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Nonprofiteer
← MHT HOUSING INC

Form 990 for tax year 2024

Filed by MHT HOUSING INC.

Totals

Total revenue
$44,928,033
Total expenses
$12,247,861
Contributions and grants received
$12,529,250
Grants paid
$515,353
Program service revenue
$27,383,636
Investment income
$3,901,990
Other revenue
$1,113,157
Total assets, end of year
$276,457,512
Total liabilities, end of year
$6,511,482
Net assets or fund balances, end of year
$269,946,030
Program services expenses (Part IX)
$10,062,855
Management and general expenses
$2,185,006
Fundraising expenses
$0
Program service expenses (Part III)
$10,062,855

Program services were 82.2% 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

    $10,000,000

  • 1e · Government grants (contributions)

    $458,268

  • 1f · All other contributions, gifts and grants

    $2,070,982

  • 2a · Program service revenue: DEVELOPER FEES

    total $17,060,427 · related or exempt $17,060,427

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

    total $4,602,506 · related or exempt $4,602,506

  • 2c · Program service revenue: PARTNERSHIP MANAGEMENT FEE

    total $4,224,410 · related or exempt $4,224,410

  • 2d · Program service revenue: CONSULTING FEES

    total $851,658 · related or exempt $851,658

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

    total $299,739 · related or exempt $299,739

  • 2f · All other program service revenue

    total $344,896 · related or exempt $344,896

  • 3 · Investment income

    total $3,901,990 · excluded $3,901,990

  • 6a · Gross rents

    real property $627,040

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $627,040

  • 6d · Net rental income or loss

    total $627,040 · excluded $627,040

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $486,117 · related or exempt $486,117

  • 11e · Other revenue, total

    $486,117

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $395,855 · program services $395,855

  • 2 · Grants to domestic individuals

    total $119,498 · program services $119,498

  • 5 · Compensation of officers, directors and key employees

    total $1,568,665 · program services $1,254,932 · management and general $313,733

  • 7 · Other salaries and wages

    total $4,945,370 · program services $3,956,295 · management and general $989,075

  • 8 · Pension plan contributions

    total $283,693 · program services $226,954 · management and general $56,739

  • 9 · Other employee benefits

    total $536,957 · program services $429,566 · management and general $107,391

  • 10 · Payroll taxes

    total $404,673 · program services $323,738 · management and general $80,935

  • 11a · Fees: management

    total $7,566 · program services $6,053 · management and general $1,513

  • 11b · Fees: legal

    total $321,872 · program services $257,498 · management and general $64,374

  • 11c · Fees: accounting

    total $41,735 · program services $33,388 · management and general $8,347

  • 11f · Fees: investment management

    total $1,667 · program services $1,334 · management and general $333

  • 11g · Fees: other

    total $291,238 · program services $232,992 · management and general $58,246

  • 12 · Advertising and promotion

    total $18,752 · program services $18,752

  • 13 · Office expenses

    total $965,310 · program services $772,248 · management and general $193,062

  • 16 · Occupancy

    total $342,049 · program services $273,639 · management and general $68,410

  • 17 · Travel

    total $176,626 · program services $141,301 · management and general $35,325

  • 19 · Conferences, conventions and meetings

    total $119,708 · program services $95,766 · management and general $23,942

  • 20 · Interest

    total $143,939 · program services $115,151 · management and general $28,788

  • 22 · Depreciation, depletion and amortization

    total $406,764 · program services $325,411 · management and general $81,353

  • 23 · Insurance

    total $1,407 · program services $1,126 · management and general $281

  • 24a · Other expenses: BAD DEBT EXPENSE

    total $788,733 · program services $788,733

  • 24b · Other expenses: MAINTENANCE AND REPAIRS

    total $361,522 · program services $289,218 · management and general $72,304

  • 24c · Other expenses: MISCELLANEOUS

    total $4,262 · program services $3,407 · management and general $855

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $15,198,644 · end of year $12,078,921

  • 2 · Savings and temporary cash investments

    beginning of year $55,751,991 · end of year $62,144,498

  • 4 · Accounts receivable

    beginning of year $1,232,752 · end of year $2,590,182

  • 7 · Other notes and loans receivable

    beginning of year $10,752,297 · end of year $5,466,779

  • 9 · Prepaid expenses and deferred charges

    beginning of year $85,580 · end of year $47,169

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

    $10,416,275

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

    $1,305,575

  • 10c · Land, buildings and equipment, net

    beginning of year $9,301,409 · end of year $9,110,700

  • 13 · Investments: program-related

    beginning of year $151,669,581 · end of year $184,832,228

  • 15 · Other assets

    beginning of year $284,239 · end of year $187,035

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,061,626 · end of year $1,645,744

  • 23 · Secured mortgages and notes payable

    beginning of year $4,101,158 · end of year $3,934,261

  • 25 · Other liabilities

    beginning of year $1,521,710 · end of year $931,477

  • 27 · Net assets without donor restrictions

    beginning of year $237,591,999 · end of year $269,946,030

Mission and programs · 2024

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

  • FOR THE YEAR ENDED DECEMBER 31, 2024 MHT HOUSING, INC. (MHT) RECEIVED THREE LOW-INCOME HOUSING TAX CREDIT AWARDS TOTALING 311 UNITS. THESE PROJECTS WILL PROVIDE FOR 262 RENOVATED UNITS FOR PRESERVATION IN THE LOW-INCOME HOUSING SYSTEM AND 49 NEW CONSTRUCTION UNITS. THESE PROJECTS WILL HOUSE APPROXIMATELY 595 LOW-INCOME INDIVIDUALS. MHT ALSO APPLIED FOR LOW-INCOME HOUSING TAX CREDITS FOR THREE ADDITIONAL PROJECTS. IN ADDITION, OVER THE LAST YEAR MHT HAS COMPLETED THE RENOVATION OF 642 LOW-INCOME UNITS AND NEW CONSTRUCTION OF 53 LOW-INCOME HOUSING UNITS WHICH WILL HOUSE APPROXIMATELY 1,942 LOW-INCOME INDIVIDUALS. MHT ALSO MADE SIGNIFICANT DONATIONS TO OTHER NONPROFIT ORGANIZATIONS AND TO INNER-CITY RESIDENTS PROVIDING CLOTHING, FOOD AND BASIC NECESSITIES THAT WERE WELL RECEIVED AND APPRECIATED BY THOSE RESIDENTS.

    Expenses $10,062,855 · Grants $515,353 · Revenue $27,869,753

As filed on the 2024 return.

Listed in Part VII

  • Timothy V Fox

    PRESIDENT

    Total calculated
    $690,829
    From this org
    $656,329
    From related orgs
    $0
    Other
    $34,500
    Hours/week
    40 + 10 related

    Schedule J breakdown matched by us

    Base
    $656,329
    Bonus
    $0
    Other
    $0
    Deferred
    $34,500
    Nontaxable benefits
    $0
    Filer's total
    $690,829

  • Martha Richardson

    CHAIRMAN (ENDED 10/24)

    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
    $545,316
    From this org
    $484,497
    From related orgs
    $0
    Other
    $60,819
    Hours/week
    40 + 10 related

    Schedule J breakdown matched by us

    Base
    $484,497
    Bonus
    $0
    Other
    $0
    Deferred
    $34,500
    Nontaxable benefits
    $26,319
    Filer's total
    $545,316

  • Timothy A Fox

    CHIEF OPERATING OFFICER

    Total calculated
    $332,520
    From this org
    $310,463
    From related orgs
    $0
    Other
    $22,057
    Hours/week
    35 + 5 related

    Schedule J breakdown matched by us

    Base
    $310,463
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $22,057
    Filer's total
    $332,520

  • Andrew Martin

    VICE PRESIDENT OF DEVELOPMENT

    Total calculated
    $315,785
    From this org
    $268,421
    From related orgs
    $0
    Other
    $47,364
    Hours/week
    25 + 20 related

    Schedule J breakdown matched by us

    Base
    $268,421
    Bonus
    $0
    Other
    $0
    Deferred
    $27,334
    Nontaxable benefits
    $20,030
    Filer's total
    $315,785

  • Donna McMillan

    MULTIFAMILY PRESERVATION DIRECTOR

    Total calculated
    $240,687
    From this org
    $218,806
    From related orgs
    $0
    Other
    $21,881
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $218,806
    Bonus
    $0
    Other
    $0
    Deferred
    $21,881
    Nontaxable benefits
    $0
    Filer's total
    $240,687

  • Rollin Stoddard

    CHIEF ARCHITECT

    Total calculated
    $280,659
    From this org
    $223,625
    From related orgs
    $0
    Other
    $57,034
    Hours/week
    25 + 20 related

    Schedule J breakdown matched by us

    Base
    $223,625
    Bonus
    $0
    Other
    $0
    Deferred
    $22,363
    Nontaxable benefits
    $34,671
    Filer's total
    $280,659

  • Chad Joseph

    VP OF CONSTRUCTION

    Total calculated
    $224,808
    From this org
    $175,048
    From related orgs
    $0
    Other
    $49,760
    Hours/week
    25 + 20 related

    Schedule J breakdown matched by us

    Base
    $175,048
    Bonus
    $0
    Other
    $0
    Deferred
    $18,062
    Nontaxable benefits
    $31,698
    Filer's total
    $224,808

  • William Zarotny

    SENIOR VICE PRESIDENT

    Total calculated
    $248,395
    From this org
    $194,012
    From related orgs
    $0
    Other
    $54,383
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $194,012
    Bonus
    $0
    Other
    $0
    Deferred
    $19,401
    Nontaxable benefits
    $34,982
    Filer's total
    $248,395

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

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

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 $4,663,077 · assets $5,171,627

    Directly controlled by MHT HOUSING INC

  • 32500 INC

    MANAGEMENT OF LOW-INCOME HOUSING ENTITIES · MI · income $756,032 · assets $8,645,826

    Directly controlled by MHT HOUSING INC

  • LANSING MHT LOW PROFIT L3C

    MANAGEMENT OF LOW-INCOME HOUSING ENTITIES · MI · income $0 · assets $829

    Directly controlled by MHT HOUSING INC

  • WAFP GP INC

    MANAGEMENT OF LOW-INCOME HOUSING ENTITIES · MI · income $0 · assets $101,068

    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 assets $10,947,470

    Directly controlled by MHT HOUSING INC

  • AARON APTS LDHA LP

    RELATED · REAL ESTATE RENTAL · MI · 1% owned · share of assets $261,418 · general or managing partner

    Directly controlled by WAFP GP INC

  • FIELD PLACE APARTMENTS LDHA

    RELATED · REAL ESTATE RENTAL · MI · 1% owned · share of assets $146,737 · general or managing partner

    Directly controlled by WAFP GP INC

  • WEST BOSTON LDHA LP

    RELATED · REAL ESTATE RENTAL · MI · 1% owned · share of assets $245,696 · general or managing partner

    Directly controlled by WAFP GP INC

  • CAMELOT HILLS II

    RELATED · REAL ESTATE RENTAL · MI · 0.01% owned · share of assets $829 · general or managing partner

    Directly controlled by LANSING MHT LOW-PROFIT L3C

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 $2,417,594 · share of assets $11,176,834 · controlled entity

    Directly controlled by MHT HOUSING INC

  • M TRAINING CENTER INC

    C · EDUCATION · MI · 100% owned · share of assets $84,669 · controlled entity

    Directly controlled by MHT HOUSING INC

  • BAY CITY MAPLEWOOD MANOR LLC

    C · INVESTMENT IN LOW-INCOME HOUSING · MI · 100% owned · share of income $532,052 · controlled entity

    Directly controlled by MHT HOLDING COMPANY II INC

  • MACH 1 MM LLC

    C · INVESTMENT IN LOW-INCOME HOUSING · MI · 100% owned · share of income $15 · controlled entity

    Directly controlled by MHT HOLDING COMPANY II INC

  • CASS-MHT LLC

    C · INVESTMENT IN LOW-INCOME HOUSING · MI · 100% owned · share of income $176 · controlled entity

    Directly controlled by MHT HOLDING COMPANY II INC

  • 10201 WOODWARD MM LLC

    C · INVESTMENT IN LOW-INCOME HOUSING · MI · 100% owned · share of income $2 · controlled entity

    Directly controlled by MHT HOLDING COMPANY II INC

  • 60 HARPER MM LLC

    C · INVESTMENT IN LOW-INCOME HOUSING · MI · 100% owned · share of assets $1,000 · controlled entity

    Directly controlled by MHT HOLDING COMPANY II INC

  • MHT PROPERTIES III INC

    C · INVESTMENT IN LOW-INCOME HOUSING · MI · 100% owned · share of income $414,474 · share of assets $3,816,649 · controlled entity

    Directly controlled by MHT HOLDING COMPANY II INC

Provenance

Return type
form_990
Tax year
2024
Filed
10 November 2025
IRS schema version
2024v5.2
Source object
202543169349306174

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