2026-05-27T14:14:23-05:00 2024-12-31 411647057 MAHONEY ULBRICH CHRISTIANSEN & RUSS PA 10 RIVER PARK PLAZA SUITE 800 SAINT PAUL MN 55107 990 2024-01-01 061665031 CITY OF LAKES COMMUNITY LAND TRUST CITY 6125947150 1930 GLENWOOD AVENUE MINNEAPOLIS MN 55405 STACI HORWITZ INTERIM EXECUTIVE DIRECTOR 6125947150 2026-05-21 1 0 MARC A KOTSONAS P00544551 6512276695 2026-05-21 2024 2025-03-06 01:10:19Z STACI HORWITZ 1930 GLENWOOD AVENUE MINNEAPOLIS MN 55405 7571868 0 X WWW.CLCLT.ORG X 2002 MN CREATING COMMUNITY OWNERSHIP THAT PRESERVES AFFORDABILITY AND INCLUSIVITY IS THE MISSION OF THE CITY OF LAKES COMMUNITY LAND TRUST. 11 11 9 20 0 0 12803415 5519431 265134 446557 178997 440880 48652 -3264407 13296198 3142461 0 0 0 0 626187 709105 0 0 20093 1575940 2803229 2202127 3512334 11094071 -369873 32072076 31414217 15151098 14670112 16920978 16744105 X CREATING COMMUNITY OWNERSHIP THAT PRESERVES AFFORDABILITY AND INCLUSIVITY IS THE MISSION OF THE CITY OF LAKES COMMUNITY LAND TRUST. 0 0 3371653 -2926061 IN 2024 THE CLCLT ASSISTED 48 NEW HOUSEHOLDS ACHIEVE CLCLT HOMEOWNERSHIP IN MINNEAPOLIS, BRINGING THE TOTAL NUMBER OF HOMES IN TRUST TO 415 VIA GROUND LEASE AND DEED RESTRICTIONS. CONSTRUCTION ON THE CLCLT'S TWO LARGEST PROJECTS, THE 628 (7-UNIT CONDOMINIUM COMPLEX) AND HARRISON TOWNHOMES (17-UNITS), WERE COMPLETED IN 2024. CLOSINGS ON INDIVIDUAL HARRISON TOWNHOMES STARTED IN APRIL 2024 AND THE 628 IN OCTOBER 2024. ADDITIONALLY, THE CLCLT ACQUIRED FIFTEEN NEW PROPERTIES THROUGH ITS HOMEBUYER INITIATED PROGRAM; FOUR HOMES THROUGH PARTNERSHIPS WITH OTHER NONPROFIT DEVELOPERS; ONE THROUGH THE SELLER-LEVERAGED PROGRAM; THREE THROUGH PROJECT: SUSTAINED LEGACY; THREE EXISTING CONTRACT FOR DEED HOLDERS REFINANCED INTO CONVENTIONAL MORTGAGE; AND THREE CONTRACT FOR DEEDS WERE CANCELLED. OF ALL HOUSEHOLDS SERVED IN 2024, 61% WERE FROM COMMUNITIES OF COLOR, AND THE AVERAGE AREA MEDIAN INCOME WAS 51.06%IN ADDITION TO THE 415 HOMES IN TRUST AT YEAR-END 2024, THE CLCLT ALSO OWNS AND MAINTAINS FOUR RENTAL PROPERTIES, THE CLCLT OFFICE BUILDING, AND SEVERAL ADDITIONAL PROPERTIES UNDER DEVELOPMENT IN MINNEAPOLIS. EACH OF THESE PROPERTIES WILL REMAIN PERPETUALLY AFFORDABLE WITH NO OR VERY LITTLE ADDITIONAL AFFORDABILITY INVESTMENT BEING NEEDED AGAIN. AS OF YEAR-END 2024 THE CLCLT HAD ALSO FACILITATED A TOTAL OF 132 RESALES. IT'S IMPORTANT TO NOTE THAT NO NEW PUBLIC INVESTMENTS WERE NEEDED TO CREATE AFFORDABILITY FOR THE 134 RESALES DUE TO THE LONG-TERM AFFORDABILITY MECHANISM BUILT INTO THE COMMUNITY LAND TRUST. THE RESALES REPRESENT 134 LOW- AND MODERATE-INCOME HOUSEHOLDS WHO WERE ASSISTED INTO HOMEOWNERSHIP WITHOUT THE CLCLT NEEDING TO RAISE ADDITIONAL FUNDS TO KEEP THE HOMES AFFORDABLE DESPITE RAPIDLY RISING HOME VALUES IN MINNEAPOLIS AND INCREASING INTEREST RATES NATIONALLY. ALTHOUGH CONSTRUCTION COSTS STABILIZED SLIGHTLY IN 2024, THE IMPACT CONTINUES TO BE FELT ON CONSTRUCTION PROJECTS. EVEN THOUGH PUBLIC FUNDERS HAVE BEGUN TO ADJUST THEIR PER UNIT AFFORDABILITY OR DEVELOPMENT GAP MAXIMUM SUBSIDY LEVELS, THE CLCLT REMAINS CAUTIOUS ABOUT TAKING ON DEVELOPMENT PROJECTS WITHOUT AMPLE GAP RESOURCES OR DEFINITIVE PERMANENT FINANCING SOURCES AVAILABLE TO ENSURE THE HOMES ARE PRICED AFFORDABLY AT COMPLETION.IN 2024 THE CLCLT SPONSORED OVER 28 CLCLT ORIENTATIONS. CONTINUING TO PROVIDE VIRTUAL ORIENTATIONS HAS ALLOWED THE CLCLT TO OFFER ORIENTATIONS WITHOUT LIMITING THE NUMBER OF ATTENDEES DUE TO SPACE RESTRICTIONS. ADDITIONALLY, THE CLCLT PARTICIPATED IN FOUR COMMUNITY EVENTS AND FACILITATED FOUR COMMUNITY CONVERSATIONS. THROUGH THESE OUTREACH OPPORTUNITIES, THE CLCLT ESTIMATES IT WAS ABLE TO INFORM OVER 1,000 COMMUNITY MEMBERS ABOUT COMMUNITY LAND TRUST HOMEOWNERSHIP AND THE CLCLT'S PATHS INTO HOMEOWNERSHIP. ADDITIONALLY, THE CLCLT CONTINUES TO MEET WITH HOMEBUYERS VIRTUALLY, PRESENT TO NEIGHBORHOODS AND SOCIAL/HUMAN SERVICE PROVIDERS, AND OTHER STAKEHOLDERS ABOUT HOMEBUYER OPPORTUNITIES IN THE COMMUNITY AND THROUGH THE CLCLT WAY OF HOMEOWNERSHIP. AT YEAR'S END, CLCLT WAS STAFFED BY 6.8 FTE. OTHER SIGNIFICANT EVENTS IN 2024: CLCLT'S LONG-TIME FINANCE DIRECTOR TRANSITIONED OUT OF THE ORGANIZATION IN NOVEMBER 2024. 74045 108211 CITY OF LAKES COMMUNITY REALTY (CLCR), A MINNESOTA LIMITED LIABILTY NONPROFIT COMPANY, WAS FORMED TO FACILITATE LAND TRUST RESALES, PURCHASES, AND SELL RESIDENTIAL REAL ESTATE ON BEHALF OF CLCLT, AND TO REPRESENT REAL ESTATE TRANSACTIONS OF PARTNER ORGANIZATIONS PROVIDING AFFORDABLE HOME OWNERSHIP. THE ACTIVITIES ARE SUPPORTED PRIMARILY FROM COMMISSIONS ON REAL ESTATE SALES. 3445698 1 1 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 1 32 0 9 1 0 0 0 0 0 0 0 0 0 0 0 0 X 11 11 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 MN X X STACI HORWITZ 6125947150 1930 GLENWOOD AVE MINNEAPOLIS MN 55405 CATRICE WILLIAMS CHAIR 0.50 0.50 X X 0 0 0 MARY CHRISTIANSON VICE CHAIR 0.50 0.50 X X 0 0 0 CHRISTINA A JENNINGS TREASURER 0.50 0.50 X X 0 0 0 LIBBY F MURPHY SECRETARY 0.50 0.50 X X 0 0 0 JASMINE BILLEY MEMBER 0.50 0.50 X 0 0 0 RHEA BLUEARM MEMBER 0.50 0.50 X 0 0 0 NATALY SANCHEZ MEMBER 0.50 0.50 X 0 0 0 LUCIE SKJEFTE MEMBER 0.50 0.50 X 0 0 0 MINKARA TEZET MEMBER 0.50 0.50 X 0 0 0 BONITA TURNIPSEED MEMBER 0.50 0.50 X 0 0 0 J RALPH PACE MEMBER 0.50 0.50 X 0 0 0 STACI HORWITZ OPERATIONS DIRECTOR 36.50 3.50 X 90692 0 16369 MOLLIE MOSMAN FINANCE DIRECTOR 36.50 3.50 X 91903 0 11662 ANDREA REESE EXECUTIVE DIRECTOR 37.00 3.00 X 104369 0 20281 286964 0 48312 2 0 0 0 MERIDIAN PROPERTIES LLC PO BOX 582881 MINNEAPOLIS MN 55458 PROPERTY MANAGEMENT SERVICES 548400 J LEWIS BUILDING & REMODELING LLC 20071 NOWTHEN BLVD NW NOWTHEN MN 55330 CONSTRUCTION SERVICES 494201 2 6825 5077104 435502 145000 5519431 MISCELLANEOUS INCOME 532000 109403 109403 COMMISSIONS 532000 96512 96512 LAND LEASE REVENUE 532000 92117 92117 SERVICE AND ORIGINATION FEES 532000 61000 61000 BUILDING RENTS 532000 53325 53325 34200 34200 446557 440880 440880 1165000 4429407 -3264407 -3264407 3142461 -2817850 0 440880 335276 307102 21942 6232 288196 272211 7802 8183 19174 16797 1258 1119 24075 24075 42384 39425 1971 988 26648 19309 7339 232799 231607 1192 12688 11922 480 286 47354 45871 996 487 504 504 8536 8536 35410 34146 879 385 12416 10973 1274 169 REHAB COSTS 1335447 1335447 HOMEOWNERS ACQUISTION 858089 858089 BAD DEBT 124299 124299 OUTREACH AND DEVELOPMEN 57239 56490 676 73 51800 48895 1926 979 3512334 3445698 46543 20093 120467 300115 8702383 8371818 1205350 2050615 291830 315913 0 65000 9384166 6194356 31296 60178 718120 412497 330790 305623 12005794 13750599 32072076 31414217 203314 1066619 45000 45000 457308 471099 14248390 12544682 197086 542712 15151098 14670112 X 16102871 16481118 818107 262987 16920978 16744105 32072076 31414217 -369873 193000 0 X X 0 1 X 1 0 X 2447659 4929863 1925547 12803415 5519431 27625915 2447659 4929863 1925547 12803415 5519431 27625915 1973912 25652003 686 1342 2072 178997 440880 623977 52295 52295 28302187 3811882 0.90640 0.89260 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 10260 10260 691360 395997 295363 16500 16500 0 305623 LAND HELD IN TRUST 13750599 C 13750599 DUE TO NEIGHORHOOD HOUSING SERVICES OF MINNEAPOLIS 542712 542712 X PART X, LINE 2: CLCLT IS CLASSIFIED AS A TAX-EXEMPT ORGANIZATION UNDER MINNESOTA STATUTE 290.05 AND SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, ARE EXEMPT FROM PRIVATE FOUNDATION STATUS UNDER SECTION 509(A)(1) OF THE INTERNAL REVENUE CODE AND IS SUBJECT TO INCOME TAXES ONLY ON NET UNRELATED BUSINESS INCOME. INCOME FROM OPERATION OF THE RENTAL PROPERTY IS SUBJECT TO UNRELATED BUSINESS INCOME TAXES BECAUSE THE BUILDING IS DEBT FINANCED. NO INCOME TAXES WERE PAID IN 2025 AND 2024. MANAGEMENT BELIEVES CLCLT DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS. X LAND 6 145000 APPRAISED VALUE 0 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 THE REGULAR MEMBERS OF THE CORPORATION SHALL BE ALL NATURAL PERSONS, EIGHTEEN YEARS OF AGE OR OLDER, WHO LEASE LAND OR HOUSING FROM THE CORPORATION, OR WHO LEASE OR OWN HOUSING THAT IS LOCATED ON LAND LEASED BY ANOTHER ENTITY FROM THE CORPORATION (LESSEE MEMBERS). ALL OTHER NATURAL PERSONS, EIGHTEEN YEARS OF AGE OR OLDER, WHO HAVE PAID MEMBERSHIP DUES AS SET BY THE BOARD OF DIRECTORS (GENERAL MEMBERS). FORM 990, PART VI, SECTION A, LINE 7A THE DIRECTORS SHALL BE ELECTED BY LESSEE AND GENERAL MEMBERS PRESENT AND VOTING AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B THIS APPROVAL IS REQUIRED FOR THE DISSOLUTION OF THE ORGANIZATION, THE SALE OF CLCLT ASSETS (HOMES), AND A CHANGE IN CLCLT GROUND LEASE DOCUMENTS. FORM 990, PART VI, SECTION B, LINE 11B THE EXECUTIVE DIRECTOR PROVIDES A NARRATIVE AND THE BOARD REVIEWS. FORM 990, PART VI, SECTION B, LINE 12C THE DIRECTORS HAVE TO SIGN A FORM WHERE THEY MUST STATE ANY CONFLICTS OF INTEREST THAT THEY HAVE. THE BOARD MEMBERS MUST ANNOUNCE ANY OTHER AFFILIATIONS AND THEY SHOULD BE REFLECTED IN THE BOARD MINUTES. A BOARD MEMBER THAT HAS A CONFLICT OF INTEREST MY BE PRESENT FOR THE DISCUSSION TO ANSWER QUESTIONS, BUT MAY NOT ADVOCATE FOR THE ACTION TO BE TAKEN AND MUST LEAVE THE ROOM WHILE A VOTE IS TAKEN. FORM 990, PART VI, SECTION B, LINE 15 FOR THE EXECUTIVE DIRECTOR THE EXECUTIVE COMMITTEE PERFORMS A REVIEW OF SIMILAR SALARIES IN THE FIELD AND NONPROFIT SALARY REVIEW DONE EVERY COUPLE OF YEARS AND MAKES A RECOMMENDATION TO THE BOARD OF DIRECTORS FOR APPROVAL. FOR KEY EMPLOYEES THE EXECUTIVE DIRECTOR DETERMINES THE SALARY BY REVIEWING COMPARATIVE SALARIES IN THE INUDSTRY AND BY EXAMINING THE ANNUAL BUDGET. FORM 990, PART VI, SECTION C, LINE 19 A PHOTOCOPY OR ELECTRONIC VERSION IS AVAILABLE UPON REQUEST. PART XII, LINE 2C THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. CITY OF LAKES COMMUNITY REALTY LLC 1930 GLENWOOD AVENUE MINNEAPOLIS MN 55405 812392198 PURCHASE AND SELL REAL ESTATE MN 109973 175349 CITY OF LAKES COMMUNITY LAND TRUST NEIGHBORHOOD HOUSING SERVICES 1930 GLENWOOD AVENUE MINNEAPOLIS MN 55405 411386993 TO PROMOTE NEIGHBORHOOD STABALIZATION THROUGH SUSTAINABLE HOME OWNERSHIP MN 501(C)(3) LINE 7 CITY OF LAKES COMMUNITY LAND TRUST 0 0 0 0 0 1 0 0 0 0 0 0 1 0 1 1 1 1 0 1 NEIGHBORHOOD HOUSING SERVICES E 542712 COST