Greater Metropolitan Housing Corporation
Greater Metropolitan Housing Corporation
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About this organization
Mission
The mission of Greater Metropolitan Housing Corporation of the Twin Cities (GMHC) is to preserve, improve and increase affordable housing for low and moderate income individuals and families, assist communities with housing revitalization as well as create and carry out demonstration projects.
About
PREDEVELOPMENT REVOLVING LOAN FUND GMHC PROVIDES TECHNICAL ASSISTANCE AND HIGH-RISK PREDEVELOPMENT (SEED) LOANS TO ORGANIZATIONS TO ASSIST IN THE DEVELOPMENT OF QUALITY AFFORDABLE HOUSING. THESE LOANS COVER EXPENSES SUCH AS ARCHITECTURAL FEES, SURVEYS, ENVIRONMENTAL AND SOIL TESTING, LAND COSTS, CONSULTANTS, ETC., AS WELL AS BRIDGE LOANS. GMHC ALSO ADMINISTERS THE FUNDING DURING THE PREDEVELOPMENT PHASE. A LARGE VARIETY OF HOUSING IS FUNDED UNDER THIS PROGRAM INCLUDING MULTIFAMILY RENTAL, HOME OWNERSHIP, CO-OP HOUSING, ELDERLY HOUSING, TRANSITIONAL HOUSING AND HOUSING FOR SPECIAL NEEDS (FOR THE DISABLED, PERSONS WITH AIDS, CHEMICAL DEPENDENCIES, MENTAL ILLNESS, FRAIL ELDERLY, WOMEN AND FAMILY SHELTERS, ETC.). WE HAVE ALSO PROVIDED THIS FUNDING FOR THE DEVELOPMENT OF CHARTER SCHOOLS, AS WELL AS COMMERCIAL DEVELOPMENTS THAT ENHANCE INNER-CITY NEIGHBORHOODS.DURING 2018: - DEVELOPMENTS CONTAINING 832 AFFORDABLE RENTAL UNITS WENT UNDER CONSTRUCTION. THEIR TOTAL DEVELOPMENT COST WAS $178,864,014. GMHC PROVIDED LOANS IN THE AMOUNT OF $2,054,300 TO ASSIST IN THE DEVELOPMENT OF THESE HOUSING DEVELOPMENTS.DURING THE PAST FIVE YEARS: - 3,846 UNITS AT A DEVELOPMENT COST OF $601,215,031 WENT UNDER CONSTRUCTION OR RENOVATION CREATING OR RETAINING 6,157 JOBS. GMHC PROVIDED $11,441,708 IN LOANS FOR THESE UNITS.TO DATE, GMHC HAS PROVIDED LOAN COMMITMENTS OF $74,005,049 FOR THE DEVELOPMENT OF 26,725 UNITS OF AFFORDABLE HOUSING WITH DEVELOPMENT COSTS OF OVER $2.36 BILLION.
Interesting data from their 2020 990 filing
The filing reveals the mission of the non-profit as “The organization's mission is to preserve, improve, and increase affordable housing for low and moderate income individuals and families, as well as assist communities with housing revitalization.”.
When detailing its functions, they were listed as: “Preserve, improve & increase affordable housing; assist communities with housing revitalization”.
- According to the law, the state where the non-profit operates has been reported as MN.
- The filing specifies that the non-profit's address in 2020 was 15 SOUTH FIFTH STREET NO 710, MINNEAPOLIS, MN, 55402.
- As of 2020, the non-profit's form shows they have a total of 10 employees.
- Is not a private foundation.
- Expenses are greater than $1,000,000.
- Revenue is greater than $1,000,000.
- Revenue less expenses is -$220,180.
- The organization has 12 independent voting members.
- The organization was formed in 1970.
- The organization pays $647,074 in salary, compensation, and benefits to its employees.
- The organization pays $54,876 in fundraising expenses.