Central Minnesota Housing Partnership Inc

What it reported doing in 2024

Lead inspection services: lead paint inspection services were started in 2024. Staff has been trained and certified, and lead clearance inspections were completed on small cities development program projects. Nine lead clearance inspections were completed in 2024. Cmhp receives $300 per lead clearance inspection. It is the goal in 2025 to plan and implement lead assessments as well.Minnesota urban & rural homesteading (murl): cmhp services a portfolio of homes originally purchased and rehabilitated through the murl program. Homes were sold on a 0% interest contract for deed to eligible households, with monthly payments based on monthly household income. While the murl program is no longer an actively funded program, at the end of 2024 cmhp held deed to six homes being sold via contract for deed. Cmhp staff services these contract for deeds, and provides homeowner support in areas such as home maintenance, budgeting, etc. On occasion, a home is deeded back to cmhp for various reasons. As all homes are past the program's affordability period (15 or 15.5 years from time put in the program) any home returned to cmhp is sold fee simple on the open market. Sales proceeds are deposited in the murl revolving account. Cmhp bills monthly for actual program costs such as staff time, travel, and other administrative expenses. The administrative cost payments are drawn from cmhp's murl revolving account.community land trust (clt): the central Minnesota community land trust (cmclt) can provide homeownership opportunities to low and moderate-income households while creating long-term affordability for future generations of homebuyers. Homes cost less than market rate as the community land trust (clt) purchases the land using a ground lease and the homebuyer purchases the improvements, or home. Affordability is built in the shared resale formula which allows for a return on the homeowner's equity and an affordable sale price for future buyers. At the end of 2024, the cmclt had two homes in its portfolio. In 2024 the organization hired a single-family housing program manager to move central Minnesota community land trust activities forward, with the goal of applying for funding in 2025 to implement programs and create community land trust homes.first-generation down payment assistance program lending: in 2023, the state legislature appropriated $100 million to create a community based first-generation homebuyers assistance program. In 2024, cmhp applied to midwest Minnesota community development corporation, the program's statewide administrator, to become a dpa lender for the new first-generation homebuyer downpayment assistance program. We were approved as a dpa lender and began working with homebuyers in the fall of 2024. The program can provide up to $32,000 in downpayment assistance to eligible homebuyers. As an approved dpa lender, we work with first mortgage lenders and eligible homeowners to underwrite and originate down payment assistance loans. An administrative fee of $1,200 per dpa loan closing will be provided to cmhp. Closings will start taking place in early 2025.ta/chdo: cmhp provides direct technical assistance to communities, organizations, and non-profits in our service area. Technical assistance provided by cmhp can bring additional resources to the region by increasing local capacity. Services that cmhp may be able to provide include assessing housing needs in the community, grant application writing, financial packaging, project administration, development and ownership of affordable housing and team building.

Financial Efficiency

• Mission deployment rate: 100%; rating input score 100
• Program expense ratio: 88.2%; rating input score 88
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: Limited
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
• Governance controls: 8 of 9 controls in place; rating input score 89
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: Fail
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: -23.2%; rating input score 6; 6th percentile among comparable filings
• Total-asset coverage ratio: 5.26; rating input score 84; 84th percentile among comparable filings
• Liabilities to assets ratio: 0.98; rating input score 6; 6th percentile among comparable filings
• Officer compensation ratio: 3.8%; rating input score 63; 63rd percentile among comparable filings

Growth

• Program expense growth: 13.8% per year; rating input score 100; 75th percentile among comparable filings
• Revenue growth: 10.7% per year; rating input score 100; 71st percentile among comparable filings
• Asset growth: 14% per year; rating input score 100; 72nd percentile among comparable filings