Form 990 for tax year 2024

Totals

Total revenue

$40,328,548

Total expenses

$17,741,215

Contributions and grants received

$25,989,101

Grants paid

$1,911,817

Program service revenue

$13,722,128

Investment income

$617,319

Other revenue

$0

Total assets, end of year

$302,777,264

Total liabilities, end of year

$150,763,626

Net assets or fund balances, end of year

$152,013,638

Program services expenses (Part IX)

$14,724,110

Management and general expenses

$3,017,105

Fundraising expenses

$0

Program service expenses (Part III)

$14,724,110

Program services were 83.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Mission and programs · 2024

• AFFORDABLE HOUSING LENDING: PLEASE SEE SCHEDULE O FOR THE DESCRIPTION OF AFFORDABLE HOUSING LENDING.GREATER MINNESOTA HOUSING FUND (GMHF) OPERATES A REVOLVING LOAN FUND AND ANNUALLY PROVIDES BETWEEN $80 MILLION AND $100 MILLION IN A VARIETY OF LOANS TO ASSIST AFFORDABLE HOUSING DEVELOPMENT ORGANIZATIONS CREATE OR PRESERVE APPROXIMATELY 1,000 PERMANENTLY AFFORDABLE MULTIFAMILY AND SINGLE-FAMILY HOMES. GMHF PROVIDES LOW-COST LOANS FOR PLANNING AND PREDEVELOPMENT, SITE ACQUISITION, CONSTRUCTION, REHABILITATION, TAX INCREMENT AND EQUITY-BRIDGE FINANCING, FIRST MORTGAGE LOANS, AND WORKING CAPITAL ENTERPRISE LEVEL LOANS FOR QUALIFIED AFFORDABLE HOUSING DEVELOPMENT ORGANIZATIONS. THESE LOANS ENSURE AFFORDABLE HOUSING DEVELOPERS HAVE THE CAPITAL NECESSARY TO UNDERTAKE HIGH-PRIORITY MULTIFAMILY AND SINGLE-FAMILY AFFORDABLE HOUSING REAL ESTATE DEVELOPMENTS IN COMMUNITIES THROUGHOUT MINNESOTA.

  Expenses $8,535,743 · Revenue $13,015,728

• AFFORDABLE HOUSING PROGRAMS, PLANNING AND TECHNICAL ASSISTANCE: PLEASE SEE SCHEDULE O FOR THE DESCRIPTION OF GMHF'S AFFORDABLE HOUSING PROGRAMS, PLANNING AND TECHNICAL ASSISTANCE.MORE THAN JUST A LENDER, GREATER MINNESOTA HOUSING FUND IS KNOWN FOR ITS INNOVATION AND CREATIVE APPROACHES TO MINNESOTA'S AFFORDABLE HOUSING CHALLENGES:GRANTMAKING: GMHF AWARDS GRANTS TO A VARIETY OF INDIVIDUALS AND ORGANIZATIONS ACROSS THE STATE THAT ADVANCE THE GMHF PROGRAMS DESCRIBED BELOW AND FOR STRATEGIC AND SPECIALIZED OPPORTUNITIES SUCH AS AFFORDABLE HOUSING ADVOCACY, LEGAL SERVICES, TENANT ORGANIZING, HOMEBUYER AND DEVELOPER TRAINING, HOUSING RESEARCH, COMMUNITY-BASED PLANNING, CROSS-SECTOR COLLABORATION, LOCAL PLANNING, TECHNICAL ASSISTANCE, AND OTHER ACTIVITIES TO ADVANCE THE AFFORDABLE HOUSING AGENDA IN MINNESOTA.PROGRAMS AND INITIATIVES: GMHF IMPLEMENTS A SERIES OF PROGRAMS TO PROMOTE BEST PRACTICES IN THE AFFORDABLE HOUSING FIELD, INCLUDING:(A) EMERGING DEVELOPERS PROGRAM SUPPORTS EMERGING DEVELOPERS IN THEIR GROWTH AS AFFORDABLE HOUSING DEVELOPERS BY OFFERING GRANT FUNDING, TECHNICAL ASSISTANCE, AND TRAINING;(B) HOUSING & HEALTH EQUITY INITIATIVE LINKS HEALTHCARE ORGANIZATIONS WITH THE HOUSING COMMUNITY TO CREATE INVESTMENT AND INNOVATIVE HOUSING SOLUTIONS;(C) RURAL AND TRIBAL CAPACITY BUILDING BRINGS AFFORDABLE HOUSING FROM CONCEPT TO COMPLETION IN GREATER MN BY OFFERING TECHNICAL ASSISTANCE, PLANNING SUPPORT, AND GRANTS;(D) GREEN LENDING INITIATIVE SUPPORTS THE ELECTRIFICATION AND DECARBONIZATION OF EXISTING AND NEW AFFORDABLE HOUSING BY LEVERAGING LOCAL, STATE, AND FEDERAL RESOURCES AND OFFERING TECHNICAL ASSISTANCE, RESOURCE MATCHING, FINANCING, AND DEMONSTRATION PROJECTS;(E) SMALL NOAH PROGRAM SUPPORTS SMALL AND EMERGING LANDLORDS IN ACQUIRING AND PRESERVING NATURALLY OCCURRING AFFORDABLE UNITS THROUGHOUT MINNESOTA'S RURAL AND URBAN AREAS.GMHF SERVES AS FISCAL SPONSOR FOR THE HEADING HOME MINNESOTA FUNDERS COLLABORATIVE WHOSE PURPOSE IS TO ENGAGE PHILANTHROPY IN SUPPORTING STATE AND LOCAL PLANS TO END AND PREVENT HOMELESSNESS AND GREATER PRODUCTION OF PERMANENT SUPPORTIVE HOUSING WITH SERVICES.RESEARCH AND DEVELOPMENT: GMHF CONDUCTS RESEARCH ON BEST PRACTICES AND STRATEGIES IN AFFORDABLE HOUSING AND DEVELOPS DEMONSTRATION PROJECTS, AS WELL AS PILOT PROGRAMS AND INITIATIVES THAT CAN BE ADOPTED AND IMPLEMENTED STATEWIDE.

  Expenses $4,548,854 · Grants $1,911,816 · Revenue $381,292

• AFFORDABLE HOUSING INVESTING ACTIVITIES: PLEASE SEE SCHEDULE O FOR THE DESCRIPTION OF NOAH IMPACT FUND LLC (NIF) AND MINNESOTA EQUITY FUND (MEF).NOAH IMPACT FUND LLC (NIF), A NON-PROFIT SUBSIDIARY OF GMHF, WAS ORGANIZED IN 2017 TO PRESERVE EXISTING OLDER, MARKET RATE BUT AFFORDABLE CLASS B AND CLASS C RENTAL HOUSING AT RISK OF LOST AFFORDABILITY DUE TO UPSCALING BY INVESTORS. NIF'S ACTIVITIES ARE DESIGNED TO FURTHER THE CHARITABLE PURPOSE OF ITS PARENT, GMHF, BY RAISING SOCIAL IMPACT CAPITAL FROM FINANCIAL INSTITUTIONS, STATE AND LOCAL GOVERNMENT, AND PHILANTHROPY TO COMPETE IN THE RENTAL MARKET AND ACQUIRE UNSUBSIDIZED RENTAL HOUSING, THUS PRESERVING ITS AFFORDABILITY, ENSURING THAT IT CONTINUES TO ACCEPT SECTION 8 AND OTHER RENTAL ASSISTANCE, AND PREVENTING THE DISPLACEMENT OF LOWER-INCOME RESIDENTS. NOAH, OR NATURALLY OCCURRING AFFORDABLE HOUSING, IS THE LARGEST SOURCE OF AFFORDABLE HOUSING ACROSS THE COUNTRY. NIF RAISED $32.5 MILLION IN NOAH POOL I LLC (NP1), WHICH CLOSED ON JUNE 1, 2017. NP1 DEPLOYED $30.6 MILLION TO PRESERVE 701 NOAH UNITS. NIF'S ACTIVITIES WERE PAUSED FROM 2020 TO 2023 DUE TO THE COVID-19 PANDEMIC AND RELATED ECONOMIC DISRUPTIONS. NIF THEN RAISED $33.5 MILLION TO CAPITALIZE NOAH POOL II LLC (NP2). NP2 CLOSED ON MAY 31,2024 AND IS EXPECTED TO PRESERVE THE AFFORDABILITY OF 500+ NOAH UNITS.MINNESOTA EQUITY FUND, LLC, A NON-PROFIT SUBSIDIARY OF GMHF, WAS CREATED IN 2011 TO ASSEMBLE PRIVATE EQUITY CAPITAL FOR THE DEVELOPMENT AND PRESERVATION OF AFFORDABLE RENTAL HOUSING THROUGH THE SYNDICATION OF FEDERAL LOW-INCOME HOUSING TAX CREDITS (LIHTCS) AND, OCCASIONALLY, FEDERAL HISTORIC TAX CREDITS AND ENERGY-RELATED TAX CREDITS. THROUGH THE END OF 2024, MEF HAS FACILITATED THE INVESTMENT OF OVER $320 MILLION OF GROSS EQUITY IN 55 PROJECTS WITH 2,976 NEW AND PRESERVED UNITS IN MINNESOTA AND OTHER STATES THROUGH MULTI-INVESTOR AND SINGLE INVESTOR FUNDS. IN ADDITION TO FINANCING AFFORDABLE WORKFORCE HOUSING FOR FAMILIES AND INDIVIDUALS AND AFFORDABLE HOUSING FOR SENIORS, MEF HAS FUNDED PERMANENT SUPPORTIVE HOUSING WHICH COMBINES HOUSING AND SERVICES TO HELP STABILIZE FORMERLY HOMELESS PEOPLE WHO SUFFER FROM CHRONIC HEALTH PROBLEMS INCLUDING MENTAL ILLNESS AND SUBSTANCE USE DISORDERS, AND MAY OTHERWISE BE HARD TO HOUSE.

  Expenses $1,639,513 · Revenue $325,108

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

• HOUSING JUSTICE CENTER

  $375,000

  FUNDING FOR REGIONAL KITCHEN TABLE LED BY PEOPLE WITH LIVED EXPERIENCE FACING HOUSING INSTABILITY

• AMERICAN INDIAN COMMUNITY HOUSING ORGANIZATION

  $187,500

  FUNDING FOR REGIONAL KITCHEN TABLE LED BY PEOPLE WITH LIVED EXPERIENCE FACING HOUSING INSTABILITY

• ENGAGE WINONA

  $187,500

  FUNDING FOR REGIONAL KITCHEN TABLE LED BY PEOPLE WITH LIVED EXPERIENCE FACING HOUSING INSTABILITY

• MINNESOTA HOUSING PARTNERSHIP

  $155,000

  COSTS ASSOCIATED WITH LOCAL HOUSING TRUST FUND TECHNICAL ASSISTANCE, PROMOTION OF NEW STATE TAX CREDIT CONTRIBUTION FUND, HOUSING INSTITUTES ROUND 9, AND POLICY DEVELOPMENT

• DIVINE KONNECTIONS INC

  $50,000

  PREDEVELOPMENT COSTS FOR DEVELOPMENT OF AFFORDABLE OWNER OCCUPIED DUPLEX AT 2008-20016 W 4TH ST IN DULUTH

• FACE TO FACE HEALTH AND COUNSELING

  $50,000

  PREDEVELOPMENT COSTS FOR DEVELOPMENT OF 1170 ARCADE STREET IN SAINT PAUL

• HIDALGO INVESTMENTS

  $50,000

  PREDEVELOPMENT COSTS FOR DEVELOPMENT OF 150 CENTRAL AVENUE IN LONG PRAIRIE

• LEECH LAKE FINANCIAL SERVICES

  $50,000

  PREDEVELOPMENT COSTS FOR CREATION OF 20 SINGLE FAMILY HOMES IN CASS, ITASCA, HUBBARD, AND BELTRAMI COUNTIES

• LIFE COMMUNITY DEVELOPMENT CORPORATION

  $50,000

  PREDEVELOPMENT COSTS FOR DEVELOPMENT OF LIFE COMMUNITY AFFORDABLE HOUSING IN ROCHESTER

• MINNESOTA HOMEOWNERSHIP CENTER

  $50,000

  SUPPORT MHC FOUR STRATEGIES TO ADVANCE QUITY IN HOMEOWNERSHIP IN 2025

The 10 largest by cash amount. The API serves every itemized grant.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Provenance

Return type

form_990

Tax year

2024

Filed

16 October 2025

IRS schema version

2024v5.2

Source object

202532899349301713

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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