Greater Metropolitan Housing Corporation
Public records show a registered, tax-exempt organization in good standing.
Points to look into
- It owes more than it owns.
These come from the organization's own tax return. There may be a good explanation; ask the charity.
What it says it does
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.
- Income
- $4.8 million
- Spending
- $5.1 million
- Spent on programs
- 97%
- Reserves
- -0.9 months of spending
- Largest source of income
- fees for its services, 71%
- Employees
- 4
- Volunteers
- 0
- Highest pay
- $80,676, president/ceo
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Financial health
Weak: 34 out of 100. Higher than 11% of charities in its peer group (housing, $1m to $10m).
Reserves
0 of 35Spendable reserves are negative: it owes or has committed more than it holds.
Debt
0 of 20It owes 108% of what it owns.
Living within its means
4 of 15Spending exceeded income by 5% of income.
Income trend
15 of 15Income rose 99% on the year before.
Spending floor
15 of 1597% of spending went to programs and raising each dollar of donations cost 3 cents.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Governance
Strong: 100 out of 100. Higher than 70% of charities in its peer group (housing, $1m to $10m).
Independent board
25 of 2510 of 11 voting board members are independent.
Conflict of interest policy
15 of 15Has a written conflict of interest policy.
Whistleblower policy
8 of 8Has a written whistleblower policy.
Record keeping policy
7 of 7Has a written policy on keeping and destroying records.
Board minutes
5 of 5Keeps minutes of board meetings.
Board sees the tax return
10 of 10Gave the board a copy of this return before filing it.
Pay set independently
5 of 5Sets its chief executive's pay through independent review and comparison.
Independent check of accounts
15 of 15Its accounts were audited by an independent accountant.
No reported misuse
10 of 10Reports no diversion of assets, excess benefits or loans to insiders.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Impact evidence
Describes programs. Its tax return describes what it does but we have found no measurable results in it.
Programs described in its return (4)
- $4.4 million spent. 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.
- $471,225 spent. 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.
- $42,967 spent. 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.
- PREDEVELOPMENT REVOLVING LOAN FUND THIS PROGRAM BEGAN IN 1992 AND SINCE THEN HAS PROVIDED OVER $74 MILLION IN PROJECT FINANCING, MAINLY THROUGH SEED MONEY AVERAGING 3% OF TOTAL DEVELOPMENT COSTS FOR THE PROJECTS. SINCE 1992, THE PROGRAM HAS FUNDED OVER 600 PROJECTS WHICH BUILT OUT OVER 26,000 HOUSING UNITS, WITH TOTAL BUILD OUT COSTS OF $2.4 BILLION. UNDER THIS PROGRAM, GMHC PROVIDED TECHNICAL ASSISTANCE AND HIGH-RISK PREDEVELOPMENT (SEED) LOANS TO ORGANIZATIONS TO ASSIST IN THE DEVELOPMENT OF QUALITY AFFORDABLE HOUSING. THESE LOANS COVERED EXPENSES SUCH AS ARCHITECTURAL FEES, SURVEYS, ENVIRONMENTAL AND SOIL TESTING, LAND COSTS, CONSULTANTS, ETC., AS WELL AS BRIDGE LOANS. GMHC ALSO ADMINISTERED THE FUNDING DURING THE PREDEVELOPMENT PHASE. THIS PROGRAM NO LONGER MAKES NEW LOANS, AND HAS 2 LONG-TERM LOAN RECEIVABLES TO COLLECT.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Legitimacy checks
Is it registered with the IRS? Passed.
Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Has the IRS revoked its tax-exempt status? Passed.
Not on the IRS automatic revocation list.
Source: Automatic revocation of exemption list, Internal Revenue Service, file dated November 6, 2026.
Are donations tax-deductible? Passed.
On the IRS list of organizations eligible to receive tax-deductible contributions.
Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated October 13, 2026.
Is it keeping up with its IRS filings? Passed.
Most recent return on file covers the year ending December 2024.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
How long has it been tax-exempt? Passed.
Recognized by the IRS since February 1971.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Is it in good standing with state regulators? Passed.
Not on California's list of charities barred from soliciting. Other states are not yet checked.
Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated November 4, 2026.
Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.