2024-09-25T16:59:07-05:00 2023-12-31 411647057 MAHONEY ULBRICH CHRISTIANSEN & RUSS PA 10 RIVER PARK PLAZA SUITE 800 SAINT PAUL MN 55107 990 2023-01-01 412019107 WEST HENNEPIN AFFORDABLE HOUSING LAND TRUST WEST 9524017071 5100 THIMSEN AVENUE SUITE 120 MINNETONKA MN 55345 BRENDA LANO-WOLKE EXECUTIVE DIRECTOR 9524017071 2024-09-25 1 0 MARC A KOTSONAS P00544551 6512276695 2024-09-25 2023 2024-08-08 14:25:15Z HOMES WITHIN REACH BRENDA LANO-WOLKE 5100 THIMSEN AVENUE SUITE 120 MINNETONKA MN 55345 8799388 0 X WWW.HOMESWITHINREACH.ORG X 2001 MN THE ORGANIZATION PROVIDES PERMANENTLY AFFORDABLE HOUSING OWNERSHIP OPPORTUNITIES FOR LOW TO MODERATE INCOME FAMILIES WITHIN SUBURBAN HENNEPIN COUNTY. 8 8 4 8 0 0 3086041 4354281 280275 419977 -777412 -853001 0 0 2588904 3921257 0 0 0 0 236421 264627 0 0 32265 100189 87863 336610 352490 2252294 3568767 25109895 27468416 5483856 4273610 19626039 23194806 X WEST HENNEPIN AFFORDABLE HOUSING LAND TRUST (WHAHLT) DBA HOMES WITHIN REACH (HWR) WAS CREATED IN MAY 2001; A COMMUNITY LAND TRUST WHOSE SERVICE AREA IS THE 44 COMMUNITIES OF SUBURBAN HENNEPIN COUNTY; AND CURRENTLY ACTIVE IN FOURTEEN (14) COMMUNITIES. WEST HENNEPIN AFFORDABLE HOUSING LAND TRUST VISION IS TO TRANSFORM PEOPLE'S LIVES THROUGH HOMEOWNERSHIP. THE MISSION IS TO USE THE COMMUNITY LAND TRUST PRACTICE TO PROVIDE AFFORDABLE HOMEOWNERSHIP FOR WORKING FAMILIES THAT WOULD BE OTHERWISE UNABLE TO PURCHASE A HOME IN SUBURBAN HENNEPIN COUNTY, OFFERING BOTH COMMUNITIES AND HOMEBUYERS THE ABILITY TO SUSTAIN PERMANENTLY AFFORDABLE HOMEOWNERSHIP. 0 0 186108 -456154 HOUSING IS A MULTIPLIER, A BASIC NEED THAT IMPACTS EVERY PART OF LIFE: EDUCATION, HEALTH AND ECONOMIC SUCCESS. HWR HAS WITNESSED FIRST-HAND HOW HOMEOWNERSHIP FOR WORK-FORCE FAMILIES STABILIZES LIVES, ENABLES GREATER COMMUNITY AND ECONOMIC PARTICIPATION, AND BUILDS ASSETS. HWR ACQUIRES THE OWNERSHIP OF REAL PROPERTY, REHABILITATING AND THEN SELLING THE IMPROVEMENTS (HOME) TO HOMEOWNERS EARNING LESS THAN 80% AREA MEDIAN INCOME. THIS ARRANGEMENT BETWEEN THE HOMEOWNER AND HWR PROTECTS HOUSING AFFORDABILITY IN PERPETUITY BY ENSURING THAT THE HOME IS AFFORDABLE FOR LOW TO MODERATE INCOME WORKFORCE HOUSEHOLDS UPON THE SALE AND FUTURE SALES OF A SINGLE-FAMILY HOME.AS OF DECEMBER 31, 2023, WHAHLT HAS PLACED 205 PROPERTIES INTO ITS TRUST SINCE IT BEGAN CREATING AND PRESERVING AFFORDABLE HOMEOWNERSHIP AND HAS ASSISTED 245 FAMILIES, WITH AN AVERAGE AREA MEDIAN INCOME OF 58.6%, IN PURCHASING A HOME IN THE COMMUNITIES OF BLOOMINGTON, BROOKLYN PARK, CRYSTAL, DEEP HAVEN, EDINA, EDEN PRAIRIE, GOLDEN VALLEY, MAPLE GROVE, MINNETONKA, NEW HOPE, PLYMOUTH, RICHFIELD, ST. LOUIS PARK AND WAYZATA. THE REASON FOR GROWING IN THESE SPECIFIC COMMUNITIES IS THAT EACH ONE OF THESE CITIES HAS DEMONSTRATED A WILLINGNESS TO COLLABORATE WITH WHAHLT IN CREATING AFFORDABLE HOMEOWNERSHIP. THE PROGRAM OFFERS AN OPPORTUNITY FOR WORKFORCE HOUSEHOLDS TO BECOME HOMEOWNERS, WHICH IN TURN STABILIZES THE FAMILY UNIT, ADDS VALUE TO THE COMMUNITY WHERE THEY WORK OR LIVE, BY INCREASING THE LABOR POOL TO LOCAL BUSINESSES, ADDING NEW FAMILIES TO THE COMMUNITY, PRESERVING AND REHABILITATING OF EXISTING HOUSING STOCK AND PROVIDING A MECHANISM TO INVEST IN LONG TERM AFFORDABLE HOMEOWNERSHIP, THEREBY LINKING HOUSING WITH JOBS, TRANSIT AND SUPPORT SERVICES.IN 2023 HWR ADDED 19 HOMES IN 9 COMMUNITIES. NOTABLE HIGHLIGHTS FOR 2023 WERE; A UNIQUE OPPORTUNITY IN EDINA. EDINA HAD ACQUIRED A HOME VIA TAX FORFEITURE 12 YEARS PRIOR. THE HOME HAD SUFFERED A FIRE. IT WAS ABANDONED WITH ALL THE PREVIOUS OWNERS' BELONGINGS IN THE HOUSE. IT WAS A HOARDER HOME. THIS CITY APPROACHED HWR WITH AN OFFER TO SELL THE HOME TO OUR ORGANIZATION FOR $1.00. STAFF RESEARCHED WHETHER IT MADE SENSE TO ACQUIRE THE HOME FOR EXTENSIVE REHAB OR TEAR IT DOWN FOR NEW CONSTRUCTION AND WAS IT FINANCIALLY FEASIBLE. GIVEN A TEAR DOWN WOULD REQUIRE NEW SETBACKS MEANING THE FOUNDATION COULDN'T EVEN BE SAVED, THE PLAN WAS TO REHAB THE HOME. THE HOME WAS ORIGINALLY A 2 BED, 1 BATH HOME WITH A SINGLE CAR ATTACHED GARAGE AND AN ADDITIONAL 2 CARE DETACHED. BY RAISING THE ROOF AND CONVERTING THE GARAGE INTO BEDROOM SPACE, THE HOME WAS TRANSFORMED INTO A BEAUTIFUL, ENERGY EFFICIENT 4 BED, 2 BATH WITH MAIN FLOOR LAUNDRY. IT IS TRULY A FLAGSHIP HOME FOR THE PROGRAM. ADDITIONALLY, 2023 WAS THE LARGEST FUNDING AWARD FROM MINNESOTA HOUSING IN THE ORGANIZATIONS HISTORY WHICH WILL ENSURE CONTINUED GROWTH AND EXPANSION FOR THE NEXT FEW YEARS. THE CITY OF GOLDEN VALLEY ALSO RECEIVED A SIGNIFICANT AWARD WHICH WILL BENEFIT HWR AS IT WILL ALLOW THEM TO AWARD FUNDS TO DEVELOPERS TO BUILD ON CITY OWNED LOTS WITH THE CAVEAT THAT THE HOMES MUST BE PLACED IN HOMES WITHIN REACH LAND TRUST PROGRAM. OVER TIME, 20 HOMES WILL BE ADDED IN THE COMMUNITY. 2023 BROUGHT SIGNIFICANT GROWTH AND OPPORTUNITY FOR WEST HENNEPIN AFFORDABLE HOUSING LAND TRUST, DBA, HOMES WITHIN REACH (HWR) CREATING AND PRESERVING LONG-TERM AFFORDABLE HOMEOWNERSHIP OPPORTUNITIES FOR WORK-FORCE HOUSEHOLDS WHO PROVIDE ESSENTIAL SERVICES TO HENNEPIN COUNTY SUBURBAN COMMUNITIES. SERVICE PROVIDERS SUCH AS TEACHERS, MUNICIPAL WORKERS, RETAIL STAFF, OFFICE PERSONNEL, FOOD SERVICE, CUSTOMER SERVICE REPRESENTATIVES, MEDICAL SUPPORT STAFF AND MANY MORE, WHO ARE UNABLE TO PURCHASE A HOME IN THE COMMUNITIES WHERE THEY WORK AND LIVE. 186108 1 1 0 0 0 0 0 0 0 0 1 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 8 0 1 4 1 0 0 0 0 0 0 0 0 0 0 0 0 X 8 8 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MN X THE ORGANIZATION 9524017071 5100 THIMSEN AVENUE SUITE 120 MINNETONKA MN 55345 NOEL KLINNERT PRESIDENT 1.00 X X 0 0 0 STEVE SCHMIDT SECRETARY 1.00 X X 0 0 0 BRAD WIERSUM TREASURER 1.00 X X 0 0 0 JESSICA BRUE BOARD MEMBER 1.00 X 0 0 0 PAT GLEASON BOARD MEMBER 1.00 X 0 0 0 BARRETT ANDERSON VICE PRESIDENT 1.00 X X 0 0 0 BELETE AEBA BOARD MEMBER 1.00 X 0 0 0 DAN JOHNSON BOARD MEMBER 1.00 X 0 0 0 BRENDA LANO-WOLKE EXECUTIVE DIRECTOR 40.00 X 94256 0 10485 94256 0 10485 0 0 0 0 TJU CONSTRUCTION INC 14400 WOODHAVEN RD MINNETONKA MN 553452358 CONSTRUCTION SERVICES 966275 CCR HOMES LLC 8925 COUNTY ROAD 43 CHASKA MN 553189242 CONSTRUCTION SERVICES 314059 RANDY KIRSCH CONSTRUCTION LLC 47560 280TH STREET GAYLORD MN 55334 CONSTRUCTION SERVICES 268280 3 3894089 460192 399999 4354281 DEVELOPER FEES 531390 251086 251086 HOME BUYER CLOSING FEES 531390 100000 100000 LAND LEASE FEES 531390 68880 68880 MISCELLANEOUS 531390 11 11 419977 23130 23130 4002000 4878131 -876131 -876131 -876131 3921257 -456154 0 23130 104741 54795 24973 24973 129959 90361 38678 920 5291 2879 1281 1131 7483 3716 3767 17153 10518 4762 1873 3500 3000 500 20091 20091 5490 1650 3840 3216 160 3027 29 2974 1823 826 325 22415 13745 6222 2448 1242 760 346 136 249 153 69 27 12643 12643 MISCELLANEOUS 11958 11958 EQUIPMENT REPAIR/RENTAL 3689 2262 1024 403 BOARD DEVELOPMENT 396 286 110 352490 186108 134117 32265 142240 158533 727010 730366 823800 1431514 4074753 2264284 3204 26316 4277 4173 353 104 19282800 22819800 55735 37499 25109895 27468416 1083194 370333 326000 600000 3850756 2873925 223906 429352 5483856 4273610 X 19626039 23194806 19626039 23194806 25109895 27468416 3568767 0 X X 0 1 X 1 1 1 X 1792243 1584837 2610151 3086041 4354281 13427553 1792243 1584837 2610151 3086041 4354281 13427553 13427553 204 64 575 6833 23130 30806 13458359 12688318 0.99770 0.99930 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 4277 4173 104 104 LAND HELD IN TRUST 22819800 C 22819800 PREPAID RENT 5453 REFUNDABLE ADVANCES 409350 LEASE LIABILITY 14549 429352 X 8799388 4878131 4878131 3921257 0 3921257 5230620 4878130 4878130 352490 0 352490 PART X, LINE 2: THE LAND TRUST IS NOT CURRENTLY UNDER EXAMINATION BY ANY TAXING JURISDICTION. FEDERAL AND STATE TAX AUTHORITIES GENERALLY HAVE THE RIGHT TO EXAMINE INCOME TAX RETURNS FOR A PRIOR OF THREE YEARS AFTER THEY ARE FILED. THE LAND TRUST EVALUATES ALL SIGNIFICANT TAX POSITIONS AS REQUIRED BY ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA. AS OF DECEMBER 31, 2023, MANAGEMENT DOES NOT BELIEVE THEY HAVE TAKEN ANY POSITIONS THAT WOULD REQUIRE THE RECORDING OF ANY ADDITIONAL TAX LIABILITY, NOR DOES IT BELIEVE THAT THERE ARE ANY UNREALIZED TAX BENEFITS THAT WOULD EITHER INCREASE OR DECREASE WITHIN THE NEXT YEAR. PART XI, LINE 2D - OTHER ADJUSTMENTS: DIRECT PROPERTY COSTS 4,478,132. IN-KIND DIRECT PROPERTY COSTS 399,999. PART XII, LINE 2D - OTHER ADJUSTMENTS: DIRECT PROPERTY COSTS 4,478,131. IN-KIND DIRECT PROPERTY COSTS 399,999. BRAD WIERSUM TREASURER OF WHAHLT AND THE MAYOR OF THE CITY OF MINNETONKA WHAHLT HAS A $750,000 LINE OF CREDIT WITH THE CITY OF MINNETONKA. 0 X 2 399999 APPRAISAL VALUE 0 0 1 0 FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERSHIP OF THE TRUST CONSISTS OF SUPPORTING MEMBERS, LEASEHOLD MEMBERS, AND GENERAL MEMBERS. THE LEASEHOLD AND GENERAL MEMBERS ELECT THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS REVIEWED BY THE EXECUTIVE COMMITTEE AND THEN IT IS PRESENTED TO THE BOARD FOR REVIEW AND THEIR APPROVAL. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS AND STAFF ANNUALLY COMPLETE THE WRITTEN POLICY AND IT IS REVIEWED BY THE BOARD AND HANDLED ACCORDINGLY. NO ISSUES TO DATE. FORM 990, PART VI, SECTION B, LINE 15A OFFICERS COMPENSATION IS DETERMINED DURING END OF THE YEAR BUDGET PROCESS. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO PUBLIC UPON REQUEST. FORM 990, PART XII, LINE 2C THE PROCESS HAS NOT CHANGED SINCE THE PRIOR YEAR.