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← NETWORK FOR OREGON AFFORDABLE HOUSING

Form 990 for tax year 2023

Filed by NETWORK FOR OREGON AFFORDABLE HOUSING.

Totals

Total revenue
$10,855,249
Total expenses
$10,011,550
Contributions and grants received
$3,171,000
Grants paid
$2,275,000
Program service revenue
$7,258,160
Investment income
$426,089
Other revenue
$0
Total assets, end of year
$246,199,442
Total liabilities, end of year
$221,558,100
Net assets or fund balances, end of year
$24,641,342
Program services expenses (Part IX)
$9,079,573
Management and general expenses
$920,570
Fundraising expenses
$11,407
Program service expenses (Part III)
$9,079,573

Program services were 90.7% 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.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $2,875,000

  • 1f · All other contributions, gifts and grants

    $296,000

  • 2a · Program service revenue: MORTGAGE INTEREST

    total $6,692,314 · related or exempt $6,692,314

  • 2b · Program service revenue: LOAN SERVICING FEES

    total $376,643 · related or exempt $376,643

  • 2c · Program service revenue: BOND SERVICING FEES

    total $115,194 · related or exempt $115,194

  • 2d · Program service revenue: OTHER FEES

    total $38,519 · related or exempt $38,519

  • 2e · Program service revenue: LOAN FEES

    total $35,490 · related or exempt $35,490

  • 3 · Investment income

    total $369,703 · excluded $369,703

  • 7a · Gross sales of assets other than inventory

    other assets $57,867

  • 7b · Less cost or other basis and sales expenses

    other assets $1,481

  • 7c · Gain or loss

    other assets $56,386

  • 7d · Net gain or loss

    total $56,386 · related or exempt $56,386

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,275,000 · program services $2,275,000

  • 5 · Compensation of officers, directors and key employees

    total $344,121 · program services $233,724 · management and general $108,827 · fundraising $1,570

  • 7 · Other salaries and wages

    total $1,377,557 · program services $935,624 · management and general $435,649 · fundraising $6,284

  • 8 · Pension plan contributions

    total $137,976 · program services $93,712 · management and general $43,635 · fundraising $629

  • 9 · Other employee benefits

    total $126,639 · program services $86,012 · management and general $40,049 · fundraising $578

  • 10 · Payroll taxes

    total $184,963 · program services $125,625 · management and general $58,494 · fundraising $844

  • 11b · Fees: legal

    total $16,812 · program services $9,771 · management and general $7,041

  • 11c · Fees: accounting

    total $52,824 · management and general $52,824

  • 11g · Fees: other

    total $68,778 · program services $41,540 · management and general $27,040 · fundraising $198

  • 13 · Office expenses

    total $138,704 · program services $84,899 · management and general $53,414 · fundraising $391

  • 14 · Information technology

    total $102,106 · program services $76,458 · management and general $25,283 · fundraising $365

  • 16 · Occupancy

    total $103,149 · program services $77,239 · management and general $25,542 · fundraising $368

  • 17 · Travel

    total $32,475 · program services $30,938 · management and general $1,537

  • 19 · Conferences, conventions and meetings

    total $34,352 · program services $21,459 · management and general $12,893

  • 20 · Interest

    total $4,014,444 · program services $4,014,444

  • 22 · Depreciation, depletion and amortization

    total $8,051 · program services $3,533 · management and general $4,501 · fundraising $17

  • 23 · Insurance

    total $120,395 · program services $113,089 · management and general $7,306

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $613,553 · program services $613,553

  • 24b · Other expenses: FEES TO AGENT BANKS

    total $180,000 · program services $180,000

  • 24e · All other expenses

    total $79,651 · program services $62,953 · management and general $16,535 · fundraising $163

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,591,784 · end of year $6,898,665

  • 2 · Savings and temporary cash investments

    beginning of year $24,411,792 · end of year $21,093,790

  • 4 · Accounts receivable

    beginning of year $36,852 · end of year $1,837,719

  • 7 · Other notes and loans receivable

    beginning of year $187,788,904 · end of year $214,074,713

  • 9 · Prepaid expenses and deferred charges

    beginning of year $712,491 · end of year $691,562

  • 10a · Land, buildings and equipment: cost or other basis

    $247,440

  • 10b · Land, buildings and equipment: accumulated depreciation

    $220,290

  • 10c · Land, buildings and equipment, net

    beginning of year $9,662 · end of year $27,150

  • 15 · Other assets

    beginning of year $1,273,135 · end of year $1,575,843

  • 17 · Accounts payable and accrued expenses

    beginning of year $479,467 · end of year $560,664

  • 19 · Deferred revenue

    beginning of year $1,179,017 · end of year $320,015

  • 21 · Escrow or custodial account liability

    beginning of year $3,895,344 · end of year $5,034,355

  • 23 · Secured mortgages and notes payable

    beginning of year $173,271,371 · end of year $200,101,482

  • 24 · Unsecured notes and loans payable

    beginning of year $17,100,000 · end of year $15,100,000

  • 25 · Other liabilities

    beginning of year $101,778 · end of year $441,584

  • 27 · Net assets without donor restrictions

    beginning of year $23,797,643 · end of year $24,641,342

Mission and programs · 2023

Mission

NOAH IS A CERTIFIED NONPROFIT COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) THAT WAS ESTABLISHED TO INCREASE THE STATE'S SUPPLY OF AFFORDABLE HOUSING WHILE STRENGTHENING OREGON COMMUNITIES. (CONTINUED ON SCH O)NOAH STRENGTHENS COMMUNITIES THROUGH FLEXIBLE FINANCING, STRATEGIC PARTNERSHIPS, AND CREATIVE SOLUTIONS THAT BUILD AND PRESERVE AFFORDABLE HOUSING IN OREGON. NOAH OFFERS A VARIETY OF LOAN PRODUCTS TO SUPPORT THE ACQUISITION, RENOVATION AND CONSTRUCTION OF AFFORDABLE HOUSING PROPERTIES THAT PRIMARILY SERVE HOUSEHOLDS WHO EARN BELOW 60% OF THE AREA MEDIAN INCOME. THROUGH ITS SUBSIDIARY, MPOWER OREGON, NOAH FOCUSES ON STRATEGIES FOR SUSTAINABLE, AFFORDABLE HOUSING, SPECIFICALLY THROUGH COORDINATION AND FINANCING OF EFFICIENCY UPGRADES IN MULTI-FAMILY PROPERTIES. NOAH ALSO FACILITATES THE OREGON HOUSING PRESERVATION PROJECT, A STATEWIDE COLLABORATION OF PUBLIC AND PRIVATE STAKEHOLDERS DEDICATED TO PRESERVING OREGON'S AT-RISK, PUBLICLY SUBSIDIZED HOUSING.

Activities or mission (Part I)

NOAH STRENGTHENS COMMUNITIES THROUGH FLEXIBLE FINANCING, STRATEGIC PARTNERSHIPS, AND CREATIVE SOLUTIONS THAT BUILD AND PRESERVE AFFORDABLE HOUSING IN OREGON.

  • PERMANENT LOAN PROGRAM:NOAH PROVIDES FINANCING AND TECHNICAL ASSISTANCE TO FACILITATE THE DEVELOPMENT OF AFFORDABLE HOUSING IN THE STATE OF OREGON. DURING FISCAL YEAR 2023/2024, FIFTEEN (15) PERMANENT LOANS WERE CLOSED. THE TOTAL DOLLAR VALUE OF THESE LOANS WAS $37.7MM AND CREATED OR PRESERVED 828 UNITS OF HOUSING. IN ADDITION, ACTIVITY FOR THE YEAR INCLUDED ELEVEN (11) COMMITMENTS TOTALING $24MM AND 359 UNITS AND FOURTEEN (14) LOANS IN PROCESS WITH A VALUE OF $26MM.

    Expenses $8,647,847 · Grants $2,275,000 · Revenue $6,795,938

  • PRESERVATION LOAN PROGRAM:THESE LOANS TARGET THE ACQUISITION AND PRESERVATION OF (1) FEDERALLY RENT-SUBSIDIZED UNITS THAT ARE AT RISK OF CONVERSION TO MARKET RATES, (2) PROPERTIES FOR CONVERSION TO AFFORDABLE, (3) MANUFACTURD HOME PARKS, AND (4) LAND IN DESIREABLE LOCATIONS TO PRESERVE FOR DEVELOPMENT OF AFFORDABLE HOUSING. DURING FISCAL YEAR 2023/2024, THERE WERE THREE (3) NEW LOANS MADE UNDER THIS LOAN PROGRAM WITH A VALUE OF $6.5MM. IN ADDITION, ACTIVITY FOR THE YEAR INCLUDED WORK ON LOANS IN PROCESS OF $13MM. (CONTINUED ON SCH O) PREDEVELOPMENT LOAN PROGRAM:THESE LOANS PROVIDE CAPITAL FOR BOTH LAND ACQUISITION AND PREDEVELOPMENT ACTIVITES. DURING FISCAL YEAR 2023/2024, TWO (2) NEW LOANS WERE CLOSED UNDER THIS PROGRAM WITH A VALUE OF $1.2MM AND THERE WERE NO LOANS IN PROCESS. OTHER/GAP LOANS: THESE LOANS PROVIDE NOAH FLEXIBLE CAPITAL FOR LOANS NOT APPROPRIATE FOR BANK-SOURCE FUNDING. ONE (1) OTHER/GAP LOANS WAS CLOSED DURING FISCAL YEAR 2023/2024 WITH A TOTAL VALUE OF $666K .

    Expenses $431,726 · Revenue $499,738

  • MPOWER OREGON:NOAH IS SOLE MEMBER OF MPOWER OREGON LLC. MPOWER OFFERS AN INTEGRATED SOLUTION FOR LOWERING ENERGY AND WATER EXPENSES AT EXISTING AFFORDABLE MULTIFAMILY PROPERTIES THROUGH LOANS AND GRANTS. MPOWER DELIVERS IMMEDIATE SAVINGS TO OWNERS AND OCCUPANTS THROUGH PROJECT MANAGEMENT OF BUILDING UPGRADES AND ONGOING TECHNICAL SUPPORT SERVICES.

    Revenue $18,870

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Howard Weinman

    CHAIR

    Total calculated
    $0
    Hours/week
    0.5

  • Chuck Sinkey

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    0.5

  • John Van Landingham

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.5

  • Monique Bertram

    TREASURER

    Total calculated
    $0
    Hours/week
    0.5

  • Dean Gisvold

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Duncan Hwang

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Gina Leon

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Javier Mena

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Nelda Newton

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Bob Powers

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Brett Sheehan

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Brian Stewart

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • William A Van Vliet

    EXECUTIVE DIRECTOR

    Total calculated
    $332,563
    From this org
    $297,262
    From related orgs
    $0
    Other
    $35,301
    Hours/week
    38 + 2 related

    Schedule J breakdown matched by us

    Base
    $227,262
    Bonus
    $70,000
    Other
    $0
    Deferred
    $23,771
    Nontaxable benefits
    $11,530
    Filer's total
    $332,563

  • Ann Remmers

    DEPUTY DIRECTOR/DIRECTOR O

    Total calculated
    $251,610
    From this org
    $223,669
    From related orgs
    $0
    Other
    $27,941
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $181,169
    Bonus
    $42,500
    Other
    $0
    Deferred
    $16,411
    Nontaxable benefits
    $11,530
    Filer's total
    $251,610

  • Cynthia Barber

    DIRECTOR OF FINANCE & ADMI

    Total calculated
    $200,888
    From this org
    $185,235
    From related orgs
    $0
    Other
    $15,653
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $151,235
    Bonus
    $34,000
    Other
    $0
    Deferred
    $14,814
    Nontaxable benefits
    $839
    Filer's total
    $200,888

  • Rachel Bidou

    SENIOR RELATIONSHIP MANAGE

    Total calculated
    $199,956
    From this org
    $174,469
    From related orgs
    $0
    Other
    $25,487
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $150,844
    Bonus
    $23,625
    Other
    $0
    Deferred
    $13,957
    Nontaxable benefits
    $11,530
    Filer's total
    $199,956

  • Robert Prasch

    PRESERVATION DIRECTOR

    Total calculated
    $168,687
    From this org
    $146,323
    From related orgs
    $0
    Other
    $22,364
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $127,323
    Bonus
    $19,000
    Other
    $0
    Deferred
    $10,943
    Nontaxable benefits
    $11,421
    Filer's total
    $168,687

  • Erik Pattison

    RELATIONSHIP MANAGER

    Total calculated
    $165,404
    From this org
    $142,476
    From related orgs
    $0
    Other
    $22,928
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $128,976
    Bonus
    $13,500
    Other
    $0
    Deferred
    $11,398
    Nontaxable benefits
    $11,530
    Filer's total
    $165,404

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

Answered yes

  • 3 · Compensation committee
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

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

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • MPOWER OREGON LLC

    PROVIDING ENERGY EFFICIENT SERVICES TO AFFORDABLE HOUSING COMMUNITIES. · OR · income $20,127 · assets $948,798

    Directly controlled by NETWORK FOR OREGON AFFORDABLE HOUSING

Provenance

Return type
form_990
Tax year
2023
Filed
24 February 2025
IRS schema version
2023v6.0
Source object
202500559349301540

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