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Seward Housing Corporation

EIN 41-1675502 · Minneapolis, MN

Public records show a registered, tax-exempt organization in good standing.

LegitimacyPassesRegistration and standingFinancial healthFair65 out of 100GovernanceGood84 out of 100Impact evidenceDescribes programsHow well its results are evidenced

What it says it does

TO PROMOTE THE LONG-TERM VIABILITY OF SEWARD TOWERS, 640 UNITS OF QUALITY AFFORDABLE HOUSING WITH SERVICES TAILORED TO THE NEEDS OF THE RESIDENTS AND TO FOSTER THE INTEGRATION OF THOSE RESIDENTS INTO THE LARGER SEWARD COMMUNITY.

Income
$1.6 million
Spending
$109,668
Reserves
Over 10 years of spending
Largest source of income
fees for its services, 77%
Employees
0
Volunteers
11

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

Fair: 65 out of 100. Higher than 51% of charities in its peer group (housing, $1m to $10m).

  • Reserves

    35 of 35

    Spendable reserves would cover more than ten years of spending.

  • Debt

    5 of 20

    It owes 61% of what it owns.

  • Living within its means

    15 of 15

    Income exceeded spending by 93% of income.

  • Income trend

    0 of 15

    Income fell 66% on the year before.

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Governance

Good: 84 out of 100. Higher than 38% of charities in its peer group (housing, $1m to $10m).

  • Independent board

    25 of 25

    11 of 11 voting board members are independent.

  • Conflict of interest policy

    15 of 15

    Has a written conflict of interest policy.

  • Whistleblower policy

    8 of 8

    Has a written whistleblower policy.

  • Record keeping policy

    7 of 7

    Has a written policy on keeping and destroying records.

  • Board minutes

    5 of 5

    Keeps minutes of board meetings.

  • Board sees the tax return

    10 of 10

    Gave the board a copy of this return before filing it.

  • Independent check of accounts

    0 of 15

    Its accounts were not audited or reviewed by an independent accountant.

  • No reported misuse

    10 of 10

    Reports 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 (1)
  1. SEWARD TOWERS CORPORATION WAS FORMED IN 1990 TO PRESERVE TWO BUILDINGS COMPRISING ONE OF THE LARGEST AFFORDABLE HOUSING PROJECTS IN MINNESOTA AND WHOSE RESIDENTS WERE AN INTEGRAL PART OF THE SEWARD COMMUNITY. A UNIQUE OWNERSHIP STRUCTURE WAS CREATED IN ORDER TO ENGAGE RESIDENTS AND MANAGEMENT OF THE BUILDING (COMMONBOND COMMUNITIES) WITH ORGANIZATIONS REPRESENTATIVE OF THE LARGER COMMUNITY (SEWARD NEIGHBORHOOD GROUP AND SEWARD REDESIGN) EACH OF THOSE GROUPS CONTINUE TO APPOINT THE GOVERNING BOARD OF DIRECTORS. ADDITIONAL SEATS ON THE BOARD OF DIRECTORS ARE HELD FOR RESIDENTS OF THE TWO BUILDINGS. BY 2015, THE BUILDINGS WERE 45 YEARS OLD AND IN NEED OF MAJOR CAPITAL REPLACEMENTS. THE BOARD AND THE ENTITIES WHO APPOINT THEM DECIDED TO WORK TOGETHER TO RESTRUCTURE THE OWNERSHIP IN ORDER TO EXTEND SECTION 8 CONTRACTS PROVIDING RENTAL SUPPORT TO VERY-LOW-INCOME RESIDENTS AND TO ACCESS THE CAPITAL NEEDED TO RENOVATE THE BUILDINGS. A NEW ENTITY WAS FORMED, SEWARD TOWERS RENOVATION LP, WITH SEWARD TOWERS CORPORATION AND COMMONBOND COMMUNITIES AS ITS GENERAL PARTNERS. SEWARD TOWERS CORPORATION RENEWED THE SECTION 8 CONTRACTS FOR AN ADDITIONAL 20 YEARS AND THEN SOLD THE BUILDING TO THE NEW ENTITY ON JANUARY 14, 2016 AND COMPLETED THE WHOLESALE RENOVATION OF THE BUILDINGS BY THE FOLLOWING YEAR. LOW-INCOME HOUSING TAX CREDITS WERE UTILIZED IN PART TO SECURE THE NEEDED CAPITAL. SEWARD TOWERS CORPORATION HAS RETAINED A RIGHT-OF-FIRST-REFUSAL AND OPTION TO REPURCHASE THE BUILDINGS FOLLOWING THE 15-YEAR TAX CREDIT COMPLIANCE PERIOD IN 2031. IN THE SALE, SEWARD TOWERS CORPORATION WAS PAID WITH A NOTE RECEIVABLE FROM THE AFFILIATED LIMITED PARTNERSHIP. SEWARD TOWERS CORPORATION PLANS TO UTILIZE THE NOTE RECEIVABLE TO REPURCHASE THE PROPERTY UNDER THE RIGHT-OF-FIRST-REFUSAL OR OPTION IN ORDER TO CONTINUE TO ASSURE AFFORDABILITY OF THE PROPERTY AND PRESERVE THE UNIQUE GOVERNANCE STRUCTURE THAT BRINGS MANAGEMENT, RESIDENTS AND THE COMMUNITY TOGETHER. PAYMENTS RECEIVED ON THE NOTE WILL BE APPLIED TOWARD THAT PURPOSE AS THE CENTRAL MISSION OF THE CORPORATION. PAYMENTS RECEIVED ARE CONSIDERED PROGRAM SERVICE REVENUE AS THEY ARE APPLIED FOR THAT PURPOSE OR FOR OTHER PURPOSES DEEMED CRITICAL TO THAT MISSION ON A CURRENT BASIS.

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

  1. 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.

  2. 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 October 13, 2026.

  3. 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.

  4. 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.

  5. How long has it been tax-exempt? Passed.

    Recognized by the IRS since September 1990.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.

  6. 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 October 21, 2026.

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