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Nonprofiteer
← MHT HOUSING INC

Form 990 for tax year 2023

Filed by MHT HOUSING INC.

Totals

Total revenue
$99,423,284
Total expenses
$9,891,797
Contributions and grants received
$46,618,045
Grants paid
$238,436
Program service revenue
$49,677,119
Investment income
$2,268,248
Other revenue
$859,872
Total assets, end of year
$244,276,493
Total liabilities, end of year
$6,684,494
Net assets or fund balances, end of year
$237,591,999
Program services expenses (Part IX)
$8,187,900
Management and general expenses
$1,703,897
Fundraising expenses
$0
Program service expenses (Part III)
$8,187,900

Program services were 82.8% 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

    $46,618,045

  • 2a · Program service revenue: DEVELOPER FEES

    total $23,919,710 · related or exempt $23,919,710

  • 2b · Program service revenue: INCOME FROM RELATED ORGANIZATION

    total $19,835,259 · related or exempt $19,835,259

  • 2c · Program service revenue: INTEREST - LOAN RECEIVABLE

    total $2,934,620 · related or exempt $2,934,620

  • 2d · Program service revenue: PARTNERSHIP MANAGEMENT FEE

    total $2,730,246 · related or exempt $2,730,246

  • 2e · Program service revenue: OTHER PROGRAM SERVICES

    total $184,407 · related or exempt $184,407

  • 2f · All other program service revenue

    total $72,877 · related or exempt $72,877

  • 3 · Investment income

    total $2,268,248 · excluded $2,268,248

  • 6a · Gross rents

    real property $473,946

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $473,946

  • 6d · Net rental income or loss

    total $473,946 · excluded $473,946

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $385,926 · related or exempt $385,926

  • 11e · Other revenue, total

    $385,926

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $162,981 · program services $162,981

  • 2 · Grants to domestic individuals

    total $75,455 · program services $75,455

  • 5 · Compensation of officers, directors and key employees

    total $984,108 · program services $787,287 · management and general $196,821

  • 7 · Other salaries and wages

    total $3,827,324 · program services $3,061,859 · management and general $765,465

  • 8 · Pension plan contributions

    total $192,974 · program services $154,379 · management and general $38,595

  • 9 · Other employee benefits

    total $335,383 · program services $268,306 · management and general $67,077

  • 10 · Payroll taxes

    total $278,256 · program services $222,605 · management and general $55,651

  • 11b · Fees: legal

    total $83,604 · program services $66,883 · management and general $16,721

  • 11c · Fees: accounting

    total $34,273 · program services $27,418 · management and general $6,855

  • 11f · Fees: investment management

    total $15,003 · program services $12,002 · management and general $3,001

  • 11g · Fees: other

    total $1,063,932 · program services $851,146 · management and general $212,786

  • 12 · Advertising and promotion

    total $12,635 · program services $12,635

  • 13 · Office expenses

    total $490,427 · program services $392,342 · management and general $98,085

  • 16 · Occupancy

    total $283,921 · program services $227,137 · management and general $56,784

  • 17 · Travel

    total $131,383 · program services $105,106 · management and general $26,277

  • 19 · Conferences, conventions and meetings

    total $89,927 · program services $71,942 · management and general $17,985

  • 20 · Interest

    total $106,479 · program services $85,183 · management and general $21,296

  • 22 · Depreciation, depletion and amortization

    total $246,012 · program services $196,810 · management and general $49,202

  • 23 · Insurance

    total $29,992 · program services $23,994 · management and general $5,998

  • 24a · Other expenses: BAD DEBT EXPENSE

    total $1,121,240 · program services $1,121,240

  • 24b · Other expenses: MAINTENANCE AND REPAIRS

    total $301,600 · program services $241,280 · management and general $60,320

  • 24c · Other expenses: MISCELLANEOUS

    total $24,888 · program services $19,910 · management and general $4,978

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $18,845,910 · end of year $15,198,644

  • 2 · Savings and temporary cash investments

    beginning of year $16,353,789 · end of year $55,751,991

  • 4 · Accounts receivable

    beginning of year $4,522,421 · end of year $1,232,752

  • 7 · Other notes and loans receivable

    beginning of year $2,617,385 · end of year $10,752,297

  • 9 · Prepaid expenses and deferred charges

    beginning of year $108,417 · end of year $85,580

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

    $10,246,435

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

    $945,026

  • 10c · Land, buildings and equipment, net

    beginning of year $8,910,183 · end of year $9,301,409

  • 13 · Investments: program-related

    beginning of year $101,118,195 · end of year $151,669,581

  • 15 · Other assets

    beginning of year $336,615 · end of year $284,239

  • 17 · Accounts payable and accrued expenses

    beginning of year $417,499 · end of year $1,061,626

  • 23 · Secured mortgages and notes payable

    beginning of year $4,212,205 · end of year $4,101,158

  • 25 · Other liabilities

    beginning of year $602,750 · end of year $1,521,710

  • 27 · Net assets without donor restrictions

    beginning of year $147,580,461 · end of year $237,591,999

Mission and programs · 2023

Mission

TO PRESERVE AND EXTEND AFFORDABLE HOUSING IN MICHIGAN THROUGH THE ACQUISITION AND OPERATION OF MULTIFAMILY RESIDENTIAL REAL ESTATE FOR LOW AND VERY LOW-INCOME TENANTS.

Activities or mission (Part I)

PRESERVATION OF LOW-INCOME HOUSING

  • MHT HOUSING, INC. (MHT) RECEIVED 6 LOW-INCOME HOUSING TAX CREDIT AWARDS TOTALING 1,130 UNITS. THESE PROJECTS WILL PROVIDE 1,081 RENOVATED UNITS FOR PRESERVATION IN THE LOW-INCOME HOUSING SYSTEM AND 49 NEW CONSTRUCTION UNITS. THESE PROJECTS WILL HOUSE APPROXIMATELY 2,923 LOW-INCOME INDIVIDUALS. MHT ALSO PURCHASED 3 LOW-INCOME HOUSING PROJECTS THAT HOUSE 141 LOW-INCOME INDIVIDUALS. MHT WILL APPLY FOR LOW-INCOME HOUSING TAX CREDITS FOR THESE PROJECTS, WHICH WILL PROVIDE THE FUNDS TO RENOVATE THESE 3 PROJECTS. MHT ALSO COMPLETED THE RENOVATION OF 887 LOW- INCOME UNITS & NEW CONSTRUCTION OF 139 LOW-INCOME HOUSING UNITS WHICH WILL HOUSE APPROXIMATELY 2,735 LOW-INCOME INDIVIDUALS. MHT ALSO MADE SIGNIFICANT DONATIONS TO INNER CITY CHARTER SCHOOLS FOR STUDENTS K-12.

    Expenses $8,187,900 · Grants $238,436 · Revenue $50,063,045

As filed on the 2023 return.

Listed in Part VII

  • Timothy V Fox

    PRESIDENT

    Total calculated
    $657,334
    From this org
    $624,334
    From related orgs
    $0
    Other
    $33,000
    Hours/week
    40 + 10 related

    Schedule J breakdown matched by us

    Base
    $624,334
    Bonus
    $0
    Other
    $0
    Deferred
    $33,000
    Nontaxable benefits
    $0
    Filer's total
    $657,334

  • Martha Richardson

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    5 + 5 related

  • Steven Champa

    SECRETARY

    Total calculated
    $0
    Hours/week
    5 + 5 related

  • Thomas Edmiston

    TREASURER

    Total calculated
    $0
    Hours/week
    5 + 5 related

  • Brian A Gallaher

    CHIEF FINANCIAL OFFICER

    Total calculated
    $519,946
    From this org
    $462,582
    From related orgs
    $0
    Other
    $57,364
    Hours/week
    40 + 10 related

    Schedule J breakdown matched by us

    Base
    $462,582
    Bonus
    $0
    Other
    $0
    Deferred
    $33,000
    Nontaxable benefits
    $24,364
    Filer's total
    $519,946

  • Timothy A Fox

    CHIEF OPERATING OFFICER

    Total calculated
    $329,177
    From this org
    $310,463
    From related orgs
    $0
    Other
    $18,714
    Hours/week
    35 + 5 related

    Schedule J breakdown matched by us

    Base
    $310,463
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $18,714
    Filer's total
    $329,177

  • Andrew Martin

    VICE PRESIDENT OF DEVELOPMENT

    Total calculated
    $295,160
    From this org
    $250,740
    From related orgs
    $0
    Other
    $44,420
    Hours/week
    25 + 20 related

    Schedule J breakdown matched by us

    Base
    $250,740
    Bonus
    $0
    Other
    $0
    Deferred
    $25,545
    Nontaxable benefits
    $18,875
    Filer's total
    $295,160

  • Donna McMillan

    MULTIFAMILY PRESERVATION DIRECTOR

    Total calculated
    $229,501
    From this org
    $209,019
    From related orgs
    $0
    Other
    $20,482
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $209,019
    Bonus
    $0
    Other
    $0
    Deferred
    $20,482
    Nontaxable benefits
    $0
    Filer's total
    $229,501

  • Rollin Stoddard

    CHIEF ARCHITECT

    Total calculated
    $271,219
    From this org
    $214,400
    From related orgs
    $0
    Other
    $56,819
    Hours/week
    25 + 20 related

    Schedule J breakdown matched by us

    Base
    $214,400
    Bonus
    $0
    Other
    $0
    Deferred
    $22,276
    Nontaxable benefits
    $34,543
    Filer's total
    $271,219

  • Thomas Lydick

    CONTROLLER

    Total calculated
    $308,686
    From this org
    $268,711
    From related orgs
    $0
    Other
    $39,975
    Hours/week
    25 + 20 related

    Schedule J breakdown matched by us

    Base
    $168,711
    Bonus
    $100,000
    Other
    $0
    Deferred
    $17,026
    Nontaxable benefits
    $22,949
    Filer's total
    $308,686

  • William Zarotny

    DIRECTOR OF ASSET MANAGEMENT

    Total calculated
    $238,429
    From this org
    $186,354
    From related orgs
    $0
    Other
    $52,075
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $186,354
    Bonus
    $0
    Other
    $0
    Deferred
    $19,448
    Nontaxable benefits
    $32,627
    Filer's total
    $238,429

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 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 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

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

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.

  • MHT HOUSING IV

    501(C)(3) · PRESERVATION OF LOW INCOME HOUSING · MI · controlled entity

    Directly controlled by MHT HOUSING INC

  • CORE COMMUNITY PARTNERS

    501(C)(3) · PRESERVATION OF LOW INCOME HOUSING · MI · controlled entity

    Directly controlled by MHT HOUSING INC

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.

  • MHT MANAGEMENT LLC

    MANAGEMENT OF LOW-INCOME HOUSING ENTITIES · MI · income -$612,793 · assets $4,404,615

    Directly controlled by MHT HOUSING INC

  • 32500 INC

    MANAGEMENT OF LOW-INCOME HOUSING ENTITIES · MI · income -$173,686 · assets $8,709,163

    Directly controlled by MHT HOUSING INC

  • LANSING MHT LOW PROFIT L3C

    MANAGEMENT OF LOW-INCOME HOUSING ENTITIES · MI · income -$25 · assets $858

    Directly controlled by MHT HOUSING INC

  • WAFP GP INC

    MANAGEMENT OF LOW-INCOME HOUSING ENTITIES · MI · income $1,968 · assets $81,659

    Directly controlled by MHT HOUSING INC

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • NECABA LDHA LP

    RELATED · REAL ESTATE RENTAL · MI · 99.99% owned · share of income -$274,369 · share of assets $11,856,019

    Directly controlled by MHT HOUSING INC

  • RIDGEWOOD VISTA IIMHT LDHA LLC

    RELATED · REAL ESTATE RENTAL · MI · 99.99% owned · share of income $9,500,740

    Directly controlled by MHT HOUSING INC

  • DAUNER HAUS IIIMHT LDHA LLC

    RELATED · REAL ESTATE RENTAL · MI · 99.99% owned · share of income $20,290,967

    Directly controlled by MHT HOUSING INC

  • AARON APTS LDHA LP

    RELATED · REAL ESTATE RENTAL · MI · 1% owned · share of income -$12 · share of assets $88,641 · general or managing partner

    Directly controlled by WAFP GP INC

  • FIELD PLACE APARTMENTS LDHA

    RELATED · REAL ESTATE RENTAL · MI · 1% owned · share of income $982 · share of assets $7,917 · general or managing partner

    Directly controlled by WAFP GP INC

  • WEST BOSTON LDHA LP

    RELATED · REAL ESTATE RENTAL · MI · 1% owned · share of income $998 · share of assets $23,667 · general or managing partner

    Directly controlled by WAFP GP INC

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • MHT HOLDING COMPANY II INC

    C · INVESTMENT IN LOW-INCOME HOUSING · MI · 100% owned · share of income $4,260,490 · share of assets $15,095,578 · controlled entity

    Directly controlled by MHT HOUSING INC

  • MHT PROPERTIES V INC

    C · INVESTMENT IN LOW-INCOME HOUSING · MI · 75% owned · share of income $401 · share of assets $123,683 · controlled entity

    Directly controlled by MHT HOLDING COMPANY II INC

  • M TRAINING CENTER INC

    C · EDUCATION · MI · 100% owned · share of assets $17,360 · controlled entity

    Directly controlled by CORE COMMUNITY PARTERS

  • MHT PROPERTIES III INC

    C · INVESTMENT IN LOW-INCOME HOUSING · MI · 100% owned · share of income $1,905,154 · share of assets $4,031,973 · controlled entity

    Directly controlled by MHT HOLDING COMPANY II INC

Provenance

Return type
form_990
Tax year
2023
Filed
13 November 2024
IRS schema version
2023v5.1
Source object
202413199349301871

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