GREATER METROPOLITAN HOUSING CORPO… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1970

Legal Domicile

Principal Officer

EDEN SPENCER

Phone

6123390601

Tax Period

2023-01-01 to 2023-12-31

GREATER METROPOLITAN HOUSING CORPORATION, founded in 1970, is a community nonprofit in the Housing & Shelter sector that reported $2.4M in total revenue in fiscal year 2023.

Mission

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.

Program Service Accomplishments

Program 1

Expenses: $1,792,866 Revenue: $997,182

SINGLE FAMILY HOMEOWNERSHIP PROGRAM GMHC BUILDS AND RENOVATES SINGLE FAMILY HOMES IN THE INNER-CITY OF MINNEAPOLIS, ST. PAUL AND VARIOUS SUBURBAN COMMUNITIES. THE MAJORITY OF HOMES ARE SOLD TO...

SINGLE FAMILY HOMEOWNERSHIP PROGRAM GMHC BUILDS AND RENOVATES SINGLE FAMILY HOMES IN THE INNER-CITY OF MINNEAPOLIS, ST. PAUL AND VARIOUS SUBURBAN COMMUNITIES. THE MAJORITY OF HOMES ARE SOLD TO PERSONS WITH INCOMES AT OR BELOW 80% OF THE MEDIAN INCOME AND FIRST-TIME HOMEBUYERS. FINANCING TOOLS ARE AVAILABLE TO MAKE THESE HOMES AFFORDABLE. THIS PROGRAM PROVIDES AMONG OTHER THINGS: HOMEOWNERSHIP OPPORTUNITIES FOR INDIVIDUALS OFTEN PREVIOUSLY LEFT OUT OF THE OWNERSHIP MARKETPLACE, STABILITY AND INCREASED PROPERTY VALUES TO NEIGHBORHOODS, ADDITIONAL TAX REVENUE FOR THE CITY AND COUNTY, AND JOBS DURING CONSTRUCTION. THE HOMES ARE BUILT IN COOPERATION WITH VARIOUS CITIES, COUNTIES, MINNESOTA HOUSING AND NEIGHBORHOOD DEVELOPMENT CORPORATIONS.

Program 2

Expenses: $459,956 Revenue: $432,410

NEW MARKET TAX CREDIT PROGRAM THIS IS AN EXPANSION OF GMHC'S SINGLE FAMILY HOMEOWNERSHIP PROGRAM. GMHC HAS OBTAINED DEDICATED TAX-CREDIT FINANCING FROM A POOL OF OUTSIDE INVESTORS TO ACQUIRE, REHAB AND/OR CONSTRUCT SINGLE-FAMILY HOMES IN QUALIFIED AREAS IN THE LOCAL COMMUNITY, AND SELL AT LEAST 20% OF SUCH HOMES TO LOW-INCOME PERSONS. THE BENEFITS OF THIS PROGRAM ARE SIMILAR TO THE SINGLE FAMILY PROGRAM.

Program 3

Expenses: $61,498 Revenue: $22,144

SUSTAINABLE HOME OWNERSHIP PROGRAM (SHOP HOME MORTGAGE (TM)) IN PARTNERSHIP WITH DAYTON'S BLUFF NEIGHBORHOOD SERVICES, GMHC CREATED SHOP HOME MORTGAGE. SHOP'S PROPRIETARY PRODUCT WAS THE BRIDGE TO...

SUSTAINABLE HOME OWNERSHIP PROGRAM (SHOP HOME MORTGAGE (TM)) IN PARTNERSHIP WITH DAYTON'S BLUFF NEIGHBORHOOD SERVICES, GMHC CREATED SHOP HOME MORTGAGE. SHOP'S PROPRIETARY PRODUCT WAS THE BRIDGE TO SUCCESS CONTRACT-FOR-DEED PROGRAM, AN INNOVATIVE AND FLEXIBLE CREDIT FACILITY FUNDED BY PUBLIC AND SOCIALLY RESPONSIBLE INVESTORS THAT OFFERED PRUDENT, AFFORDABLE CREDIT TO BORROWERS NO LONGER SERVED BY MAINSTREAM CREDIT MARKETS. THE 10-YEAR CONTRACT-FOR-DEED WAS FOR PEOPLE WHO HAD THE FINANCIAL CAPACITY TO PURCHASE A HOME BUT WHO HAD BEEN UNABLE TO QUALIFY FOR BANK FINANCING DUE TO POOR CREDIT HISTORY, BANKRUPTCY, FORECLOSURE, OR NOT UNDERSTANDING THE FINANCIAL PROCESS. THE PROGRAM ALLOWED BUYERS WHO HAD ADDRESSED THEIR CREDIT ISSUES TO PURCHASE A HOME THEN AND SUPPORTED THEM THROUGH A PERSONAL FINANCIAL PLAN, INDIVIDUAL COUNSELING, AND HOME BUYER EDUCATION. THE GOAL FOR THE BUYERS REMAINING IN A CONTRACT-FOR-DEED WAS AND STILL IS TO RESTORE THEIR CREDIT AND IMPROVE THEIR FINANCIAL HABITS SO THAT THE CONTRACT-FOR-DEED CAN BE REFINANCED INTO AN FHA OR CONVENTIONAL FIXED-RATE LOAN PRODUCT WITHIN TEN YEARS. AS A RESULT OF THE EFFORTS OF SHOP STAFF, COUNSELORS AND OUR SERVICER, COMMUNITY REINVESTMENT FUND, OVER 70% OF THE 156 CONTRACT-FOR DEED CLIENTS HAVE BEEN ABLE TO REFINANCE TO MARKET RATE MORTGAGE PRODUCTS.EFFECTIVE IN 2018, THE SHOP PROGRAM DISCONTINUED THE ISSUANCE OF NEW LOANS AND NOW ONLY SERVICES EXISTING LOANS OUTSTANDING.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $982,241

Program Service Revenue $1,451,736

Investment Income $33

Other Revenue $0

TOTAL REVENUE $2,434,010

Expense Breakdown

Grants Paid $0

Salaries & Benefits $298,365

Fundraising Expenses $42,681

Program Expenses $2,314,320

Other Expenses $2,161,626

TOTAL EXPENSES $2,459,991

Year-over-Year Comparison

	2023	2022	Change
Revenue	$2,434,010	$2,406,130	+0.0%
Expenses	$2,459,991	$3,038,914	-0.2%
Net Income	$-25,981	$-632,784	-1.0%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$86,585

Total Directors