Minnesota · Nonprofit
GREATER MINNESOTA HOUSING FUND
GREATER MINNESOTA HOUSING FUND (Minnesota) receives grants from 18 organizations whose IRS filings report $44,787,550 to it, the largest being NATIONAL PHILANTHROPIC TRUST ($25,000,000). 11 of them have funded it in more than one year, and 58% of the money arrives through donor-advised or pass-through sponsors rather than from an institution directly.
- Revenue FY2024
- $40M
- Funders on record
- 18
- Grants received
- $45M
- Net assets
- $152M
What Greater Minnesota Housing Fund does
Mission
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.
As stated on its FY2024 Form 990.
Programs
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.
$8,535,743 spent$13,015,728 earned by the program58% of program spendingAffordable 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…
$4,548,854 spentof which $1,911,816 as grants$381,292 earned by the program31% of program spendingAffordable 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…
$1,639,513 spent$325,108 earned by the program11% of program spending
The 3 programs described on its FY2024 Form 990, listed largest first by expense. Program spending in total: $14,724,110.
The organization over time
Each line starts at 100 in 2017, so what you read is the shape rather than the size: 150 means half as much again as 2017, 50 means half. The number beside each label in the key is where it ended. The shaded band is where the middle 50% of its peers' revenue would sit, given their growth.
Balance sheet
Total assets and total liabilities at each year end, in dollars. The largest one-year move in total assets was 2023 to 2024, from $237M to $303M (+28%).
How it's funded, over time
Each bar is one year's revenue split into where it came from, and every bar is the same height — these are shares, not amounts, so a year that raised twice as much looks the same size. Hover a bar for the split.
Government-grant reliance: 2022 48% · 2023 36% · 2024 17%. Grants only. Government contracts and fees sit inside program revenue.
64% of GREATER MINNESOTA HOUSING FUND’s revenue is contributions — more donation-reliant than the typical peer (13% for the typical peer).
Surplus & reserves
Operating surplus or deficit each year, and months of liquidity in hand. 2 of the last 8 reported years ran a deficit.
reserve
Leadership and staff
The officers, directors, trustees and key employees listed on each return. Joined and no longer listed compare each filing with the year before, matching people by surname and first initial; a year after a gap, or a roster under three people, has no comparison.
Chief executive
Andrea Brennan
President/CEO beginning
Board chair
Stephanie Cummings
Board chair
As listed on its FY2024 Form 990.
Who funds it, year by year
2017 → 2023: the base broadened from 1 funder to 10 funders, grant income rose $50 → $1.1M.
4 of 18 of your funders are donor-advised or pass-through sponsors (tagged DAF) — 58% of grant dollars received. That money is really individual donors directing a sponsor; the institutions to cultivate are the non-DAF funders.
Left out of every figure on this page: $2.6M from 5 payers (the payer shares this organization's board, largest Saint Paul & Minnesota Foundation); $108k from one payer (the same organization on both sides, largest Greater Minnesota Housing Fund). These are real filings, and they are not money GREATER MINNESOTA HOUSING FUND raised.
From the IRS filings of GREATER MINNESOTA HOUSING FUND’s funders (the co-funder graph). Association, not causation. Trends are read to FY2023, the last fiscal year that has finished arriving. FY2024–FY2026 are still being filed and are shown unshaded; they do not move any figure on this page.
How concentrated its funding is
GREATER MINNESOTA HOUSING FUND leans on a few funders — its largest provides 56% of grant income and the top three 89%; half comes from just 1 funder.
the vertical line marks half of all grant income — 1 funder to its left
58% of the income these shares are computed over arrives through pass-through sponsors or from payers whose filings do not say what kind of payment it is. Concentration is still measured over all of it, because the money is real; what it does not support is a claim about how many institutions have chosen to fund GREATER MINNESOTA HOUSING FUND.
Largest funder’s share by year: 2017 100% · 2019 92% · 2020 74% · 2021 62% · 2022 82% · 2023 29% — diversifying over time.
“Effective funders” = inverse Herfindahl index (1 / Σ shareᵢ²) — the number of equal-sized funders that would give the same concentration. Trends are read to FY2023, the last fiscal year that has finished arriving. FY2024–FY2026 are still being filed and are shown unshaded; they do not move any figure on this page.
How long its funders stay
57% of GREATER MINNESOTA HOUSING FUND's funders are still giving 3 years after their first grant; 61% give in more than one year at all.
Share of funders still giving k years after their first recorded grant, pooled across every acquisition cohort. A funder counts as retained in a year only if it made a grant that year. Measured to FY2023, the last fiscal year that has finished arriving — a funder cannot be counted as lapsed in a year most filers have not reached.
Where its funders are
58% of GREATER MINNESOTA HOUSING FUND's grant income arrives through donor-advised or pass-through sponsors, whose addresses record where the money is held rather than where the donor is. Of the $19M that is directly attributable, 99% of it comes from Minnesota funders.
In-state vs out-of-state, by year
Funder states come from each funder’s own filing. $26M arriving through sponsors registered in 4 states is excluded from the map and the split above: a sponsor holds money on a donor’s behalf, so its registered address would place those dollars somewhere no donor need ever have been. Trends are read to FY2023, the last fiscal year that has finished arriving. FY2024–FY2026 are still being filed and are shown unshaded; they do not move any figure on this page.
Against its field
GREATER MINNESOTA HOUSING FUND runs a healthier operating margin than three-quarters of the 817 housing & shelter nonprofits its size.
this organization peer median middle 50% of peers· 817 housing & shelter nonprofits $10M–$100M, FY2024
Government funding GREATER MINNESOTA HOUSING FUND receives
Grants and contracts to this organization from federal (USASpending) and state checkbooks, reconciled to its EIN. $42.2M on record.
- Department of the Treasury$42.2M
Federal grants vs contracts are distinguished; state line items keep their reported category. Matched by name + geography (the BMF), so coverage is partial and precision-first.
Organizations like GREATER MINNESOTA HOUSING FUND
Organizations whose mission and program text most resemble this one, by semantic similarity over every organization in the US filings — the closest peers, and often the clearest route to shared or prospective funders.
In Minnesota
Nationally
Read directly from this organization’s own Form 990, as neutral context.
Where the money goes
83% of spending goes to programs.
Governance
Public support
82%
Share of support from the public (Schedule A) — the basis for its public-charity status.
Footprint & structure
Files a return copy in 1 state
Part of a family of 4 related entities
- Noah Impact Fund LLC · disregarded
- Noah Pool I LLC · disregarded
- Minnesota Equity Fund LLC · disregarded
- Noah Pool II LLC · disregarded
Screen this organization
A dated, signed PDF of the compliance screen for GREATER MINNESOTA HOUSING FUND: IRS status (Business Master File, Publication 78, auto-revocation), the OFAC sanctions lists, the Internal Revenue Bulletin, and California registration, with the Rev. Proc. 2018-32 §8.01 reliance elements stated element by element. Generated from the current files at the moment you download it.
Screens are triage, not determinations; a source that cannot be read reports not screened, never clear. Screen this nonprofit · How the screen works · on the API as GET /api/screening/{ein}?format=pdf
Questions and answers
- Who funds GREATER MINNESOTA HOUSING FUND?
- GREATER MINNESOTA HOUSING FUND (Minnesota) receives grants from 18 organizations whose IRS filings report $44,787,550 to it, the largest being NATIONAL PHILANTHROPIC TRUST ($25,000,000). 11 of them have funded it in more than one year, and 58% of the money arrives through donor-advised or pass-through sponsors rather than from an institution directly.
- How many funders does GREATER MINNESOTA HOUSING FUND have?
- IRS filings report 18 organizations giving $44,787,550 in grants to GREATER MINNESOTA HOUSING FUND, 11 of which have funded it in more than one year.
- Who is the largest funder of GREATER MINNESOTA HOUSING FUND?
- NATIONAL PHILANTHROPIC TRUST is the largest funder on record, with $25,000,000 in grants. The full list of funders is on this page.
- How can an organization like GREATER MINNESOTA HOUSING FUND find more funders?
- Start with the funders already giving here, then look at the foundations that back similar organizations in Minnesota. The funding by cause and by state pages list the largest funders for a given area and how to approach them.
These figures are read directly from IRS Form 990 / 990-PF e-file XML: this organization’s own return for FY2024 (financials across 2017–2024), and the filings of 18 funders that report grants to it. “On record” means captured in the filings we have parsed — a funder that does not e-file, or whose grant detail is not itemized, will not appear. Filings run roughly 12–24 months behind. Trends on this page end at FY2023, the last fiscal year that has finished arriving; later years are shown and marked, and move no figure. Data on this page was exported October 14, 2026. What this page cannot tell you · view filing