Organizations Filed Purposes:
TO PROMOTE THE WELFARE OF ELDERLY AND HANDICAPPED FAMILIES AND PROVIDE ON A NON-PROFIT BASIS, 640 HOUSING UNITS AND RELATED FACILITIES FOR LOW AND MODERATE INCOME INDIVIDUALS AND FAMILIES INCLUDING THOSE DISPLACED FROM URBAN RENEWAL OR A RESULT OF GOVERNMENT ACTION.
SEWARD TOWERS CORPORATION WAS FORMED TO PRESERVE 640 UNITS OF AFFORDABLE HOUSING.
SEWARD TOWERS CORPORATION WAS FORMED IN 1990 TO PRESERVE TWO BUILDINGS COMPRISING ONE OF THE LARGEST AFFORDABLE HOUSING PROJECTS IN MINNESOTA AND WHOSE RESIDENTS WERE AN INTEGRAL PART OF THE SEWARD COMMUNITY. A UNIQUE OWNERSHIP STRUCTURE WAS CREATED IN ORDER TO ENGAGE RESIDENTS AND MANAGEMENT OF THE BUILDING (COMMONBOND COMMUNITIES) WITH ORGANIZATIONS REPRESENTATIVE OF THE LARGER COMMUNITY (SEWARD NEIGHBORHOOD GROUP AND SEWARD REDESIGN) EACH OF THOSE GROUPS CONTINUE TO APPOINT THE GOVERNING BOARD. BY 2015, THE BUILDINGS WERE 45 YEARS OLD AND IN NEED OF MAJOR CAPITAL REPLACEMENTS. THE BOARD AND THE ENTITIES WHO APPOINT THEM DECIDED TO WORK TOGETHER TO RESTRUCTURE THE OWNERSHIP IN ORDER TO EXTEND SECTION 8 CONTRACTS PROVIDING RENTAL SUPPORT TO VERY-LOW-INCOME RESIDENTS AND ACCESS THE CAPITAL NEEDED TO RENOVATE THE BUILDINGS. A NEW ENTITY WAS FORMED, SEWARD TOWERS RENOVATION LP, WITH SEWARD TOWERS AND COMMONBOND COMMUNITIES AS ITS GENERAL PARTNERS. SEWARD TOWERS CORPORATION RENEWED THE SECTION 8 CONTRACTS FOR AN ADDITIONAL 20 YEARS AND THEN SOLD THE BUILDING TO THE NEW ENTITY ON JANUARY 14, 2016 AND COMPLETED THE WHOLESALE RENOVATION OF THE BUILDINGS BY THE FOLLOWING YEAR. LOW-INCOME HOUSING TAX CREDITS WERE UTILIZED IN PART TO SECURE THE NEEDED CAPITAL. SEWARD TOWERS CORPORATION HAS RETAINED A RIGHT OF FIRST REFUSAL AND OPTION TO REPURCHASE THE BUILDINGS FOLLOWING THE 15-YEAR TAX CREDIT COMPLIANCE PERIOD IN 2031.IN THE SALE, SEWARD TOWERS CORPORATION WAS PAID WITH A NOTE RECEIVABLE FROM THE AFFILIATED LIMITED PARTNERSHIP. SEWARD TOWERS CORPORATION PLANS TO UTILIZE THE NOTE RECEIVABLE TO REPURCHASE THE PROPERTY UNDER THE RIGHT OF FIRST REFUSAL OR OPTION IN ORDER TO CONTINUE TO ASSURE AFFORDABILITY OF THE PROPERTY AND PRESERVE THE UNIQUE GOVERNANCE STRUCTURE THAT BRINGS MANAGEMENT, RESIDENTS AND THE COMMUNITY TOGETHER. PAYMENTS RECEIVED ON THE NOTE WILL BE APPLIED TOWARD THAT PURPOSE AS THE CENTRAL MISSION OF THE CORPORATION.PAYMENTS RECEIVED ARE CONSIDERED PROGRAM SERVICE REVENUE AS THEY ARE APPLIED FOR THAT PURPOSE OR FOR OTHER PURPOSES DEEMED CRITICAL TO THAT MISSION ON A CURRENT BASIS. IN 2019, PROGRAM SERVICE INCOME WAS USED TO PARTNER WITH THE CITY OF MINNEAPOLIS IN CONSTRUCTING A SEMAPHORE-CONTROLLED PEDESTRIAN CROSSING ON THE STREET DIVIDING SEWARD TOWERS WEST FROM ITS DESIGNATED GREEN SPACE AND CHILDREN'S PLAY AREA KNOWN AS TRIANGLE PARK.
Executives Listed on Filing
Total Salary includes financial earnings, benefits, and all related organization earnings listed on tax filing
| Name | Title | Hours Per Week | Total Salary |
|---|
| Sheldon Mains | SECRETARY/TREASURER | 1 | $0 |
| Jim Solem | DIRECTOR | 1 | $0 |
| Ben Walen | DIRECTOR | 1 | $0 |
| Abdi Ali | DIRECTOR | 1 | $0 |
| Tariku Belay | DIRECTOR | 1 | $0 |
| Nancy Cardinal | DIRECTOR | 1 | $0 |
| Ahmed Mohamud | DIRECTOR | 1 | $0 |
| Mark Ruff | DIRECTOR | 1 | $0 |
| Don Barton | DIRECTOR | 1 | $0 |
| Jon Clevenger | DIRECTOR | 1 | $0 |
| Diann Anders | PRESIDENT | 1 | $0 |
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public 990 form dataset) from:
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