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← FIRST HOMES PROPERTIES

Form 990 for tax year 2024

Filed by FIRST HOMES PROPERTIES.

What the amendment changed

Compared with the return it replaced , filed 13 November 2025. matched by us Only the return's totals, a 990-PF's accounting method and the names listed in Part VII (Part VIII on a 990-PF) are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.

Those are the same on the two returns, so the amendment changed something else.

Totals

Total revenue
$2,969,106
Total expenses
$1,953,116
Contributions and grants received
$2,031,387
Grants paid
$0
Program service revenue
$783,490
Investment income
$43,054
Other revenue
$111,175
Total assets, end of year
$19,924,240
Total liabilities, end of year
$3,926,951
Net assets or fund balances, end of year
$15,997,289
Program services expenses (Part IX)
$1,666,659
Management and general expenses
$257,290
Fundraising expenses
$29,167
Program service expenses (Part III)
$1,666,659

Program services were 85.3% 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.

  • 1d · Related organizations

    $700,075

  • 1e · Government grants (contributions)

    $1,126,120

  • 1f · All other contributions, gifts and grants

    $205,192

  • 2a · Program service revenue: CENTER STREET PROPERTI

    total $435,860 · related or exempt $435,860

  • 2b · Program service revenue: COMMISSION REVENUE

    total $204,954 · related or exempt $204,954

  • 2c · Program service revenue: COMMUNITY LAND TRUST L

    total $107,595 · related or exempt $107,595

  • 2d · Program service revenue: LOAN DISCOUNT ACCRETIO

    total $29,081 · related or exempt $29,081

  • 2e · Program service revenue: LOAN ADMIN FEE REV.

    total $6,000 · related or exempt $6,000

  • 3 · Investment income

    total $43,054 · excluded $43,054

  • 11a · Other revenue: DEVELOPER FEE INCOME

    total $100,000 · related or exempt $100,000

  • 11b · Other revenue: OTHER INCOME

    total $11,175 · excluded $11,175

  • 11e · Other revenue, total

    $111,175

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $44,031 · program services $28,620 · management and general $13,209 · fundraising $2,202

  • 7 · Other salaries and wages

    total $265,789 · program services $172,763 · management and general $79,737 · fundraising $13,289

  • 8 · Pension plan contributions

    total $12,500 · program services $8,125 · management and general $3,750 · fundraising $625

  • 9 · Other employee benefits

    total $29,834 · program services $19,392 · management and general $8,950 · fundraising $1,492

  • 10 · Payroll taxes

    total $22,923 · program services $14,900 · management and general $6,877 · fundraising $1,146

  • 11b · Fees: legal

    total $517 · program services $388 · management and general $129

  • 11c · Fees: accounting

    total $31,780 · program services $23,835 · management and general $7,945

  • 11g · Fees: other

    total $1,828 · program services $1,371 · management and general $457

  • 12 · Advertising and promotion

    total $473 · program services $307 · management and general $142 · fundraising $24

  • 13 · Office expenses

    total $20,004 · program services $15,003 · management and general $5,001

  • 17 · Travel

    total $3,551 · program services $2,663 · management and general $888

  • 19 · Conferences, conventions and meetings

    total $3,042 · program services $456 · management and general $2,586

  • 20 · Interest

    total $97,171 · program services $46,156 · management and general $46,156 · fundraising $4,859

  • 22 · Depreciation, depletion and amortization

    total $80,891 · program services $38,423 · management and general $38,423 · fundraising $4,045

  • 23 · Insurance

    total $24,669 · program services $11,718 · management and general $11,718 · fundraising $1,233

  • 24a · Other expenses: LOSS ON HOME SALES

    total $867,207 · program services $867,207

  • 24b · Other expenses: VALUATION ADJUSTMENT

    total $150,248 · program services $150,248

  • 24c · Other expenses: REHAB HOUSE PROGRAM EXP

    total $139,966 · program services $139,966

  • 24d · Other expenses: REPAIRS AND MAINTENANCE

    total $112,165 · program services $84,124 · management and general $28,041

  • 24e · All other expenses

    total $44,527 · program services $40,994 · management and general $3,281 · fundraising $252

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,793,199 · end of year $1,648,529

  • 2 · Savings and temporary cash investments

    beginning of year $168,066 · end of year $176,216

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $30,000

  • 4 · Accounts receivable

    beginning of year $21,663 · end of year $149,927

  • 5 · Loans and receivables from officers and key people

    beginning of year $159,500 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $1,240,674 · end of year $1,267,604

  • 9 · Prepaid expenses and deferred charges

    beginning of year $10,234 · end of year $10,057

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

    $5,080,639

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

    $288,959

  • 10c · Land, buildings and equipment, net

    beginning of year $6,683,831 · end of year $4,791,680

  • 15 · Other assets

    beginning of year $10,869,486 · end of year $11,850,227

  • 17 · Accounts payable and accrued expenses

    beginning of year $184,418 · end of year $69,156

  • 19 · Deferred revenue

    beginning of year $104,000 · end of year $29,000

  • 23 · Secured mortgages and notes payable

    beginning of year $2,225,604 · end of year $2,177,786

  • 25 · Other liabilities

    beginning of year $3,451,332 · end of year $1,651,009

  • 27 · Net assets without donor restrictions

    beginning of year $1,692,153 · end of year $2,281,462

  • 28 · Net assets with donor restrictions

    beginning of year $13,289,146 · end of year $13,715,827

Mission and programs · 2024

Mission

TO PROVIDE OPPORTUNITIES FOR LOW AND MODERATE-INCOME HOUSEHOLDS IN SOUTHEASTERN MINNESOTA COUNTIES TO SECURE HOUSING THAT IS DECENT AND AFFORDABLE.

  • FIRST HOMES HAS BEEN A LEADER IN AFFORDABLE HOUSING DEVELOPMENT AND ASSOCIATED LENDING IN SOUTHEAST MINNESOTA SINCE 2000. FIRST HOMES HAS HELPED TO PRODUCE AND FINANCE MORE THAN 1,100 UNITS OF WORKFORCE HOUSING INCLUDING SINGLE FAMILY NEW CONSTRUCTION AND PURCHASE REHAB, COMMUNITY LAND TRUST, AND MULTI-FAMILY RENTAL PROJECTS.

    Expenses $1,666,659 · Revenue $883,490

As filed on the 2024 return.

Listed in Part VII

  • Lisa Lundquist

    CHAIR

    Total calculated
    $0
    Hours/week
    0.5

  • Mike Becker

    CHAIR (UNTIL 5/14/24)

    Total calculated
    $0
    Hours/week
    0.5

  • Kim Woodruff

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    0.5

  • Tamsen Leimer

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Alyssa Fordham Vagt

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.5

  • Melissa Dickison

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Wafa Elkhalifa

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Sara Govrik

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Mike Paradise

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 2 related

  • Laurel Podulke-Smith

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Chris Stroud

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Sara Tekle

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Mark Thein

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Jennifer Woodford

    PRESIDENT

    Total calculated
    $176,124
    From this org
    $41,741
    From related orgs
    $125,223
    Other
    $9,160
    Hours/week
    11 + 33.5 related

    Schedule J breakdown matched by us

    Base
    $40,388 + $121,163 related
    Bonus
    $0
    Other
    $1,353 + $4,060 related
    Deferred
    $2,034 + $6,103 related
    Nontaxable benefits
    $256 + $767 related
    Filer's total
    $44,031 + $132,093 related

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

None.

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)

PART I, LINE 3
ROCHESTER AREA FOUNDATION, A RELATED ORGANIZATION, DETERMINES COMPENSATION OF FIRST HOMES PROPERTIES' TOP MANAGEMENT OFFICIAL. ROCHESTER AREA FOUNDATION UTILIZES A COMPENSATION COMMITTEE, FORM 990 OF OTHER ORGANIZATIONS, COMPENSATION SURVEY OR STUDY, AND APPROVAL BY THE BOARD TO DETERMINE SUCH COMPENSATION.

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.

  • ROCHESTER AREA FOUNDATION

    501(C)(3) · STRENGTHEN COMMUNITY PHILANTHROPY · MN

  • RAF PROPERTIES

    501(C)(3) · TO RECEIVE, HOLD & DISBURSE ANY REAL PROPERTY FOR ROCHESTER AREA FDN. · MN · controlled entity

    Directly controlled by ROCHESTER AREA FOUNDATION

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.

  • CENTER STREET PROPERTIES LLC

    PROVIDE AFFORDABLE HOUSING TO GREATER ROCHESTER AREA · MN · income $444,371 · assets $3,011,918

    Directly controlled by FIRST HOMES PROPERTIES

Provenance

Return type
form_990
Tax year
2024
Filed
22 December 2025
IRS schema version
2024v5.2
Source object
202523579349300307

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