Skip to the page content
Your donations
Passes our checks

Greater Minnesota Housing Fund

EIN 41-1836919 · St Paul, MN

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

LegitimacyPassesRegistration and standingFinancial healthStrong90 out of 100GovernanceStrong100 out of 100Impact evidenceDescribes programsHow well its results are evidenced

What it says it does

PLEASE SEE SCHEDULE O.FOUNDED IN 1996 BY THE MCKNIGHT FOUNDATION AND BLANDIN FOUNDATION, GREATER MINNESOTA HOUSING FUND (GMHF) IS A 501 (C)(3) NONPROFIT, CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) WITH THE MISSION OF SUPPORTING THE CREATION OF STRONG COMMUNITIES AND AFFORDABLE HOMES BY MAKING STRATEGIC INVESTMENTS AND FORMING EFFECTIVE PARTNERSHIPS. GMHF PROVIDES LOANS, GRANTS AND INVESTMENTS FOR THE CREATION AND PRESERVATION OF MULTIFAMILY RENTAL HOUSING AND SINGLE-FAMILY HOMES, AS WELL AS MISSION-RELATED PROGRAM SERVICES SUCH AS CAPACITY-BUILDING TECHNICAL ASSISTANCE AND GRANT MAKING. GMHF OPERATES EDUCATIONAL PROGRAMS, CONDUCTS RESEARCH AND PROGRAM DEVELOPMENT ON AFFORDABLE HOUSING CHALLENGES AND OPPORTUNITIES, CONDUCTS DEMONSTRATION PROJECTS, PILOTS NEW PROGRAMS AND PRODUCTS, ADVOCATES FOR SYSTEMS CHANGE, AND PROMOTES INCREASED LEVELS OF PUBLIC AND PRIVATE SUPPORT FOR THE CREATION AND PRESERVATION OF AFFORDABLE HOUSING IN MINNESOTA.

Income
$40.3 million
Spending
$17.7 million
Spent on programs
83%
Reserves
95.4 months of spending
Largest source of income
donations and private grants, 47%
Employees
38
Volunteers
15
Highest pay
$400,864, president/ceo beginning

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

Strong: 90 out of 100. Higher than 85% of charities in its peer group (housing, $10m to $100m).

  • Reserves

    35 of 35

    Spendable reserves would cover 95.4 months of spending.

  • Debt

    10 of 20

    It owes 50% of what it owns.

  • Living within its means

    15 of 15

    Income exceeded spending by 56% of income.

  • Income trend

    15 of 15

    Income rose 91% on the year before.

  • Spending floor

    15 of 15

    83% of spending went to programs and raising each dollar of donations cost 0 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 44% of charities in its peer group (housing, $10m to $100m).

  • Independent board

    25 of 25

    15 of 15 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.

  • Pay set independently

    5 of 5

    Sets its chief executive's pay through independent review and comparison.

  • Independent check of accounts

    15 of 15

    Its accounts were audited 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 (3)
  1. $8.5 million spent. AFFORDABLE HOUSING LENDING: PLEASE SEE SCHEDULE O FOR THE DESCRIPTION OF AFFORDABLE HOUSING LENDING.GREATER MINNESOTA HOUSING FUND (GMHF) OPERATES A REVOLVING LOAN FUND AND ANNUALLY PROVIDES BETWEEN $80 MILLION AND $100 MILLION IN A VARIETY OF LOANS TO ASSIST AFFORDABLE HOUSING DEVELOPMENT ORGANIZATIONS CREATE OR PRESERVE APPROXIMATELY 1,000 PERMANENTLY AFFORDABLE MULTIFAMILY AND SINGLE-FAMILY HOMES. GMHF PROVIDES LOW-COST LOANS FOR PLANNING AND PREDEVELOPMENT, SITE ACQUISITION, CONSTRUCTION, REHABILITATION, TAX INCREMENT AND EQUITY-BRIDGE FINANCING, FIRST MORTGAGE LOANS, AND WORKING CAPITAL ENTERPRISE LEVEL LOANS FOR QUALIFIED AFFORDABLE HOUSING DEVELOPMENT ORGANIZATIONS. THESE LOANS ENSURE AFFORDABLE HOUSING DEVELOPERS HAVE THE CAPITAL NECESSARY TO UNDERTAKE HIGH-PRIORITY MULTIFAMILY AND SINGLE-FAMILY AFFORDABLE HOUSING REAL ESTATE DEVELOPMENTS IN COMMUNITIES THROUGHOUT MINNESOTA.
  2. $4.5 million spent. AFFORDABLE HOUSING PROGRAMS, PLANNING AND TECHNICAL ASSISTANCE: PLEASE SEE SCHEDULE O FOR THE DESCRIPTION OF GMHF'S AFFORDABLE HOUSING PROGRAMS, PLANNING AND TECHNICAL ASSISTANCE.MORE THAN JUST A LENDER, GREATER MINNESOTA HOUSING FUND IS KNOWN FOR ITS INNOVATION AND CREATIVE APPROACHES TO MINNESOTA'S AFFORDABLE HOUSING CHALLENGES:GRANTMAKING: GMHF AWARDS GRANTS TO A VARIETY OF INDIVIDUALS AND ORGANIZATIONS ACROSS THE STATE THAT ADVANCE THE GMHF PROGRAMS DESCRIBED BELOW AND FOR STRATEGIC AND SPECIALIZED OPPORTUNITIES SUCH AS AFFORDABLE HOUSING ADVOCACY, LEGAL SERVICES, TENANT ORGANIZING, HOMEBUYER AND DEVELOPER TRAINING, HOUSING RESEARCH, COMMUNITY-BASED PLANNING, CROSS-SECTOR COLLABORATION, LOCAL PLANNING, TECHNICAL ASSISTANCE, AND OTHER ACTIVITIES TO ADVANCE THE AFFORDABLE HOUSING AGENDA IN MINNESOTA.PROGRAMS AND INITIATIVES: GMHF IMPLEMENTS A SERIES OF PROGRAMS TO PROMOTE BEST PRACTICES IN THE AFFORDABLE HOUSING FIELD, INCLUDING:(A) EMERGING DEVELOPERS PROGRAM SUPPORTS EMERGING DEVELOPERS IN THEIR GROWTH AS AFFORDABLE HOUSING DEVELOPERS BY OFFERING GRANT FUNDING, TECHNICAL ASSISTANCE, AND TRAINING;(B) HOUSING & HEALTH EQUITY INITIATIVE LINKS HEALTHCARE ORGANIZATIONS WITH THE HOUSING COMMUNITY TO CREATE INVESTMENT AND INNOVATIVE HOUSING SOLUTIONS;(C) RURAL AND TRIBAL CAPACITY BUILDING BRINGS AFFORDABLE HOUSING FROM CONCEPT TO COMPLETION IN GREATER MN BY OFFERING TECHNICAL ASSISTANCE, PLANNING SUPPORT, AND GRANTS;(D) GREEN LENDING INITIATIVE SUPPORTS THE ELECTRIFICATION AND DECARBONIZATION OF EXISTING AND NEW AFFORDABLE HOUSING BY LEVERAGING LOCAL, STATE, AND FEDERAL RESOURCES AND OFFERING TECHNICAL ASSISTANCE, RESOURCE MATCHING, FINANCING, AND DEMONSTRATION PROJECTS;(E) SMALL NOAH PROGRAM SUPPORTS SMALL AND EMERGING LANDLORDS IN ACQUIRING AND PRESERVING NATURALLY OCCURRING AFFORDABLE UNITS THROUGHOUT MINNESOTA'S RURAL AND URBAN AREAS.GMHF SERVES AS FISCAL SPONSOR FOR THE HEADING HOME MINNESOTA FUNDERS COLLABORATIVE WHOSE PURPOSE IS TO ENGAGE PHILANTHROPY IN SUPPORTING STATE AND LOCAL PLANS TO END AND PREVENT HOMELESSNESS AND GREATER PRODUCTION OF PERMANENT SUPPORTIVE HOUSING WITH SERVICES.RESEARCH AND DEVELOPMENT: GMHF CONDUCTS RESEARCH ON BEST PRACTICES AND STRATEGIES IN AFFORDABLE HOUSING AND DEVELOPS DEMONSTRATION PROJECTS, AS WELL AS PILOT PROGRAMS AND INITIATIVES THAT CAN BE ADOPTED AND IMPLEMENTED STATEWIDE.
  3. $1.6 million spent. AFFORDABLE HOUSING INVESTING ACTIVITIES: PLEASE SEE SCHEDULE O FOR THE DESCRIPTION OF NOAH IMPACT FUND LLC (NIF) AND MINNESOTA EQUITY FUND (MEF).NOAH IMPACT FUND LLC (NIF), A NON-PROFIT SUBSIDIARY OF GMHF, WAS ORGANIZED IN 2017 TO PRESERVE EXISTING OLDER, MARKET RATE BUT AFFORDABLE CLASS B AND CLASS C RENTAL HOUSING AT RISK OF LOST AFFORDABILITY DUE TO UPSCALING BY INVESTORS. NIF'S ACTIVITIES ARE DESIGNED TO FURTHER THE CHARITABLE PURPOSE OF ITS PARENT, GMHF, BY RAISING SOCIAL IMPACT CAPITAL FROM FINANCIAL INSTITUTIONS, STATE AND LOCAL GOVERNMENT, AND PHILANTHROPY TO COMPETE IN THE RENTAL MARKET AND ACQUIRE UNSUBSIDIZED RENTAL HOUSING, THUS PRESERVING ITS AFFORDABILITY, ENSURING THAT IT CONTINUES TO ACCEPT SECTION 8 AND OTHER RENTAL ASSISTANCE, AND PREVENTING THE DISPLACEMENT OF LOWER-INCOME RESIDENTS. NOAH, OR NATURALLY OCCURRING AFFORDABLE HOUSING, IS THE LARGEST SOURCE OF AFFORDABLE HOUSING ACROSS THE COUNTRY. NIF RAISED $32.5 MILLION IN NOAH POOL I LLC (NP1), WHICH CLOSED ON JUNE 1, 2017. NP1 DEPLOYED $30.6 MILLION TO PRESERVE 701 NOAH UNITS. NIF'S ACTIVITIES WERE PAUSED FROM 2020 TO 2023 DUE TO THE COVID-19 PANDEMIC AND RELATED ECONOMIC DISRUPTIONS. NIF THEN RAISED $33.5 MILLION TO CAPITALIZE NOAH POOL II LLC (NP2). NP2 CLOSED ON MAY 31,2024 AND IS EXPECTED TO PRESERVE THE AFFORDABILITY OF 500+ NOAH UNITS.MINNESOTA EQUITY FUND, LLC, A NON-PROFIT SUBSIDIARY OF GMHF, WAS CREATED IN 2011 TO ASSEMBLE PRIVATE EQUITY CAPITAL FOR THE DEVELOPMENT AND PRESERVATION OF AFFORDABLE RENTAL HOUSING THROUGH THE SYNDICATION OF FEDERAL LOW-INCOME HOUSING TAX CREDITS (LIHTCS) AND, OCCASIONALLY, FEDERAL HISTORIC TAX CREDITS AND ENERGY-RELATED TAX CREDITS. THROUGH THE END OF 2024, MEF HAS FACILITATED THE INVESTMENT OF OVER $320 MILLION OF GROSS EQUITY IN 55 PROJECTS WITH 2,976 NEW AND PRESERVED UNITS IN MINNESOTA AND OTHER STATES THROUGH MULTI-INVESTOR AND SINGLE INVESTOR FUNDS. IN ADDITION TO FINANCING AFFORDABLE WORKFORCE HOUSING FOR FAMILIES AND INDIVIDUALS AND AFFORDABLE HOUSING FOR SENIORS, MEF HAS FUNDED PERMANENT SUPPORTIVE HOUSING WHICH COMBINES HOUSING AND SERVICES TO HELP STABILIZE FORMERLY HOMELESS PEOPLE WHO SUFFER FROM CHRONIC HEALTH PROBLEMS INCLUDING MENTAL ILLNESS AND SUBSTANCE USE DISORDERS, AND MAY OTHERWISE BE HARD TO HOUSE.

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 November 6, 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 June 1996.

    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 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.