THESE AFFAIRS OF AHA. ACCORDINGLY, BASED ON THE FACTS AND CIRCUMSTANCES AND CONSISTENT WITH TREAS. REG. SECTION 53.4958-3(E), MDR MANAGES A DISCRETE SEGMENT OF AHA THROUGH THESE PROJECT PARTNERSHIPS WHICH REPRESENT A SUBSTANTIAL PORTION OF AHA'S ACTIVITIES AND ASSETS, AND THEREFORE MDR IS A DISQUALIFIED PERSON. SCHEDULE L, PART I, C AHA AND MDR AGREED IN THE MOU THAT THE AFFORDABLE HOUSING PROPERTIES WOULD BE CO-OWNED BY AHA AND MDR THROUGH THE PROJECT PARTNERSHIPS, WITH AHA AND MDR AS CO-MANAGING GENERAL PARTNERS. AHA WOULD OWN A 51% INTEREST IN EACH OF THE GENERAL PARTNER ENTITIES WHILE MDR WOULD OWN THE REMAINING 49%. MDR AGREED TO PROVIDE CAPITAL, DEVELOPMENT SERVICES, PROPERTY MANAGEMENT, AND OTHER ASSISTANCE TO AHA FOR THESE PROJECTS. BASED ON THESE EXPECTED CONTRIBUTIONS BY MDR, MDR WOULD RECEIVE AN 83.34% INTEREST IN THE "AGGREGATE VALUE" OF CERTAIN FINANCIAL INTERESTS IN THE PROJECT PARTNERSHIPS AND PROPERTIES AND AHA WOULD RECEIVE 16.66% INTEREST IN THIS AGGREGATE VALUE. THE AGGREGATE VALUE IS "REPRESENTED BY THE SELLER NOTES, DEVELOPER FEES, CASH FLOW FROM OPERATIONS, DISTRIBUTIONS FROM CAPITAL TRANSACTIONS, AND RESIDUAL VALUE FROM THE PROPERTIES." (SECTION 2(B) OF THE MOU). HOWEVER, MDR DID NOT FULFILL ITS OBLIGATIONS UNDER THE MOU. FOR THE REASONS EXPLAINED BELOW, AHA NEVERTHELESS HAS BEEN COMPELLED TO MAKE PAYMENTS TO MDR THAT CONSTITUTE EXCESS BENEFIT TRANSACTIONS RELATED TO THESE AFFORDABLE HOUSING PROJECTS (THE "PROJECTS").EXCESS BENEFIT TRANSACTIONS:MDR WAS EXPECTED TO ADVANCE ALL OF THE CAPITAL NEEDED AND DO ALMOST ALL OF THE DEVELOPMENT WORK TO OBTAIN CONTROL OF THE AFFORDABLE HOUSING PROPERTIES AND TO GET THEM REFINANCED AND REHABILITATED. HOWEVER, MDR DID NOT PROVIDE THE EXPECTED CAPITAL OR DEVELOPMENT WORK FOR THESE PROJECTS. DURING THE REFINANCE AND REHABILITATION OF THE PROJECTS, MDR ARRANGED TO HAVE THE TAX CREDIT SYNDICATOR PAY ALL DEVELOPER FEES DIRECTLY TO ENTITIES THAT MDR CONTROLS. AHA PROVIDED ALL OF THE CAPITAL AND DID ALMOST ALL OF THE DEVELOPMENT WORK TO GET CONTROL OF THE AFFORDABLE HOUSING PROPERTIES THAT WERE SOLD TO THE PROJECT PARTNERSHIPS. BECAUSE AHA OWNED THESE PROPERTIES WHEN THEY WERE SOLD TO THE PROJECT PARTNERSHIPS AT APPRAISED VALUE, AHA ALONE OWNS $23 MILLION OF SELLER NOTES FROM THE SALE OF THE PROPERTIES TO THE PROJECT PARTNERSHIPS. MDR HAS RECEIVED EXCESS BENEFIT PAYMENTS IN TWO PRIMARY WAYS:1. DEVELOPER FEES. FIRST, DURING THE REFINANCE AND REHABILITATION OF THE PROJECTS, MDR ARRANGED TO HAVE THE TAX CREDIT SYNDICATOR PAY ALL DEVELOPER FEES DIRECTLY TO ENTITIES THAT MDR CONTROLS. THROUGH THAT ARRANGEMENT, MDR WAS PAID $5,815,164 OF DEVELOPER FEES IN 2018 AND PRIOR YEARS EVEN THOUGH AHA DID APPROXIMATELY 50% OF THE DEVELOPMENT WORK. AS A RESULT, MDR RECEIVED $2,909,641 OF EXCESS BENEFIT PAYMENTS FROM DEVELOPER FEES. 2. INTEREST ON SELLER NOTES. SECOND, AHA HAS BEEN FORCED TO PAY MDR INTEREST ON SELLER NOTES OWNED BY AHA, EVEN THOUGH MDR DID NOT PROVIDE THE CAPITAL OR DEVELOPMENT SERVICES TO JUSTIFY THIS PAYMENT.IN AUGUST 2017, MDR INITIALLY DEMANDED A $200,000 PAYMENT FROM AHA TO ACHIEVE THE FINANCIAL INTEREST PERCENTAGES OUTLINED IN THE MOU. BECAUSE MDR HAD NOT MADE SUFFICIENT CONTRIBUTIONS TO THE PROJECTS TO JUSTIFY THIS PAYMENT, AHA REFUSED TO MAKE THE PAYMENT ON THE ADVICE OF ITS LEGAL COUNSEL DUE TO CONCERNS ABOUT POTENTIAL PRIVATE INUREMENT AND PRIVATE BENEFIT, AND AHA'S BELIEF THAT THIS PAYMENT WOULD CONSTITUTE AN EXCESS BENEFIT TRANSACTION UNDER INTERNAL REVENUE CODE SECTION 4958. THROUGH MDR'S MAJORITY VOTE ON THE BOARD OF GOVERNORS OF BOTH GENERAL PARTNER ENTITIES, MDR RESPONDED TO AHA'S REFUSAL TO PAY BY UNILATERALLY REMOVING AHA'S REPRESENTATIVE FROM HIS ROLE AS THE PRESIDENT AND CHIEF MANAGER OF THE GENERAL PARTNER ENTITIES AND REPLACING HIM WITH AN MDR REPRESENTATIVE, AND ALSO DELAYED DISTRIBUTION OF $990,285 OF SURPLUS CASH FROM THE PROJECT PARTNERSHIPS TO AHA UNTIL MDR RECEIVED THE PAYMENTS IT DEMANDED FROM AHA.AHA ATTEMPTED TO FIND A SOLUTION THAT COMPLIED WITH THE FEDERAL TAX LAW GOVERNING EXCESS BENEFIT TRANSACTIONS; HOWEVER, MDR REFUSED TO NEGOTIATE AND ULTIMATELY FILED A LAWSUIT IN SEPTEMBER 2018. BEFORE HEARING AHA'S EXPLANATION OF THE EXCESS BENEFIT TRANSACTION ISSUES, A JUDGE RULED IN A PRELIMINARY HEARING THAT AHA MUST PAY MDR ACCORDING TO THE MOU, INCLUDING PAYMENT OF THE 83.34% OF INTEREST ON SELLER NOTES OWNED BY AHA. BECAUSE THE LITIGATION DID NOT PROGRESS PAST THIS PRELIMINARY HEARING, THE COURT NEVER ADDRESSED THE TAX ISSUES OR CONSIDERED AHA'S CONCERNS REGARDING EXCESS BENEFIT TRANSACTIONS. ON THE ADVICE OF AHA'S LEGAL COUNSEL, AHA SUBSEQUENTLY ENTERED INTO A BINDING MEDIATION PROCESS WITH MDR. THE PARTIES AGREED TO A MEDIATION SETTLEMENT AGREEMENT (THE "SETTLEMENT AGREEMENT") THAT REQUIRES AHA TO PAY MDR ACCORDING TO THE 83.34% FINANCIAL INTEREST PERCENTAGE OUTLINED IN THE MOU IN ORDER TO RESOLVE THE LAWSUIT, ALTHOUGH IT REMAINS AHA'S POSITION THAT MDR HAS NOT PROVIDED THE CAPITAL OR DEVELOPMENT SERVICES TO JUSTIFY THIS PAYMENT, AS EXPLAINED ABOVE. SPECIFICALLY, THE SETTLEMENT AGREEMENT REQUIRED AHA TO PAY $1,016,639 TO MDR IN JULY OF 2019 FROM INTEREST ON THE SELLER NOTES OWNED BY AHA. ADDITIONALLY, AS A RESULT OF THE SETTLEMENT AGREEMENT, MDR HAS ALSO RECEIVED BETWEEN OCTOBER 2019 AND APRIL 2020 AN ADDITIONAL $620,992 OF PAYMENTS OF SURPLUS CASH FROM THE PROJECT PARTNERSHIPS THAT WOULD HAVE OTHERWISE BEEN PAID TO AHA FROM INTEREST ON THE SELLER NOTES OWNED BY AHA AND AN ADDITIONAL $689,517 IN 2020, $630,740 IN 2021, $281,256 IN 2022, $342,663 IN 2023, AND $80,683 (THAT AMOUNT, $80,683, IS REFLECTED ON CORE FORM PART IX, LINE 24A, AS IT IS REPORTED UPON THE FILER'S 2024 BOOKS AS PAID OR INCURRED).WITH THIS FILING, THE ENTIRETY OF EXCESS BENEFIT TRANSACTIONS REPORTED WITH RESPECT TO THIS SAME DEVELOPER PAYMENTS ARE AS FOLLOWS: * 2018 FORM 990 (REPORTING AMOUNTS UNCOVERED FROM BACK YEARS PLUS THAT IN THE TAX YEAR) - $2,909,641 * 2019 FORM 990 (REPORTING SOLELY AMOUNTS IN THIS TAX YEAR) - $1,637,631 * 2020 FORM 990 (REPORTING SOLELY AMOUNTS IN THIS TAX YEAR) - $689,517 * 2021 FORM 990 (REPORTING SOLELY AMOUNTS IN THIS TAX YEAR) - $630,740 * 2022 FORM 990 (REPORTING SOLELY AMOUNTS IN THIS TAX YEAR) - $281,256 * 2023 FORM 990 (REPORTING SOLELY AMOUNTS IN THIS TAX YEAR) - $342,663 * 2024 FORM 990 (REPORTING SOLELY AMOUNTS IN THIS TAX YEAR) - $80,683WHILE IT IS PUBLIC KNOWLEDGE THAT THE IRS HAS BEEN PRESSURED BY COVID-19 DELAYS AND BACKLOGS AFFECTING FORMS FILED SINCE THE START OF COVID-19 EMERGENCY, IT IS DISCOURAGING THAT NEITHER ANY OF THE FOUR YEARS OF PRIOR-FILED FORMS 990 WHICH NOTE EXCESS BENEFIT TRANSACTIONS HAVING OCCURRED WITH THE SAME DISQUALIFIED PERSON IN SUCH GREAT MAGNITUDE (TOTAL OF $6,572,131 WITH THIS YEAR'S AMOUNTS INCLUDED), NOR SUBMISSION OF A FORM 13909 TO THE IRS AT THE CLOSE OF THE 2020 CALENDAR YEAR DETAILING THESE CIRCUMSTANCES, HAS YIELDED ANY INQUIRY FROM THE IRS. FORM 990, PART VI, SECTION A, LINE 2 JOSEPH HOLMBERG AND NANCY HOLMBERG ARE MARRIED. FORM 990, PART VI, SECTION A, LINE 8B NO COMMITTEE. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF DIRECTORS ARE PROVIDED A COPY OF FORM 990 AND THEY HAVE AN OPPORTUNITY TO DISCUSS BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION'S CONFLICT OF INTEREST POLICY COVERS ALL BOARD MEMBERS AND OFFICERS. INDIVIDUALS ARE REQUIRED TO DISCLOSE TO THE ENTIRE BOARD AS SOON AS PRACTICABLE IF THEY ARE AWARE THAT THE ORGANIZATION IS CONSIDERING, OR ALREADY HAS IN PLACE, TRANSACTIONS WITH A PARTY IN WHICH THEY OR THEIR FAMILY MEMBERS HAVE FINANCIAL INTERESTS. IN TURN, THE BOARD IS THEN OBLIGATED TO EVALUATE THE TRANSACTION AND ITS ABILITY TO MEET THE ORGANIZATION'S BEST INTERESTS AT A REASONABLE RATE (I.E., AT OR BELOW FAIR MARKET VALUE ) WITHOUT THE PARTICIPATION OF THE INTERESTED MEMBER (ALTHOUGH THE BOARD MAY REQUIRE THE INDIVIDUAL TO APPEAR BEFORE THE BOARD TO ANSWER ITS QUESTIONS). A "SUPER-MAJORITY" VOTE TO APPROVE THE TRANSACTION(S) IS, IN MOST INSTANCES, REQUIRED TO ENTER IN, OR MAINTAIN, THE TRANSACTION. THE POLICY ALSO DIRECTS THAT ANY DISAGREEMENTS AS TO WHETHER AN INDIVIDUAL HAS A CONFLICT ARE TO BE DECIDED BY THE FULL BOARD WITHOUT THAT INDIVIDUAL'S PARTICIPATION. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, A CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE FILED WITH THE MINNESOTA ATTORNEY GENERAL'S OFFICE AND ARE AVAILABLE UPON REQUEST. FORM 990, PART VII, SECTION A: INFORMATION ON THE ORGANIZATION'S BOARD OF DIRECTORS: JOHN MILLER HAS BEEN ON THE BOARD FOR OVER 12 YEARS, 6 YEARS AS TREASURER AND 6 YEARS AS CHAIR. HE IS A CPA AND WAS THE CFO OF SEVERAL TECH COMPANIES. IN RETIREMENT, HE IS CFO OF DANGEROUS MAN BREWING AND DOES CONSULTING WORK FOR OTHER BREWERS. BRUCE WILSON HAS BEEN TREASURER OF THE BOARD FOR SIX YEARS. HE IS A CPA AND WAS A SENIOR VICE PRESIDENT WITH U.S. BANK. NANCY HOLMBERG HAS A MASTERS IN ENGLISH AND TAUGHT HIGH SCHOOL LITERATURE AND WRITING COURSES FOR 32 YEARS. SHE IS HELPFUL IN EDITING AFFORDABLE HOMES FOR ALL COMMUNICATIONS AND DOCUMENTS. JOE HOLMBERG HAS BEEN PRESIDENT OF THE BOARD FOR OVER 12 YEARS. HE HAS AN MBA AND IS A CPA. FOR SEVENTEEN YEARS, HE WAS CFO AND COO OF COMMONBOND COMMUNITIES AND PRESIDENT OF COMMONBOND HOUSING, ITS REAL ESTATE SUBSIDIARY. COMMONBOND IS THE LARGEST NONPROFIT PROVIDER OF AFFORDABLE HOUSING IN THE UPPER MIDWEST. JOE KNOWS AS MUCH ABOUT AFFORDABLE HOUSING AS ANYONE IN THE TWIN CITIES. THE BOARD HAS SERVED CONTINUOUSLY SINCE AT LEAST 2018 AND JOHN MILLER AND JOE HOLMBERG HAVE SERVED SINCE INCEPTION. 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