Midwest Housing Equity Group Revenue and Competitors

MHEG funds affordable housing in Nebraska, Kansas, Iowa and Oklahoma. The Midwest Housing Equity Group, Inc. (MHEG) was created in 1993 under the direction of former Governor Ben Nelson. The objective was to raise equity capital to invest into affordable rental housing throughout Nebraska, especially in rural markets. MHEG later expanded, starting in 2000, into Kansas, Iowa and Oklahoma. Initially, MHEG set a goal to raise about $5 million per year. Today, in the four state markerts, we raise close to $100 million each year. MHEG is a privately owned non-profit corporation with a nine member Board of Directors. MHEG receives no federal or state dollars. MHEG's income is derived from its ability to obtain equity capital and investing into affordable housing properties. Our mission is:Midwest Housing Equity Group, Inc. changes lives for a better tomorrow by promoting the development and sustainability of quality affordable housing. This mission is obtainable through the use of the federal low income housing tax credit program as defined in Section 42 of the Internal Revenue Code. In addition to tax credit syndication, MHEG staff provides technical assistance to developers, owners and management companies on the development and management of tax credit properties. As a tax credit syndicator, MHEG sponsors an investment fund in each state about every twelve to eighteen months to invest in tax credit developments. The investment funds seek corporate investors for the purpose of purchasing tax credits under Section 42 of the Internal Revenue Code. Investors can diversify their risk by investing in multiple affordable housing projects. Capital raised in each state stays in that specific state. As of 12/15/07, MHEG has raised over $450 million in equity and invested in over 200 developments, creating over 5,000 units of affordable rental housing in the four-state area. These developments range from six to over two hundred units and include single family homes, multi-unit and multi-building complexes, duplexes, historical renovations, and speciality needs developments such as elderly, assisted living, transitional homeless facilities or developmentally disabled residents. We at MHEG appreciate your interest in helping us meet the affordable housing needs in the Midwest.