Knowledge that helps. Homes that fit. 2019
Transcript of Knowledge that helps. Homes that fit. 2019
ANNUALREPORT
prg K n o w l e d g e t h a t h e l p s .Homes that fit.
2019
22001199PRG combines community-
based affordable housingdevelopment with
education and advising tohelp all people and
neighborhoods thrive.We envision a future whereall people have equitableaccess to knowledge thathelps, and homes that fit
their needs.
CAUSE FOR CELEBRATION
2019 was a time for celebration, as ourhomeownership advisors helped an estimated250 households of color realize their dreams ofbecoming homeowners. Whenever one of ourclients closed on a new home, we would ring inthe occasion by ringing the bell.
WHO'S BUYING?From our triennial survey data:
A lower percentage of program participants arebuying within 3 years, reflecting stagnant wages andincreased market values.
But, the disparity in rates of purchase by PRG clientsbetween white households and households of colornarrowed from 30% in 2016 to 21% in 2019 (thestatewide disparity is currently at 36%).
We are doubling down on our commitment toeliminate the racial homeownership disparity(in 2016, two in four clients were persons ofcolor, while in 2019 three in four were).
Homeownership Services
478Our 18 homebuyer workshops in north &south Minneapolis provided education to478 households.
318PRG provided free, 1-on-1, pre-purchase advising to 318 families.78% were households of color.
Of the workshop attendees, 65% had incomesunder 80% AMI, 39% had incomes under 50% AMI, and75% were households of color.
21%
Of 2019 advising participants,82% had incomes under 80%AMI, 44% had incomes under50% AMI, and 78% werehouseholds of color.
250Our pre-purchase services translates toapproximately 250 new homeowners ofcolor annually.
Narrowed the gap betweenwhite clients and those of colorthat go on to buy from 30% in2016 to 21% in 2019
Since 2009, PRG has played a critical role in averting 665foreclosures, saving nearly $52 million in costs tohomeowners, lenders and local government.
In 2019, we provided foreclosure prevention assistance at nocost to 43 families. Of the cases resolved in 2019, 70%avoided foreclosure.
Of foreclosure advising clients, 81% had incomes under 80%AMI, 65% had incomes under 50% AMI, and 40% werehouseholds of color.
Foreclosure Prevention
In 2019, PRG sold 6 homes, all but one purchasedby households of color, bringing the 10-year totalto 105. Of 2019 sales, all buyers had incomesunder 80% AMI with the average median incomeat 55% AMI, including one household of 10 fromMinneapolis Public Housing, freeing up a largefamily unit for our neediest neighbors.
Development
In September of 2019 I reached my 10-year anniversary as a Project Manager in Real EstateDevelopment here at PRG. Prior to coming aboard, I was at two other non-profit organizationsand during that time I always admired PRG and the mission to help all people and neighborhoodsthrive. It is because of the amazing work I saw first-hand and a phone call from Kathy that Idecided to join PRG.It has been an honor to be a part of the PRG team for the last 10 years and play a part in thenoble and fulfilling work we all do. I look forward to many more years of this work and being apart of PRG’s vision for the future in which all people have access to homes that fit and allneighborhoods are places of opportunity.
Congratulations toKevin Gulden for 10years at PRG
- Kevin Gulden
If it wasn't for their knowledgepointing me in the rightdirection, I wouldn't have myhome. I've never met anyone asdedicated in their field. Myadvisor walked me throughevery step. She treated melike an old friend, she reallycared about the welfare of meand my son.
PRG client & new homeowner,Louis Hall, speaking on hisexperience working with PRG.
2019019
20019
22Executive Director
Kathy Wetzel-Mastel
Project Manager, Real EstateDevelopment
Real Estate/Development CoordinatorHomeownership Advisor
Erin Wilson
Program Manager, HomeownershipAdvising Services
Portia Jackson
Luis Mendoza
Homeownership Advisor
Ahmed Artan
Administrative and AccountingCoordinator
Paul McCluskey
Communications & DevelopmentCoordinator
Aubrey Koski
Homeownership Advisor
Kevin Gulden
Staff
22220000111999
PresidentJane Tigan
Secretary
Akisha EverettDante Coleman David Fey
Cate Kuria
Erich Wunderlich
Caitlin Guilford
Mark Schoenbaum
Boardmembers
Nelima Sitate MuneneCorina SerranoVice President
Eric D. GrayTreasurer
Luis PereiraAbdirahman Muse(through Dec. 2019)
(through Dec. 2019)
2019
2019
2002001
Nellie AdamsMichael AndersonKatie PeacockPeggy BensonAdam BevisLynn & Brandon CampJan & Mike CaseySteve & Heidi CaskeyDante ColemanSue & Al CrouseSarah & Brian Peterson - DelacuevaBetty DolentzLeah Drury & Jill NumrichAnn FandreyDavid FeySam ForsterNed Foster & Laura TiffanyLuther FrankDebbie Freedman & Peter WodrichFred Glazer
Thank you to everyone who has donated to PRG.Because of your support, we had our best individual fundraising year ever.
Thank you to our 2019 Volunteers
Michael GozeEric GrayEmily GreenThomas GreenCaitlin GuilfordMary Guilford PlumbKevin GuldenLaura GusaTerry HannaPortia JacksonGreg KajiwaraJanet KoskiKarlyn KoskiCate KuriaSandy LoescherNathan & Teresa MarstenPaul McCluskeyPeter McLaughlinLuis MendozaConor Nelson
Richard ObergAaron PageLuis PereiraDaniel PreusPeggy RyanBarbara SatinJeff SawyerSamantha SawyerBob SchoenbaumMark SchoenbaumMatthew SchroederWilliam SeifertCorina SerranoBarb SimantonJenny SimonsonNelima Sitati MunenePaul SondaLori SteinRyan StoperaJoanna Suhayda
Liz SwickeyBarb TiganJane Tigan & Joseph HayesWilliam VersenCaitlin WarnerMichael Wassenaaraula & Stephan WeberPaul & Kristin WetzelRick & Faye WetzelKathy Wetzel-Mastel & Brent MastelMichele WiegandErin WilsonErich WunderlichLaura Zabel
Peggy RyanPat PaulsonEmily GreenSuzy Wheeler
Dan MatherPat GleasonCate Kuria
Thank you to our 2019Funding Partners
John TrostleNathan MarstenNene Matey-Keke
Bob AustinJulia IsraelMarcus Downs
72%
15%
8%
4%
68%
14%
10%
8%
R e v e n u eSale & Subsidy of HomesReal Estate DevelopmentHomeownership ServicesIndividual, Foundation & CorporateSupport Total Revenue
$1,817,192 $267,132
$375,670 $209,928
$2,669,922
$1,814,202 $211,496
$385,250 $96,900
$25,035
$2,532,883
Cost of Home SalesReal Estate DevelopmentHomeownership ServicesAdministrative Expenses Fundraising Expenses Total Expenses
Cost ofHome Sales
Real EstateDevelopment
HomeownershipServices
AdministrativeExpenses Fundraising
Expenses1%
Sale/Subsidy of Homes
Real EstateDevelopment
Homeownership Services
Individual, Foundation,& Corp. Support
E x p e n s e s
Financials
Current AssetsInvestments in Partnerships & CorporationsDeveloper Fee ReceivableRestricted Cash Investments in ContractsNet Property & EquipmentCurrent LiabilitiesLong - Term DebtTotal Net Assets
$3,032,234$114,251$77,099
$119,575$655,625$174,838
$(2,545,777)$(234,310)$1,393,534
STATEMENT OF NET ASSETS2019
*Complete Financials Upon Request