← NORTHWEST REAL ESTATE CAPITAL CORPORATION

Form 990 for tax year 2024

Filed by NORTHWEST REAL ESTATE CAPITAL CORPORATION.

Totals

Total revenue: $28,689,446
Total expenses: $16,523,955
Contributions and grants received: $4,538,440
Grants paid: $0
Program service revenue: $9,800,633
Investment income: $14,062,505
Other revenue: $287,868
Total assets, end of year: $111,621,180
Total liabilities, end of year: $52,860,491
Net assets or fund balances, end of year: $58,760,689
Program services expenses (Part IX): $14,477,949
Management and general expenses: $2,046,006
Fundraising expenses: $0
Program service expenses (Part III): $14,477,949

Program services were 87.6% 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)

$4,532,290
1f · All other contributions, gifts and grants

$6,150
2a · Program service revenue: RENTAL INCOME

total $4,512,474 · related or exempt $4,512,474
2b · Program service revenue: MANAGEMENT AND ADMIN

total $3,340,369 · related or exempt $3,064,017 · unrelated business $276,352
2c · Program service revenue: OTHER INCOME

total $1,837,581 · related or exempt $1,837,581
2d · Program service revenue: LAUNDRY INCOME

total $32,670 · related or exempt $32,670
2e · Program service revenue: COMMERCIAL RENTAL INCOME

total $20,167 · related or exempt $20,167
2f · All other program service revenue

total $57,372 · related or exempt $57,372
3 · Investment income

total $1,711,760 · excluded $1,711,760
7a · Gross sales of assets other than inventory

other assets $12,556,711
7b · Less cost or other basis and sales expenses

other assets $205,966
7c · Gain or loss

other assets $12,350,745
7d · Net gain or loss

total $12,350,745 · related or exempt $12,350,745
11a · Other revenue: INTEREST RATE SWAP

total $177,502 · related or exempt $177,502
11b · Other revenue: LOAN FORGIVENESS INCOME

total $110,366 · related or exempt $110,366
11e · Other revenue, total

$287,868

Functional expenses

Part IX, the statement of functional expenses.

5 · Compensation of officers, directors and key employees

total $1,150,530 · program services $84,215 · management and general $1,066,315
7 · Other salaries and wages

total $5,039,576 · program services $5,039,576
8 · Pension plan contributions

total $115,716 · program services $115,716
9 · Other employee benefits

total $328,321 · program services $328,321
10 · Payroll taxes

total $652,470 · program services $652,470
11b · Fees: legal

total $156,166 · program services $156,166
11c · Fees: accounting

total $156,808 · program services $28,128 · management and general $128,680
11g · Fees: other

total $122,730 · program services $122,730
12 · Advertising and promotion

total $4,811 · program services $4,811
13 · Office expenses

total $1,096,245 · program services $486,554 · management and general $609,691
20 · Interest

total $1,518,940 · program services $1,451,814 · management and general $67,126
22 · Depreciation, depletion and amortization

total $1,939,138 · program services $1,911,397 · management and general $27,741
24a · Other expenses: MAINTENANCE

total $1,239,591 · program services $1,216,542 · management and general $23,049
24b · Other expenses: TAXES AND INSURANCE

total $1,163,823 · program services $1,051,570 · management and general $112,253
24c · Other expenses: UTILITIES

total $1,074,038 · program services $1,062,887 · management and general $11,151
24d · Other expenses: ADMINISTRATIVE EXPENSES

total $450,184 · program services $450,184
24e · All other expenses

total $314,868 · program services $314,868

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $19,074,508 · end of year $21,015,161
4 · Accounts receivable

beginning of year $2,138,585 · end of year $1,911,445
7 · Other notes and loans receivable

beginning of year $12,459,429 · end of year $6,881,031
9 · Prepaid expenses and deferred charges

beginning of year $473,376 · end of year $944,229
10a · Land, buildings and equipment: cost or other basis

$127,761,385
10b · Land, buildings and equipment: accumulated depreciation

$53,867,763
10c · Land, buildings and equipment, net

beginning of year $34,956,947 · end of year $73,893,622
14 · Intangible assets

beginning of year $1,040,862 · end of year $1,277,848
15 · Other assets

beginning of year $10,410,551 · end of year $5,697,844
17 · Accounts payable and accrued expenses

beginning of year $2,159,039 · end of year $1,634,474
21 · Escrow or custodial account liability

beginning of year $342,703 · end of year $550,970
23 · Secured mortgages and notes payable

beginning of year $30,950,378 · end of year $49,592,137
25 · Other liabilities

beginning of year $568,116 · end of year $1,082,910
27 · Net assets without donor restrictions

beginning of year $46,534,022 · end of year $58,760,689

Mission and programs · 2024

Mission

LOW INCOME HOUSING PURSUANT TO IRS REV. PROC. 96-32ACQUISITION, MANAGEMENT AND PRESERVATION OF LOW INCOME HOUSING FOR THE RELIEF OF THE POOR AND DISTRESSED PRIMARILY HUD, USDA AND IRS SECTION 42 LOW INCOME MULTIFAMILY HOUSING

Activities or mission (Part I)

LOW INCOME HOUSING PER IRS REV. PROC. 96-32THE COMPANY ACQUIRES, MANAGES AND PRESERVES LOW INCOME MULTIFAMILY HOUSING, PRIMARILY HUD SECTION 8, USDA SECTION 515 AND IRS SECTION 42 LOW INCOME MULTIFAMILY HOUSING FOR EXTREMELY LOW INCOME AND VERY LOW AND LOW INCOME POPULATIONS.

NORTHWEST REAL ESTATE CAPITAL CORPORATION'S MISSION IS TO PROVIDE AFFORDABLE HOUSING TO LOW-INCOME FAMILIES. THE CORPORATION DOES THIS BY OPERATING VARIOUS PROJECTS UNDER HUD, RD, AND STATE HOUSING AUTHORITY PROGRAMS. IN ADDITION TO PROVIDING HOUSING, THE CORPORATION IS ALSO INVOLVED IN PRESERVING EXISTING AFFORDABLE HOUSING PROJECTS THROUGH THE USE OF THE IRS SECTION 42 LOW-INCOME HOUSING TAX CREDIT PROGRAM. THE CORPORATION MANAGES OVER 100 LOW-INCOME MULTIFAMILY HOUSING PROJECTS OR ENTITIES IN THE NORTHWEST AREA OF THE UNITED STATES.

Expenses $14,477,949 · Revenue $22,162,894

As filed on the 2024 return.

Listed in Part VII

Brad ElgBRAD ELG

BOARD MEMBER

Total calculated

$0

Hours/week

2 + 38 related
Eric SteigersERIC STEIGERS

BOARD MEMBER

Total calculated

$0

Hours/week

2
James G Martin JrJAMES G MARTIN JR

BOARD MEMBER

Total calculated

$0

Hours/week

2
William J RussellWILLIAM J RUSSELL

BOARD MEMBER

Total calculated

$0

Hours/week

2
See Schedule OSEE SCHEDULE O

DISCLOSURE

Total calculated

$0

Hours/week

40

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.

Grants on this return

No itemized grants to organizations 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.

APPLE TREE ASSOCIATES

RENTAL REAL ESTATE · UT · income $238,304 · assets $732,702

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
BGA DEVELOPMENT LLC

RENTAL REAL ESTATE · MT

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
BLANDING ASSOCIATES

RENTAL REAL ESTATE · UT · income $304,046 · assets $1,100,370

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
BONNERS FERRY ASSOCIATES

RENTAL REAL ESTATE · ID · income $331,267 · assets $1,030,114

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
COMMUNITY DEVELOPMENT OF OREGON II LLC

RENTAL REAL ESTATE · OR

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
COMMUNITY DEVELOPMENT OF OREGON III LLC

RENTAL REAL ESTATE · OR

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
COMMUNITY DEVELOPMENT OF OREGON IV LLC

RENTAL REAL ESTATE · OR

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
COMMUNITY DEVELOPMENT OF OREGON LLC

RENTAL REAL ESTATE · OR

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
HAILEY PLACE LIMITED PARTNERSHIP

RENTAL REAL ESTATE · OR · income $353,067 · assets $372,565

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
HAYDEN LAKE III ASSOCIATES

RENTAL REAL ESTATE · ID · income $299,940 · assets $1,248,413

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
HURRICANE ASSOCIATES

RENTAL REAL ESTATE · ID · income $238,100 · assets $1,099,951

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
IDAHO COMMUNITY DEVELOPMENT II LLC

RENTAL REAL ESTATE · ID

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
LOUISE GARDENS ASSOCIATES

RENTAL REAL ESTATE · ID · income $308,324 · assets $1,216,715

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
NORTHWEST HAILEY PLACE LLC

RENTAL REAL ESTATE · OR

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
NORTHWEST LEISURE VILLAGE LLC

RENTAL REAL ESTATE · ID · income $223,711 · assets $727,836

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
NWMBII MANAGER LLC

RENTAL REAL ESTATE · OR

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
NWRECC IDAHO COMMUNITY DEVELOPMENT LLC

RENTAL REAL ESTATE · ID

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
NWRECC INDIAN CREEK COURT LLC

RENTAL REAL ESTATE · OR

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
NWRECC MIRACLES CLUB LLC

RENTAL REAL ESTATE · OR

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
NWRECC PRESERVATION LLC

RENTAL REAL ESTATE · ID

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
NWRECC STEWART TERRACE LLC

RENTAL REAL ESTATE · OR

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
NWRECC VILLA WEST LLC

RENTAL REAL ESTATE · OR

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
SEACREST AFFORDABLE HOUSING PRESERVATION LP

RENTAL REAL ESTATE · OR · income $317,995 · assets $1,848,943

Directly controlled by SEACREST COMMUNITY DEVELOPMENT LLC
SEACREST COMMUNITY DEVELOPMENT LLC

RENTAL REAL ESTATE · OR

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
SGA DEVELOPMENT LLC

RENTAL REAL ESTATE · MT

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
SIERRA VISTA LP

RENTAL REAL ESTATE · OR · income $319,247 · assets $744,915

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
TAMARACK PROPERTY MANAGEMENT CO

RENTAL REAL ESTATE · MT · income $2,008,333 · assets $1,366,518

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
TRAILWINDS ASSOCIATES LLC

RENTAL REAL ESTATE · ID

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
OREGON AFFORDABLE HOUSING PRESERVATION LP

RENTAL REAL ESTATE · OR · assets $20,369,967

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
OREGON AFFORDABLE HOUSING PRESERVATION II LP

RENTAL REAL ESTATE · OR · assets $10,608,425

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
NORTHWEST PIONEER SQUARE LLC

RENTAL REAL ESTATE · ID · assets $3,501,481

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
NORTHWEST HIGH VALLEY ESTATES LLC

RENTAL REAL ESTATE · OR · assets $2,976,161

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
NORTHWEST CRESTVIEW COURT LLC

RENTAL REAL ESTATE · OR · assets $4,883,888

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
SWEET GRASS APARTMENTS LP

RENTAL REAL ESTATE · MT · assets $966,719

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP

Related partnerships

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

BUFFALO GRASS APARTMENTS LLLP

RELATED · RENTAL REAL ESTATE · MT · 0.01% owned · share of income -$8 · share of assets $237,158 · general or managing partner

Directly controlled by BGA DEVELOPMENT LLC
HYRUM ASSOCIATES

RELATED · RENTAL REAL ESTATE · UT · 58% owned · share of income $32,622 · share of assets $175,940 · general or managing partner

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORPORATION
MIRACLES CLUB MLK LIMITED PARTNERSHIP

RELATED · RENTAL REAL ESTATE · OR · 0.01% owned · share of income -$195,527 · share of assets $274,879 · general or managing partner

Directly controlled by NWRECC MIRACLES LLC
NORTHWEST COLORADO GARDENS LIMITED PARTNERSHIP

RELATED · RENTAL REAL ESTATE · CO · 0.01% owned · share of income -$16 · share of assets $222,723 · general or managing partner

Directly controlled by NWCG MANAGER LLC
NORTHWEST DEPOT SQUARE LLC

RELATED · RENTAL REAL ESTATE · ID · 0.01% owned · share of income -$50 · share of assets $1,590,445 · general or managing partner

Directly controlled by NWDS MANAGER LLC
NORTHWEST IRON HORSE LLC

RELATED · RENTAL REAL ESTATE · CO · 0.01% owned · share of income -$45 · share of assets $1,904,978 · general or managing partner

Directly controlled by NIH MANAGER LLC
NORTHWEST MEADOWBROOK I LLC

RELATED · RENTAL REAL ESTATE · OR · 0.01% owned · share of income -$16 · share of assets $551,095 · general or managing partner

Directly controlled by NWMBI MANAGER LLC
NORTHWEST MEADOWBROOK II LIMITED PARTNERSHIP

RELATED · RENTAL REAL ESTATE · OR · 0.01% owned · share of income -$11 · share of assets $816,043 · general or managing partner

Directly controlled by NWMBII MANAGER LLC
NORTHWEST MILL CREEK LLC

RELATED · RENTAL REAL ESTATE · ID · 0.01% owned · share of assets $141,811 · general or managing partner

Directly controlled by IDAHO COMMUNITY DEVELOPMENT II LLC
NORTHWEST PASSAGE APARTMENTS LIMITED PARTNERSHIP

RELATED · RENTAL REAL ESTATE · ID · 0.01% owned · share of income -$19 · share of assets $319,073 · general or managing partner

Directly controlled by NWP MANAGER LLC
NORTHWEST SANDSTONE LLC

RELATED · RENTAL REAL ESTATE · UT · 0.01% owned · share of income -$21 · share of assets $96 · general or managing partner

Directly controlled by THE SANDSTONE MANAGER LLC
NORTHWEST VALOR POINTE LLC

RELATED · RENTAL REAL ESTATE · ID · 0.01% owned · share of assets $184 · general or managing partner

Directly controlled by NVP MANAGER LLC
NORTHWEST WINDWOOD LLC

RELATED · RENTAL REAL ESTATE · ID · 0.01% owned · share of income -$7 · share of assets $495,433 · general or managing partner

Directly controlled by IDAHO COMMUNITY DEVELOPMENT II LLC
ORCA POINT ASSOCIATES

RELATED · RENTAL REAL ESTATE · ID · 0.03% owned · share of income $30,950 · share of assets $77,080 · general or managing partner

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORPORATION
THE SURREY LIMITED PARTNERSHIP

RELATED · RENTAL REAL ESTATE · WY · 99.99% owned · share of income -$10,263 · share of assets $764,595

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORPORATION
TRAILWINDS LP

RELATED · RENTAL REAL ESTATE · ID · 0.01% owned · share of income -$18 · share of assets $281,879 · general or managing partner

Directly controlled by TRAILWINDS ASSOCIATES LLC

Related corporations and trusts

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

TW MANAGER LLC

C · RENTAL REAL ESTATE · ID · 100% owned · share of income -$20,643 · share of assets $345,893

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
NWP MANAGER LLC

C · RENTAL REAL ESTATE · ID · 100% owned · share of income -$20,654 · share of assets $319,073

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
NWCG MANAGER LLC

C · RENTAL REAL ESTATE · CO · 100% owned · share of income -$20,651 · share of assets $222,723

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
NVP MANAGER LLC

C · RENTAL REAL ESTATE · ID · 100% owned · share of income -$20,635 · share of assets $184

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
THE SANDSTONE MANAGER LLC

C · RENTAL REAL ESTATE · UT · 100% owned · share of income -$20,021 · share of assets $96

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
NIH MANAGER LLC

C · RENTAL REAL ESTATE · CO · 100% owned · share of income -$20,863 · share of assets $1,904,978

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
NWDS MANAGER LLC

C · RENTAL REAL ESTATE · ID · 100% owned · share of income -$22,075 · share of assets $1,590,445

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
NWMBI MANAGER LLC

C · RENTAL REAL ESTATE · OR · 100% owned · share of income -$21,091 · share of assets $551,095

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP
MW MEADOWLARK MANAGER LLC

C · RENTAL REAL ESTATE · MT · 100% owned · share of income -$20,700 · share of assets $618

Directly controlled by NORTHWEST REAL ESTATE CAPITAL CORP

Provenance

Return type: form_990
Tax year: 2024
Filed: 6 November 2025
IRS schema version: 2024v5.2
Source object: 202543119349301309

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