CITY OF LAKES COMMUNITY LAND TRUST

As filed

Subsection

03

NTEE code

L20

Classification

1000

Street

1930 GLENWOOD AVE

These codes are the IRS's own and are shown exactly as filed. What each one means is in the Business Master File documentation (opens in a new tab).

Other organizations at this address

1 other organization in the IRS Business Master File lists the same street address. matched by us

We match the street line and ZIP code as the IRS gives them, ignoring case and outer spaces and nothing else, so "AVE" and "AVENUE" count as different streets and this list can miss some. A shared address can mean related organizations or a shared office, but it can also be a registered agent, a mail drop or a service provider holding mail for unrelated clients. It is not, by itself, evidence that two organizations are connected.

• NEIGHBORHOOD HOUSING SERVICES OF MINNEAPOLIS INC

  EIN 41-1386993

Mission and programs · 2024

• IN 2024 THE CLCLT ASSISTED 48 NEW HOUSEHOLDS ACHIEVE CLCLT HOMEOWNERSHIP IN MINNEAPOLIS, BRINGING THE TOTAL NUMBER OF HOMES IN TRUST TO 415 VIA GROUND LEASE AND DEED RESTRICTIONS. CONSTRUCTION ON THE CLCLT'S TWO LARGEST PROJECTS, THE 628 (7-UNIT CONDOMINIUM COMPLEX) AND HARRISON TOWNHOMES (17-UNITS), WERE COMPLETED IN 2024. CLOSINGS ON INDIVIDUAL HARRISON TOWNHOMES STARTED IN APRIL 2024 AND THE 628 IN OCTOBER 2024. ADDITIONALLY, THE CLCLT ACQUIRED FIFTEEN NEW PROPERTIES THROUGH ITS HOMEBUYER INITIATED PROGRAM; FOUR HOMES THROUGH PARTNERSHIPS WITH OTHER NONPROFIT DEVELOPERS; ONE THROUGH THE SELLER-LEVERAGED PROGRAM; THREE THROUGH PROJECT: SUSTAINED LEGACY; THREE EXISTING CONTRACT FOR DEED HOLDERS REFINANCED INTO CONVENTIONAL MORTGAGE; AND THREE CONTRACT FOR DEEDS WERE CANCELLED. OF ALL HOUSEHOLDS SERVED IN 2024, 61% WERE FROM COMMUNITIES OF COLOR, AND THE AVERAGE AREA MEDIAN INCOME WAS 51.06%IN ADDITION TO THE 415 HOMES IN TRUST AT YEAR-END 2024, THE CLCLT ALSO OWNS AND MAINTAINS FOUR RENTAL PROPERTIES, THE CLCLT OFFICE BUILDING, AND SEVERAL ADDITIONAL PROPERTIES UNDER DEVELOPMENT IN MINNEAPOLIS. EACH OF THESE PROPERTIES WILL REMAIN PERPETUALLY AFFORDABLE WITH NO OR VERY LITTLE ADDITIONAL AFFORDABILITY INVESTMENT BEING NEEDED AGAIN. AS OF YEAR-END 2024 THE CLCLT HAD ALSO FACILITATED A TOTAL OF 132 RESALES. IT'S IMPORTANT TO NOTE THAT NO NEW PUBLIC INVESTMENTS WERE NEEDED TO CREATE AFFORDABILITY FOR THE 134 RESALES DUE TO THE LONG-TERM AFFORDABILITY MECHANISM BUILT INTO THE COMMUNITY LAND TRUST. THE RESALES REPRESENT 134 LOW- AND MODERATE-INCOME HOUSEHOLDS WHO WERE ASSISTED INTO HOMEOWNERSHIP WITHOUT THE CLCLT NEEDING TO RAISE ADDITIONAL FUNDS TO KEEP THE HOMES AFFORDABLE DESPITE RAPIDLY RISING HOME VALUES IN MINNEAPOLIS AND INCREASING INTEREST RATES NATIONALLY. ALTHOUGH CONSTRUCTION COSTS STABILIZED SLIGHTLY IN 2024, THE IMPACT CONTINUES TO BE FELT ON CONSTRUCTION PROJECTS. EVEN THOUGH PUBLIC FUNDERS HAVE BEGUN TO ADJUST THEIR PER UNIT AFFORDABILITY OR DEVELOPMENT GAP MAXIMUM SUBSIDY LEVELS, THE CLCLT REMAINS CAUTIOUS ABOUT TAKING ON DEVELOPMENT PROJECTS WITHOUT AMPLE GAP RESOURCES OR DEFINITIVE PERMANENT FINANCING SOURCES AVAILABLE TO ENSURE THE HOMES ARE PRICED AFFORDABLY AT COMPLETION.IN 2024 THE CLCLT SPONSORED OVER 28 CLCLT ORIENTATIONS. CONTINUING TO PROVIDE VIRTUAL ORIENTATIONS HAS ALLOWED THE CLCLT TO OFFER ORIENTATIONS WITHOUT LIMITING THE NUMBER OF ATTENDEES DUE TO SPACE RESTRICTIONS. ADDITIONALLY, THE CLCLT PARTICIPATED IN FOUR COMMUNITY EVENTS AND FACILITATED FOUR COMMUNITY CONVERSATIONS. THROUGH THESE OUTREACH OPPORTUNITIES, THE CLCLT ESTIMATES IT WAS ABLE TO INFORM OVER 1,000 COMMUNITY MEMBERS ABOUT COMMUNITY LAND TRUST HOMEOWNERSHIP AND THE CLCLT'S PATHS INTO HOMEOWNERSHIP. ADDITIONALLY, THE CLCLT CONTINUES TO MEET WITH HOMEBUYERS VIRTUALLY, PRESENT TO NEIGHBORHOODS AND SOCIAL/HUMAN SERVICE PROVIDERS, AND OTHER STAKEHOLDERS ABOUT HOMEBUYER OPPORTUNITIES IN THE COMMUNITY AND THROUGH THE CLCLT WAY OF HOMEOWNERSHIP. AT YEAR'S END, CLCLT WAS STAFFED BY 6.8 FTE. OTHER SIGNIFICANT EVENTS IN 2024: CLCLT'S LONG-TIME FINANCE DIRECTOR TRANSITIONED OUT OF THE ORGANIZATION IN NOVEMBER 2024.

  Expenses $3,371,653 · Revenue -$2,926,061

• CITY OF LAKES COMMUNITY REALTY (CLCR), A MINNESOTA LIMITED LIABILTY NONPROFIT COMPANY, WAS FORMED TO FACILITATE LAND TRUST RESALES, PURCHASES, AND SELL RESIDENTIAL REAL ESTATE ON BEHALF OF CLCLT, AND TO REPRESENT REAL ESTATE TRANSACTIONS OF PARTNER ORGANIZATIONS PROVIDING AFFORDABLE HOME OWNERSHIP. THE ACTIVITIES ARE SUPPORTED PRIMARILY FROM COMMISSIONS ON REAL ESTATE SALES.

  Expenses $74,045 · Revenue $108,211

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Officers and directors · 2024

As listed in Part VII of the 2024 return, in the order the filer printed them. Each return names its own; this is not a roster the organization keeps with us.

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. Earlier years are each on their own filing page.

Filings

• 2024

  Revenue

  $3,142,461

  Expenses

  $3,512,334

  Contributions

  $5,519,431

  Grants paid

  $0

• 2023

  Revenue

  $13,296,198

  Expenses

  $2,202,127

  Contributions

  $12,803,415

  Grants paid

  $0

• 2022

  Revenue

  $2,266,852

  Expenses

  $4,308,132

  Contributions

  $1,925,547

  Grants paid

  $2,307,366

The four totals the IRS asks for on Part I of the Form 990, as filed. A dash means the figure was not present on the return — not that it was zero.

Other returns filed

• 2021 · 990

  Revenue

  $5,065,737

  Expenses

  $2,327,987

  Assets (EOY)

  $16,464,418

• 2020 · 990

  Revenue

  $2,548,331

  Expenses

  $1,795,887

  Assets (EOY)

  $12,567,753

• 2019 · 990

  Revenue

  $1,801,547

  Expenses

  $1,403,465

  Assets (EOY)

  $12,826,657

• 2018 · 990

  Revenue

  $2,458,984

  Expenses

  $1,484,803

  Assets (EOY)

  $11,027,062

• 2017 · 990

  Revenue

  $1,508,089

  Expenses

  $1,356,065

  Assets (EOY)

  $8,587,933

• 2016 · 990

  Revenue

  $1,758,072

  Expenses

  $1,438,018

  Assets (EOY)

  $7,940,177

• 2015 · 990

  Revenue

  $1,324,924

  Expenses

  $1,145,283

  Assets (EOY)

  $7,925,259

• 2014 · 990

  Revenue

  $1,336,930

  Expenses

  $1,073,744

  Assets (EOY)

  $6,595,494

• 2013 · 990

  Revenue

  $1,397,043

  Expenses

  $1,176,510

  Assets (EOY)

  $6,150,822

• 2012 · 990

  Revenue

  — not reported

  Expenses

  $729,414

  Assets (EOY)

  $5,501,474

Nonprofiteer parses Forms 990, 990-EZ and 990-PF, in a window of recent tax years. These returns are recorded from the IRS e-file index, so their figures were extracted by that index rather than read from the return here — treat them as a different source from the filings above, not as more of the same record. A dash means the index carries no figure; Form 990-T listings carry none at all. Showing the 10 most recent; the API carries the rest.

Grants made

• Partnership in Property Commercial Land Trust

  $2,307,366

  2022 · Redevelop and preserve long-term affordable commercial spaces through community driven needs.

Where these grants went next →

Grants received

• THE CHICAGO COMMUNITY TRUST

  $10,000,000

  2022 · General operating support

• GROUNDED SOLUTIONS NETWORK

  $125,000

  2022

• LOCAL INITIATIVES SUPPORT CORPORATION

  $112,000

  2022 · SEE PART IV

• MINNEAPOLIS FOUNDATION

  $104,000

  2023 · HUMAN SERVICES, DONOR-ADVISED, HUMAN SERVICES

• FIDELITY INVESTMENTS CHARITABLE GIFT FUND

  $57,500

  2022 · For grant recipient's exempt purposes

• FIDELITY INVESTMENTS CHARITABLE GIFT FUND

  $25,575

  2023 · For grant recipient's exempt purposes

• NEXUS COMMUNITY PARTNERS

  $25,000

  2022 · Grant for general operating support / community engagement

• NEXUS COMMUNITY PARTNERS

  $25,000

  2022 · general operating grant during pandemic relief

• NEXUS COMMUNITY PARTNERS

  $25,000

  2023 · Grant for general operating support

• NEIGHBORHOOD REINVESTMENT CORP

  $25,000

  2022 · GENERAL SUPPORT

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

Related organizations

From Schedule R Part II, where a filer lists the tax-exempt organizations it is related to by control. It does not record shared board members or money.

Taxable family

From Schedule R Parts I, III and IV: entities that legally are the filer, and taxable partnerships, corporations and trusts it is related to. These record ownership and control, not shared board members or money.

Other IRS files