Form 990 for tax year 2025

Filed by WORKFORCE HOUSING LENDING CORPORATION.

Totals

Total revenue: $302,250
Total expenses: $71,558
Contributions and grants received: $296,000
Grants paid: $0
Program service revenue: $6,250
Investment income: $0
Other revenue: $0
Total assets, end of year: $762,340
Total liabilities, end of year: $509,148
Net assets or fund balances, end of year: $253,192
Program services expenses (Part IX): $62,074
Management and general expenses: $9,484
Fundraising expenses: $0
Program service expenses (Part III): $62,074

Program services were 86.7% 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.

1a · Federated campaigns

$0
1b · Membership dues

$0
1c · Fundraising events

$0
1d · Related organizations

$0
1e · Government grants (contributions)

$125,000
1f · All other contributions, gifts and grants

$171,000
1g · Noncash contributions included above

$0
2a · Program service revenue: Lending Fees and Earnings

total $6,250 · related or exempt $6,250 · unrelated business $0 · excluded $0
2f · All other program service revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
3 · Investment income

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
4 · Income from investment of tax-exempt bond proceeds

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
5 · Royalties

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
6a · Gross rents

real property $0 · personal property $0
6b · Less rental expenses

real property $0 · personal property $0
6c · Rental income or loss

real property $0 · personal property $0
6d · Net rental income or loss

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
7a · Gross sales of assets other than inventory

securities $0 · other assets $0
7b · Less cost or other basis and sales expenses

securities $0 · other assets $0
7c · Gain or loss

securities $0 · other assets $0
7d · Net gain or loss

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
8a · Fundraising events: gross income

$0
8a · Fundraising events: contributions included on line 1c

$0
8b · Fundraising events: direct expenses

$0
8c · Net income from fundraising events

total $0 · unrelated business $0 · excluded $0
9a · Gaming: gross income

$0
9b · Gaming: direct expenses

$0
9c · Net income from gaming

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
10a · Gross sales of inventory

$0
10b · Cost of goods sold

$0
10c · Net income from sales of inventory

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
11e · Other revenue, total

$0

Functional expenses

Part IX, the statement of functional expenses.

1 · Grants to domestic organizations and governments

total $0 · program services $0
2 · Grants to domestic individuals

total $0 · program services $0
3 · Grants to foreign organizations and individuals

total $0 · program services $0
4 · Benefits paid to or for members

total $0 · program services $0
5 · Compensation of officers, directors and key employees

total $0 · program services $0 · management and general $0 · fundraising $0
6 · Compensation of disqualified persons

total $0 · program services $0 · management and general $0 · fundraising $0
7 · Other salaries and wages

total $0 · program services $0 · management and general $0 · fundraising $0
8 · Pension plan contributions

total $0 · program services $0 · management and general $0 · fundraising $0
9 · Other employee benefits

total $0 · program services $0 · management and general $0 · fundraising $0
10 · Payroll taxes

total $0 · program services $0 · management and general $0 · fundraising $0
11a · Fees: management

total $0 · program services $0 · management and general $0 · fundraising $0
11b · Fees: legal

total $0 · program services $0 · management and general $0 · fundraising $0
11c · Fees: accounting

total $2,018 · program services $0 · management and general $2,018 · fundraising $0
11d · Fees: lobbying

total $0 · program services $0 · management and general $0 · fundraising $0
11e · Fees: professional fundraising services

total $0 · fundraising $0
11f · Fees: investment management

total $0 · program services $0 · management and general $0 · fundraising $0
11g · Fees: other

total $45,683 · program services $38,217 · management and general $7,466 · fundraising $0
12 · Advertising and promotion

total $121 · program services $121 · management and general $0 · fundraising $0
13 · Office expenses

total $3,128 · program services $3,128 · management and general $0 · fundraising $0
14 · Information technology

total $999 · program services $999 · management and general $0 · fundraising $0
15 · Royalties

total $0 · program services $0 · management and general $0 · fundraising $0
16 · Occupancy

total $0 · program services $0 · management and general $0 · fundraising $0
17 · Travel

total $1,305 · program services $1,305 · management and general $0 · fundraising $0
18 · Travel or entertainment for public officials

total $0 · program services $0 · management and general $0 · fundraising $0
19 · Conferences, conventions and meetings

total $0 · program services $0 · management and general $0 · fundraising $0
20 · Interest

total $0 · program services $0 · management and general $0 · fundraising $0
21 · Payments to affiliates

total $0 · program services $0 · management and general $0 · fundraising $0
22 · Depreciation, depletion and amortization

total $0 · program services $0 · management and general $0 · fundraising $0
23 · Insurance

total $18,304 · program services $18,304 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $580,139 · end of year $512,340
2 · Savings and temporary cash investments

beginning of year $0 · end of year $0
3 · Pledges and grants receivable

beginning of year $0 · end of year $0
4 · Accounts receivable

beginning of year $0 · end of year $0
5 · Loans and receivables from officers and key people

beginning of year $0 · end of year $0
6 · Loans and receivables from disqualified persons

beginning of year $0 · end of year $0
7 · Other notes and loans receivable

beginning of year $0 · end of year $250,000
8 · Inventories for sale or use

beginning of year $0 · end of year $0
9 · Prepaid expenses and deferred charges

beginning of year $0 · end of year $0
10c · Land, buildings and equipment, net

beginning of year $0
11 · Investments: publicly traded securities

beginning of year $0 · end of year $0
12 · Investments: other securities

beginning of year $0 · end of year $0
13 · Investments: program-related

beginning of year $0 · end of year $0
14 · Intangible assets

beginning of year $0 · end of year $0
15 · Other assets

beginning of year $0 · end of year $0
17 · Accounts payable and accrued expenses

beginning of year $57,639 · end of year $9,148
18 · Grants payable

beginning of year $0 · end of year $0
19 · Deferred revenue

beginning of year $500,000 · end of year $375,000
20 · Tax-exempt bond liabilities

beginning of year $0 · end of year $0
21 · Escrow or custodial account liability

beginning of year $0 · end of year $0
22 · Loans and payables to officers and key people

beginning of year $0 · end of year $0
23 · Secured mortgages and notes payable

beginning of year $0 · end of year $125,000
24 · Unsecured notes and loans payable

beginning of year $0 · end of year $0
25 · Other liabilities

beginning of year $0
27 · Net assets without donor restrictions

beginning of year $22,500 · end of year $253,192
28 · Net assets with donor restrictions

beginning of year $0 · end of year $0

Mission and programs · 2025

Mission

To offer financing and other tools to increase the construction, availability, and accessibility of affordable workforce housing specifically in Door County, Wisconsin and generally throughout all of Northeast Wisconsin.

The organization was newly established in 2022 and since inception has focused on building its board of directors and technical committees, securing funding, and staffing lending operations. Workforce Housing Lending Corporation's (WHLC) primary funding agreement has been executed with the Wisconsin Housing and Economic Development Authority (WHEDA) to fund $1.5 million in loans from WHLC programs. WHEDA's participation loan requires a dollar-for-dollar match for each loan funded by WHLC, so the board is working with the local foundation to raise matching dollars. In 2025, WHLC closed on a their first loan with a developer that developed eight (8) new housing units in Sturgeon Bay. The developer purchased a mixed use building with an established business at street level and a vacant upstairs, which was completely remodeled to add eight (8) housing units. The $250,000 loan from WHLC helped make this nearly $1.2 million project a reality. We are consistently working with developers to deploy our unique financing tools to bring more housing projects to Door County and advance workforce housing development in the region and have two promising projects in the pipeline currently.

Expenses $62,074 · Revenue $302,250

As filed on the 2025 return.

Listed in Part VII

Noel Halvorsen

President & CEO

Total calculated

$190,773

From this org

$0

From related orgs

$190,773

Other

$0

Hours/week

2 + 38 related

Schedule J breakdown matched by us

Base

$0 + $181,360 related

Bonus

$0

Other

$0

Deferred

$0 + $9,413 related

Nontaxable benefits

$0

Filer's total

$0 + $190,773 related
Bret Bicoy

Board Chair

Total calculated

$0

Hours/week

2
Roger Johnson

Board Secretary

Total calculated

$0

Hours/week

1
John Herlache

Board Member

Total calculated

$0

Hours/week

1
Denis Hogan

Board Member

Total calculated

$0

Hours/week

1
Jeff Lutsey

Board Member

Total calculated

$0

Hours/week

1
Steve O'Hearn

Board Member

Total calculated

$0

Hours/week

1
Steve Kase

Board Member

Total calculated

$0

Hours/week

1
Kaaren Northrop

Board Member

Total calculated

$0

Hours/week

1
Gail Enke

Board Member

Total calculated

$0

Hours/week

1 + 1 related
Tim Treml

Board Member

Total calculated

$0

Hours/week

1
Chris Boland

Board Member

Total calculated

$0

Hours/week

1 + 1 related
Deby Dehn

Board Member

Total calculated

$0

Hours/week

1
Kathryn Sieman

Board Member

Total calculated

$0

Hours/week

1

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 · Written employment contract
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

The filer's explanations (Part III)

Schedule J, Part I, Line 3: The compensation reported in Part VII of the 990 and here on Schedule J is compensation to the President and CEO of the parent company of Workforce Housing Lending Corporation and is paid by the parent company. CEO compensation is reviewed and determined by the parent company Board's executive committee using comparability data from like organizations nationally, comparative data from local and regional groups, as well as performance considerations.

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

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Neighborhood Housing Services of Green Bay Inc NeighborWorks Green Bay

501(c)(3) · Affordable Housing · WI

Provenance

Return type: form_990
Tax year: 2025
Filed: 15 May 2026
IRS schema version: 2025v4.0
Source object: 202601359349307950

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