Midwest Housing Equity Group Inc.
Midwest Housing Equity Group Inc.
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About this organization
Mission
Midwest Housing Equity Group, Inc's mission is to change lives for a better tomorrow by promoting the development and sustainability of quality affordable housing.
About
Midwest Housing Equity Group, Inc. (MHEG) provides acquisition, advisory and asset management services primarily by acting as the general partner of approximately 47 limited partnerships (the 'funds') which invest equity capital in other partnerships or LLCs formed to develop, own and operate affordable housing projects which are eligible for federal tax credits under section 42 of the internal revenue code. In addition to providing equity for these projects, MHEG provides technical and advisory services to the partnerships for a fee. In 2018, MHEG partnered with 27 developers to close over $175 million in equity for 37 developments, creating 1,399 affordable housing units. This included 15 age restricted developments, 15 multifamily developments, four single family home properties, and three special needs housing developments. Projects ranged from an 8 unit rural deal to a 108 unit age restricted deal and represented 37 Midwest communities. From inception through the end of 2018, MHEG funds have invested in 546 total affordable housing developments, which comprise over 17,000 units located in 247 cities in the Midwest region of the United States.
Interesting data from their 2020 990 filing
The non-profit's aim, as stated in the filing, is “Midwest housing equity group, inc's mission is to change lives for a better tomorrow by promoting the development and sustainability of quality affordable housing.”.
When referring to its actions, they were outlined as: “Midwest housing equity group, inc's mission is to change lives for a better tomorrow by promoting the development and sustainability of quality affordable housing.”.
- The non-profit has complied with legal obligations by reporting their state of operation as NE.
- The non-profit's address in 2020 is noted in the filing as 515 N 162ND AVE NO 202, OMAHA, NE, 68118.
- The non-profit's form for 2020 reports a total of 47 employees.
- Is not a private foundation.
- Expenses are greater than $1,000,000.
- Revenue is greater than $1,000,000.
- Revenue less expenses is $3,596,844.
- The organization has 5 independent voting members.
- The organization was formed in 1993.
- The organization pays $6,426,662 in salary, compensation, and benefits to its employees.
- The organization pays $0 in fundraising expenses.
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