2025-07-30T07:27:11-05:00 2024-12-31 351750664 DAUBY O'CONNOR & ZALESKI LLC 501 CONGRESSIONAL BLVD 300 CARMEL IN 46032 990 2024-01-01 841686593 MIDWEST HOUSING DEVELOPMENT FUND INC MIDW 4023348899 515 N 162ND AVE 202 OMAHA NE 68118 JASON MAIN TREASURER, CFO 4023348899 2025-06-17 1 0 ELLEN WILDE P01254265 3178485700 2024 2025-03-06 01:10:19Z JASON MAIN 515 N 162ND AVE 202 OMAHA NE 68118 11801333 0 X WWW.MHDFINC.COM X 2000 NE TO PROMOTE SUSTAINABLE COMMUNITY DEVELOPMENT AND QUALITY OF LIFE IN THE MIDWEST UNITED STATES. 9 8 4 0 0 0 2997352 7817020 2238314 3106533 540986 877780 0 0 5776652 11801333 0 43633 0 0 726032 1066973 0 0 0 1127428 1313263 1853460 2423869 3923192 9377464 74703795 96332678 49391737 59235806 25312058 37096872 X THE MISSION OF MIDWEST HOUSING DEVELOPMENT FUND IS TO PROMOTE SUSTAINABLE COMMUNITY DEVELOPMENT AND QUALITY OF LIFE IN THE MIDWEST BY PROVIDING RESOURCES FOR THE DEVELOPMENT OF AFFORDABLE HOUSING. 0 0 2369027 43633 3106533 MIDWEST HOUSING DEVELOPMENT FUND HAS PROVIDED AND/OR FACILITATED FINANCING IN CONNECTION WITH DEVELOPMENT OF LOW AND MODERATE INCOME AND WORKFORCE HOUSING. SINCE THE ORGANIZATION'S INCEPTION, IT HAS MADE 316 LOANS TOTALING OVER $249 MILLION. THESE LOANS HELPED CREATE OVER 10,000 AFFORDABLE RENTAL HOUSING UNITS FOR INDIVIDUALS AND FAMILIES ACROSS THE MIDWEST. DURING THE YEAR ENDED DECEMBER 31, 2024, THE ORGANIZATION WAS ABLE TO PROVIDE OVER $50 MILLION BETWEEN 28 NEW LOANS TO HELP FINANCE AFFORDABLE HOUSING. MIDWEST HOUSING DEVELOPMENT FUND BEGAN PROVIDING AND FACILITATING FINANCING FOR AFFORDABLE, WORKFORCE HOUSING IN 2017. IN 2020 MHDF EXPANDED THE DEVELOPMENT SERVICES IN NEBRASKA TO THE METRO OMAHA IOWA COUNTIES. THESE TECHNICAL ASSISTANCE SERVICES ARE FOR AFFORDABLE AND WORKFORCE HOUSING AND THE INITIATIVE IS NAMED MIDWEST HOUSING RESOURCE NETWORK. THE MIDWEST HOUSING RESOURCE NETWORK FUNCTIONS CONTINUE THROUGH THE COMBINED EFFORTS OF NEBRASKA STRATEGIC HOUSING COUNCIL LED BY THE NEBRASKA INVESTMENT FINANCE AUTHORITY, THE NEBRASKA HOUSING DEVELOPERS' ASSOCIATION TECHNICAL ASSISTANCE, AND MIDWEST HOUSING DEVELOPMENT FUND DIRECT DEVELOPMENT SERVICES AND TECHNICAL ASSISTANCE TO DEVELOPERS, COMMUNITY LEADERS AND HOUSING STAKEHOLDERS. MHDF PARTICIPATES AS A MEMBER OF THE NEBRASKA STRATEGIC HOUSING COUNCIL CORE TEAM AND THE NEBRASKA HOUSING DEVELOPERS' ASSOCIATION BOARD OF DIRECTORS. 2369027 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 3 0 1 4 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 9 8 0 1 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X JASON MAIN 4023348899 515 N 162ND AVE SUITE 202 OMAHA NE 68118 DAVID S FISHER PRESIDENT 40.00 X X 568436 0 47906 MARK O'CONNOR DIRECTOR 1.00 X 0 0 0 BARRY SANDSTROM CHAIRPERSON 1.00 X X 0 0 0 MATTHEW CAVANAUGH SECRETARY 1.00 X X 0 0 0 KRIS SADDORIS DIRECTOR 1.00 X 0 0 0 VALERIE THOMPSON DIRECTOR 1.00 X 0 0 0 DENA SHERILL DIRECTOR 1.00 X 0 0 0 SCOTT P MOORE DIRECTOR 1.00 X 0 0 0 TAMEKI GRANT DIRECTOR 1.00 X 0 0 0 KIRK KELLNER CHAIRPERSON 1.00 X X 0 0 0 LARA HUSKEY EXECUTIVE VP/TREASURER/CFO 40.00 X 210747 16667 24913 PAULA KASLON SENIOR LOAN OFFICER 40.00 X 105792 0 26623 884975 16667 99442 3 0 1 0 0 1297020 6520000 7817020 INTEREST INCOME - LOAN RECEIVABLE 531110 2968315 2968315 ORIGINATION FEE INCOME 531110 124908 124908 MISCELLANEOUS 531110 13310 13310 3106533 877780 877780 11801333 3106533 0 877780 43633 43633 690270 690270 199435 199435 79903 79903 52162 52162 45203 45203 1629 1629 8395 6212 2183 44241 44241 24228 17929 6299 40479 40120 359 952134 952134 4773 4773 1760 1760 PROVISION FOR LOAN LOSS 233803 233803 FINANCIAL EXPENSE 1821 1821 2423869 2369027 54842 0 2348931 7325707 12650400 22000000 687882 694731 2606 3016 27297 22003 9828 5294 556600 717600 58447548 65586330 74703795 96332678 335573 255269 9437648 17787725 12110842 14694733 27007674 25998079 500000 500000 49391737 59235806 X 25312058 37096872 25312058 37096872 74703795 96332678 X 9377464 2407350 X X 0 1 X 1 1 1 X 1097596 999396 3743923 2997352 7817020 16655287 870207 1200853 1451297 2238314 3106533 8867204 1967803 2200249 5195220 5235666 10923553 25522491 0 0 0 25522491 7275 7777 89747 540986 877780 1523565 7275 7777 89747 540986 877780 1523565 1975078 2208026 5284967 5776652 11801333 27046056 0.94370 0.96310 0.05630 0.03690 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 27297 22003 5294 5294 PROGRAM-RELATED LOANS TO LOW-INCOME HOUSING DEVELOPMENTS 65586330 65586330 MIDWEST HOUSING EQUITY GROUP 500000 500000 X 11801333 0 11801333 0 11801333 2423869 0 2423869 0 2423869 PART X, LINE 2: THE CORPORATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND STATE INCOME TAX. ACCORDINGLY, NO PROVISION FOR FEDERAL AND STATE TAXES ON REVENUE AND INCOME HAS BEEN RECOGNIZED IN THE ACCOMPANYING FINANCIAL STATEMENTS. GENERALLY, THE FEDERAL AND STATE TAX RETURNS WERE SUBJECT TO EXAMINATIONS FROM THE THREE YEARS AFTER THE LATER OF THE ORIGINAL OR EXTENDED DUE DATE OR THE DATE FILED WITH THE APPLICABLE TAX AUTHORITIES. 0 WASHINGTON COURT LLLP 410 S 2ND ST BISMARCK ND 58504 922354273 42733 0 TO PROVIDE GAP FINANCING IN CONNECTION WITH THE CONSTRUCTION OF 96 UNITS OF AFFORDABLE HOUSING. 0 1 X X 1 0 0 0 0 1 0 0 0 DAVID S FISHER PRESIDENT 203456 0 364980 0 0 0 37950 0 9956 0 616342 0 0 0 LARA HUSKEY EXECUTIVE VP/TREASURER/CFO 150189 16667 60558 0 0 0 23080 1833 0 0 233827 18500 0 0 PART I, LINE 4A DURING THE YEAR ENDING 12/31/24, THE FORMER PRESIDENT RECEIVED $100,000 OF SEVERANCE PAYMENT. SCHEDULE J, PART 1, LINE 6A THE CEO AND EVP RECEIVE INCENTIVE PAY BASED GENERALLY UPON NET OPERATING INCOME FOR A GIVEN YEAR. THE 2024 INCENTIVE PAY WAS BASED UPON PRECENTAGE OF BASE SALARY. SHORT-TERM INCENTIVE PAY: CEO 15% TO 25% AND EVP 15% TO 25%. LONG-TERM INCENTIVE PAY: CEO AND EVP UP TO 25%. FOR EACH EXECUTIVE, THE LOW END OF BONUS PERCENTAGE BEGINS WHEN MHDF ACHIEVES THE BUDGETED INCOME AMOUNT OF NET OPERATING INCOME AND INCREASES TO ITS HIGH POINT WHEN MHDF ACHIEVES 120% OF BUDGETED NET OPERATING INCOME. NET OPERATING INCOME IS DEFINED AS NET INCOME LESS NON-OPERATING GRANTS. THE BOARD HAS DISCRETION TO AWARD BONUSES TO EXECUTIVES REGARDLESS OF THE NET INCOME OF THE COMPANY, SO LONG AS SUCH BONUS PAYMENTS ALIGN WITH THE COMPARABILITY DATA FOR SIMILARLY SITUATED ORGANIZATIONS. BONUS PAYMENTS ARE SUBJECT TO INDIVIDUAL PERFORMANCE REVIEWS. FORM 990, PART VI, SECTION A, LINE 3 MIDWEST HOUSING DEVELOPMENT FUND ENTERED INTO A MANAGEMENT AGREEMENT FOR A PERIOD OF THREE YEARS COMMENCING DECEMBER 7, 2023 WITH MIDWEST HOUSING EQUITY GROUP, INC., A 501(C)(3) ORGANIZATION, TO MANAGE THE AFFAIRS OF MIDWEST HOUSING DEVELOPMENT FUND. FORM 990, PART VI, SECTION A, LINE 6 THE CORPORATION HAS ONE MEMBER, MIDWEST HOUSING EQUITY GROUP, INC. FORM 990, PART VI, SECTION A, LINE 7A ANY CHANGE IN THE NUMBER OF AUTHORIZED DIRECTORS SHALL REQUIRE THE CONSENT OF THE MEMBER. THE ELECTION OF A DIRECTOR SHALL BE SUBJECT TO THE CONSENT OF THE MEMBER. THE ELECTION OF ANY OFFICER SHALL BE SUBJECT TO THE CONSENT OF THE MEMBER. WITH THE CONSENT OF THE MEMBER, ANY DIRECTOR MAY BE REMOVED FROM OFFICE WITH OR WITHOUT CAUSE BY A MAJORITY VOTE OF THE DIRECTORS. SUBJECT TO THE RIGHTS, IF ANY, OF THE OFFICER UNDER ANY CONTRACT OF EMPLOYMENT, ANY OFFICER OF THE CORPORATION MAY BE REMOVED WITH OR WITHOUT CAUSE BY THE BOARD AT ANY TIME, WITH THE CONSENT OF THE MEMBER, AND SHALL BE REMOVED UPON EXPIRATION OF SUCH OFFICER'S TERM. FORM 990, PART VI, SECTION A, LINE 7B THE FOLLOWING ACTIONS ARE SUBJECT TO APPROVAL AND WRITTEN CONSENT OF THE MEMBER: A. ANY AMENDMENT TO THE RESTATED ARTICLES OF INCORPORATION; B. A MERGER OR CONSOLIDATION OF THE CORPORATION WITH OR INTO ANY OTHER ENTITY; C. A SALE, TRANSFER, LEASE, OR DISPOSITION OF MORE THAN FIFTY (50) PERCENT OF THE ASSETS OF THE CORPORATION OR SUCH ASSETS OF THE CORPORATION AS THE MEMBER MAY DESIGNATE; D. A LIQUIDATION OR DISSOLUTION OF THE CORPORATION; E. APPROVAL OF ANY AMENDMENT TO THE BYLAWS OF THE CORPORATION AFTER JULY 1, 2018; F. THE ELECTION OF THE DIRECTORS OF THE CORPORATION; G. THE ADOPTION OF A STRATEGIC PLAN OR ANY AMENDMENTS THERETO BY THE CORPORATION; H. THE ADOPTION OF AN ANNUAL BUDGET OR ANY AMENDMENTS THERETO BY THE CORPORATION; I. THE ELECTION OF OFFICERS OF THE CORPORATION. FORM 990, PART VI, SECTION B, LINE 11B THE DRAFT OF THE FORM 990 IS PROVIDED TO THE PRESIDENT AND THE BOARD OF DIRECTORS AND IS REVIEWED IN DETAIL. THE RETURN IS NOT FILED UNTIL THE FORM 990 AND ALL SUPPLEMENTAL INFORMATION ATTACHED TO THE RETURN HAS BEEN APPROVED BY THE PRESIDENT AND BOARD OF DIRECTORS. THE CHIEF FINANCIAL OFFICER IS THE AUTHORIZED SIGNER FOR THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C ALL LOANS MADE TO ORGANIZATIONS THAT COULD BE OF FINANCIAL BENEFIT TO THE ABOVE MENTIONED INDIVIDUALS GO THROUGH AN APPROVAL PROCESS BY A LOAN COMMITTEE CONSISTING OF INDEPENDENT BOARD MEMBERS. FORM 990, PART VI, SECTION B, LINE 15 TO DETERMINE COMPENSATION, A COMPARABILITY ANALYSIS WAS PERFORMED AND REVIEWED BY THE MIDWEST HOUSING DEVELOPMENT FUND BOARD CHAIRMAN AND INDEPENDENT OFFICERS OF THE SOLE MEMBER (THE "COMPENSATION REVIEW PANEL"). THE COMPENSATION REVIEW PANEL AND MIDWEST HOUSING DEVELOPMENT FUND BOARD OF DIRECTORS RECEIVE AND CONSULT THESE INDEPENDENT COMPENSATION SURVEYS. EACH REVIEWED POSITION WAS CONSIDERED BY REVIEWING MARKET DATA BY THREE ASSET SIZES OF COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS AND PAY QUARTILES. THE EXECUTIVE COMPENSATION REVIEW PANEL PERFORMED A COMPENSATION ANALYSIS AND PRESENTED THE PROPOSED COMPENSATION PLAN TO THE MIDWEST HOUSING DEVELOPMENT FUND BOARD OF DIRECTORS ON BEHALF OF THE EXECUTIVE COMPENSATION REVIEW PANEL. THE MIDWEST HOUSING DEVELOPMENT FUND BOARD REVIEWED THE COMPARABIILTY DATA AND APPROVED THE EXECUTIVE COMPENSATION PLAN WHICH INCLUDES THE CHIEF EXECUTIVE OFFICER AND THE EXECUTIVE VICE PRESIDENT/TREASURER/CHIEF FINANCIAL OFFICER. FORM 990, PART VI, SECTION C, LINE 19 MIDWEST HOUSING DEVELOPMENT FUND DOES NOT MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: CONTRIBUTION FROM SOLE MEMBER 2,407,350. PART XII FINANCIAL STATEMENTS AND REPORTING LINE 2C: WHEN THE AUDIT IS UP FOR BID, THE BOARD DISCUSSES THE RELATIONSHIP WITH THE CURRENT AUDITORS AND MAKES A DETERMINATION AS TO WHETHER TO MAINTAIN THIS RELATIONSHIP OR CHANGE TO A NEW AUDITING FIRM. MIDWEST HOUSING EQUITY GROUP INC 515 N 162ND AVE SUITE 202 OMAHA NE 68118 470767984 LOW INCOME HOUSING NE 501(C)(3) LINE 10 0 0 0 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0