Missing Middle Housing Fund

Nonprofit profile at a glance

EIN
863980580
IRS 990 coverage
2023–2025
Forms available
Form 990 2025, Form 990-EZ 2022, Form 990-N 2021
Location
Portland, OR, USA
Phone
4128054783
Rating
86
Verdict
STRONG
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Reported finances

Revenue
$359,763
Expenses
$730,937
Assets
$3,133,191
Liabilities
$603,632

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

4 people listed

Executive titles in this filing

  • Jeff Gaus (President)
  • Nathan Wildfire (CEO)

Highest reported compensation

  • Nathan Wildfire (CEO): $67,789 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

About Missing Middle Housing Fund MMHF The Missing Middle Housing Fund supports the creation of new workforce housing and the innovations that reduce the costs to build them at scale.

What it reported doing in 2025

Supporting Housing Innovation in Rural Oregon: MMHF supported projects in 11 jurisdictions in Yamhill County 1 community in Morrow County 3 communities in Polk County and all of the communities along Oregons South Coast including event facilitation working directly with major employers and structuring and launching new housing funds. Supporting Housing Innovation Companies: MMHF worked with over 50 housing innovation companies in 2025 providing mentorship access to funding event facilitation and piloting innovative housing developments. Advocating for Better Housing Policies and Practices: MMHF hosted 3 Lets Build events for over 275 participants in three communities resulting in multiple working groups established to reduce red tape create industry driven projects and create new housing funds. In addition MMHF wrote over 15 articles 4 newsletters and countless posts reaching our network of over 500 housing innovators.

Operating model

Revenue model
Donor-supported. 66% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 95
  • Transparency & Controls: 92
  • Accountability: 79
  • Sustainability: 28
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 94.2%; rating input score 94
  • Fundraising efficiency: $51.02 raised per $1 spent on fundraising; rating input score 74; 74th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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; 64th percentile among comparable filings
  • Governance controls: 4 of 8 controls in place; rating input score 50
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -103.2%; rating input score 1; 1st percentile among comparable filings
  • Total-asset coverage ratio: 4.29; rating input score 76; 76th percentile among comparable filings
  • Liabilities to assets ratio: 0.19; rating input score 17; 17th percentile among comparable filings
  • Officer compensation ratio: 9.3%; rating input score 27; 27th percentile among comparable filings

Growth

  • Program expense growth: 83.2% per year; rating input score 100; 98th percentile among comparable filings
  • Revenue growth: -23.9% per year; rating input score 0; 2nd percentile among comparable filings
  • Asset growth: 40.8% per year; rating input score 100; 94th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 94.2% of spending went to programs
  • Governance: 3 of 3 board members independent · 4 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $689K in reported program spending
  • Leadership: top reported pay $68K · 4 people listed
  • Consistency: 43 of 43 current checks pass
  • Schedules: 7 filed schedules · includes major donors
  • Filing history: 3 filing years from 2023 to 2025
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • High — Sustainability: Operating margin scored 1/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 17/100.
  • High — Sustainability: Officer compensation ratio scored 27/100.