CEO Message & Recent Happenings
Changing Lives in 2025!
John Wiechmann, CEO
Happy New Year! It is my sincere hope that 2024 was a success for each of you and that 2025 is off to a strong start!
This past year, we achieved many significant milestones—raising and deploying record amounts of capital, building and preserving more affordable rental home than ever and ensuring the stability of our existing portfolio and residents. In 2024, we raised $354MM of investor equity. More important than the amount raised is what we were able to accomplish with it. We invested $389MM into 47 developments, creating over 2,100 affordable housing units across 12 states - including our first investments in Arizona and Wyoming. None of this is possible without your trust and partnership. Thank you!
We also took time to recognize and thank one of our long-standing leaders, Barry Sandstrom, for his 20+ years of dedicated service on MHEG’s Board of Directors. Since joining the Board in 2003, Barry has provided invaluable leadership, guidance, and wisdom, serving as Chairman for the past six years. His deep commitment to affordable housing and MHEG’s mission has left a lasting impact and we are incredibly grateful for his contributions. Barry’s leadership will be greatly missed.
Of course, none of our success would be possible without our incredible team. Every member of MHEG plays a critical role in fulfilling our mission, and I am grateful for their dedication, hard work, and passion for what we do.
Looking ahead, 2025 promises to be a year of growth and innovation. We’ve already closed our first deal of the year! We’re excited to build on our momentum, expand our impact in new markets, and continue serving even more residents in need of quality, affordable housing.
To our investors, developers, general partners, property managers, financing partners, and government officials—thank you for making 2024 such a remarkable year. We look forward to partnering with you again in 2025!
Wishing you a successful and fulfilling year ahead!
John Wiechmann
Recent Happenings
Groundbreakings and Ribbon Cuttings
Letf to Right: Deerfield Senior Homes ribbon cutting in McPerhson, KS (July 2024); Southern Hills Senior Homes ribbon cutting in Topeka, KS (Aug 2024)
MHDF received Housing Partner of the Year from REI in Oklahoma City, OK (Oct 2024)
Left to Right: Maplewood Villas II groundbreaking in Springfield, MO (Oct 2024); Desert Dove Apartments groundbreaking in Tuscon, AZ (Oct 2024)
MHEG & MHDF Updates
First Project in Wyoming and Recent Developments
Scott Fitzpatrick, Director of Acquisitions
We are excited to announce our first deal in Wyoming, one of MHEG’s expansion states. The Reserve at Grand View Heights, located in Laramie, WY, will consist of 42 newly constructed two and three-bedroom units contained in two buildings. The units will target families at 30%, 50%, and 60% of Albany County, WY AMGI. Our developer partner on this project is Overland Property Group (OPG), based in Kansas. OPG is an experienced long-term partner for MHEG, and this will be the 38th project we have invested in together.
In addition, we successfully closed on several projects in 2024, demonstrating our ongoing commitment to expanding and enhancing housing opportunities. These projects include:
• Washington Court (Bismarck, ND) with Beyond Shelter, Inc.
• The Asher (Sioux City, IA) with Arch Icon Development
• Avalon at Mandan (Mandan, ND) with Domera Development and CUBIT Development
• Townhomes at Creekside (Ames, IA) with HKG Development
• CHI Beaverdale (Des Moines, IA) and CHI Cottonwood Trail (Mount Vernon, IA) with Community Housing Initiatives
• Carol’s Village Gardens (Davenport, IA) with Vera French Mental Health Center
Lastly, we are pleased to announce the completion of several developments, including:
• CHI Tulip Tree (Marion, IA) • OPG South Lakes (Grinnell, IA)
• CHI Adel Apartments (Adel, IA) • Timber Ridge Senior (Marshalltown, IA)
• 1st & 3rd Apartments (Austin, MN) • Brewery Creek (Duluth, MN) • Shenandoah Senior Villas (Shenandoah, IA)
We look forward to continuing this momentum and achieving new milestones in our mission to enhance living conditions and expand housing opportunities. Thank you for your support and cooperation, we’ll look forward to seeing you all in the new year.
Desert Dove Apartments, First Arizona Development Edgar Silva, Director of Acquisitions
I’m excited to share that we’ve officially closed on Desert Dove Apartments, our first affordable housing acquisition in Arizona. Located in Tucson, this development will bring 64 much-needed affordable housing units to the area, helping meet the growing demand for safe and quality homes. Desert Dove Apartments isn’t just another project for us—it’s about making a real difference. Affordable housing provides families, seniors, and individuals with the stability they need to build better lives. We know how important it is for people to have a safe place to call home, and we’re proud to be a part of making that happen in Tucson.
This project was made possible thanks to our collaboration with new partner GHK Properties, LLC. Together, we’ve worked hard to create a home that not only meets housing needs but also contributes positively to the community. Tucson’s housing market is challenging for many, and projects like Desert Dove Apartments are a critical step in addressing that need. By reducing housing costs for residents, this project will provide opportunities for people to focus on what really matters—whether it’s their careers, families, or simply enjoying a greater sense of security. We’re grateful for the support we’ve received from local leaders, housing advocates, and our dedicated MHEG team. This project wouldn’t have been possible without their hard work and commitment. Desert Dove Apartments is a meaningful milestone for us, and we’re looking forward to seeing its impact on the community in the years to come. This is just the beginning of our work in Arizona, and we’re excited about the opportunities ahead to continue expanding access to affordable housing.
Tom Stratman, MHEG Chief Acquisitions Officer, speaks at the groundbreaking of Desert Dove - October 2024.
Rendering of The Reserves at Grand View Heights, Laramie, WY
MHEG & MHDF Updates
Government Affairs Update
Joshua Yurek, VP Government Affairs & Community Outreach
Happy New Year! Last fall, the Affordable Housing Tax Credit Coalition announced that Sheltering Tree – Shadow Lake Apartments in Papillion, NE, was selected as a recipient of the Charles L. Edson Tax Credit Award, which recognizes the best in affordable housing. MHEG and our partners at Sheltering Tree were presented the Edson Award by U.S. Senator Pete Ricketts (R-NE) and Rep. Mike Flood (R-NE1). The Shadow Lake development by Sheltering Tree and syndicated by MHEG, provides 44 units of affordable housing for adults with developmental disabilities.
As the 119th Congress kicked-off in January, the Senate shifted to Republican control. After the inauguration of President Donald Trump, Republicans will have unified government control, albeit with slim majorities, especially in the House. Rep. Mike Johnson (R-LA-4) was reelected to serve as Speaker of the House, while Senator John Thune (R-SD) will serve as Senate Majority Leader after succeeding Senator McConnell (R-KY) as Senate Republican Leader. In addition, Senator Chuck Grassley (R-IA) was recently sworn in as Senate President Pro Tempore (third in the presidential line of succession). On the Democratic side, Senator Chuck Schumer (D-NY) will now serve as Senate Minority Leader, while Rep. Hakeem Jeffries (D-NY-8) will remain the Minority Leader in the House.
With a new Congress, Senator Mike Crapo (R-ID), a supporter of the Housing Credit, will become Chairman of the Senate Finance Committee, while Senator Ron Wyden (D-OR), an affordable housing champion, will serve as Ranking Member. Senators Marshall (R-KS), Sanders (I-VT), Smith (D-MN), Luján (D-NM), Warnock (D-GA) and Welch (D-VT) have been added to the Senate Finance Committee. Within our footprint, Senators Grassley (R-IA), Cornyn (R-TX), Thune (R-SD), Lankford (R-OK), Daines (R-MT), Barrasso (R-WY) and Bennet (D-CO) continue to serve on the Committee. Chairman Jason Smith (R-MO-8) will once again lead the House Ways and Means Committee, while Rep. Smith (R-NE-3), Rep. Feenstra (R-IA-4), Rep. Fischbach (R-MN-7), Rep. Arrington (R-TX-19), Rep. Estes (RKS-4), and Rep. Hern (R-OK-1) continue to serve on the Committee. Both Committees have primary jurisdiction over the Housing Credit.
In December, a continuing resolution (CR) was passed to fund the government through March 14, 2025. While lawmakers are still trying to strike a compromise to move forward on appropriations for fiscal year 2025, we also expect significant attention and debate on major tax legislation in Congress due to the expiration of key provisions in the Tax Cuts and Jobs Act (TCJA). Moving forward, President Trump and Republican leadership in Congress are committed to passing comprehensive legislation addressing the border, energy and tax. Since congressional leaders intend to use the budget reconciliation process to pass the legislation, Republicans can pass the legislation without Democrat support. Budget reconciliation allows the majority party to bypass filibuster rules and pass the legislation with a simple majority instead of the 60 votes usually required in the Senate. While taking nothing for granted, we are optimistic that the reconciliation package will offer opportunities to deliver additional affordable housing resources
Last May, we helped coordinate a grand opening event with Rep. Estes and Central Community Church and Vintage Construction at the Residences at Central Landing in Wichita, KS. In addition, during the August congressional recess, we helped organize a successful affordable housing tour in Council Bluffs, IA with the House Ways and Means Rural America Tax Team and our partners at Immanuel. We appreciate Reps. Adrian Smith, Feenstra and Malliotakis visiting Graceview Court in Council Bluffs to see firsthand the valuable impact of this property on the community and its residents. It is important for Members of Congress to directly hear personal stories from residents as we continue to advocate for additional affordable housing resources in Congress. When you are a few months out from construction completion, please don’t hesitate to reach out to me. I would be happy to help coordinate a ribbon-cutting event with your Congressional delegation and their staff to further demonstrate how effective the Housing Credit is in providing affordable housing in their district and state.
MHDF Update
Lara Huskey, MHDF EVP
In 2024, MHDF proudly provided over $50 million in financing across 28 new loans, bringing our total to 316 loans and over $249 million to date. These efforts have helped create more than 10,000 affordable rental housing units for individuals and families across the Midwest. But we’re not just about loans – we’re about making a real difference. Our investments stimulate the economy, create jobs, and provide safe, quality homes for thousands of families.
We’re especially excited about our diverse range of residential and community development projects closed in 2024. From senior villas to townhomes and apartment complexes, our impact spans various locations and demographics. Notable projects like Country Club Tower (Wichita, KS), Lindenwoods Townhomes VII (Durant, OK), and Washington Court (Bismarck, ND) highlight our commitment to providing a variety of housing solutions. We’re also focusing on communities with projects like Heartside Hill (Fort Collins, CO) and Carol’s Village Gardens (Davenport, IA), ensuring inclusive and supportive living environments.
Looking ahead, we’re eager to continue meeting the ever-changing financing challenges in affordable housing development for our communities. Together, we’re building a brighter future, creating vibrant communities and meaningful opportunities!
Property & Resident Spotlight
Graceview Courtyard II
Meet Joanne
Like many women at her age, she’s an empty nester that has worked hard all her life and is ready for the golden years of retirement. She and her husband Bill lived in a two-story old Victorian home that they had spent years restoring and loved it. Unfortunately, due to Bill’s medical condition he had to have a limb amputated and the large multistory home no longer worked for Joanne, who became the main caregiver.
“I never thought about being here or a need for it when I was younger,” Joanne explains. They decided independent living would be the best for them and began searching when they heard about Graceview Courtyard.
Located on the edge of Council Bluffs, Graceview Courtyard II is in the beautiful rolling scenery of the Loess Hills and provides its residents with a quiet neighborhood. But it is a quick drive from the amenities of the city, just minutes from grocery stores, retail shopping, dining,and medical facilities. Developed by Immanuel Health Systems, Inc. and 3 Diamond Development LLC, Graceview Courtyard II is a newly constructed single 3-story elevator building and is designated for persons 55+. The building has ADA compliant units, with grab bars, shower chairs, lower cabinetry and knee space for wheelchairs.
One of the most important things Joanne and Bill were looking for was security and safety. “It’s difficult to be a caregiver. I had no idea,” expresses Joanne. “I feel safer taking care of Bill. I wouldn’t want to be in our house now.”
Joanne also loves the sense of community Graceview Courtyard has provided. “The luxury to be with people and the friendships,” she conveys with appreciation. “It is something that keeps me happy at this time in my life instead of sitting in a house alone.” They do a variety of activities each month, Bingo, Sunday evening movies, take-out dinners from local restaurants, crafts that also serve as community service projects, and weekly church services. Residents are encouraged to participate as much or as little as they choose.
“It’s just been wonderful, I’m so grateful. Everyone here is so nice and they’re here if I need help.” Graceview Courtyard II was made possible for Joanne and other seniors through the use of the LIHTC program. Graceview Courtyard II was funded through MHEG Fund 55, LP.
Immanuel Elderly Housing III, LLC (Graceview Courtyard II)
General PartnerImmanuel Health Systems, Inc.
Developer Immanuel Health Systems, Inc. / 3 Diamond Development LLC
Property ManagerImmanuel Health Systems, Inc.
Equity Invested $7.8 million
“We need a lot more of these communities, everywhere.”
~ Joanne
Staff - Additions
Recent Staff Additions
Luke McKinney - Financial Analyst
Luke joined MHEG as Financial Analyst in the summer of 2024 in our Omaha office. His duties include overseeing a development portfolio with financial reviews, site visits and problem resolution/ workouts as needed. Luke graduated from University of Nebraska at Omaha with a B.S. in Business Administration with Minors in Banking and Financial Markets, Business Finance, Investment ScienceandPortfolioManagement.
Portfolio Updates
Q4 2024 Developments
Blue Hills Townhomes, LP
Developed by: Missouri Housing Partners LLC
Piney Woods Estates, LP
Developed by: Capstone at Piney Woods Developer, LLC / Janna Cormier Development Consulting, LLC
OPG Grand View Heights Partners, LLC
Developed by: Overland Property Group
Henninger Legacy Homes, LLLP
Developed by: Atlantis Community Foundation
Maplewood Villas, Phase II, LP
Developed by: The Kitchen, Inc.
Avalon at Mandan, Limited Partnership
Developed by: Domera Development, LLC / CUBIT Development Group
128 Fort, LLC
Developed by: Foundations Development, LLC
12656 Weir, LLC
Developed by: Arch Icon Development Corp
Tallgrass Family Housing, LP
Developed by: Hoppe & Son LLC
Tallgrass Senior Housing, LP
Developed by: Hoppe & Son LLC
Lindenwoods VII, LLC
Developed by: Desert Ridge Investments
MDI Limited Partnership #119
Developed by: MetroPlains Development Partners, LLC
OPG Green Meadow Partners, LLC
Developed by: Overland Property Group/ Sarai Development Consulting
We’re Hiring!!
We’re growing and MHEG is looking to add to our team! We offer competitive pay and great benefits including work from home arrangements. For complete job descriptions and requirements, visit our website’s Employment page. To apply, email your resume to Keely McAleer - kmcaleer@mheginc.com.
• Financial Analyst
•Fund Staff Accountant
MHEG Portfolio as of 12/2024
Units Closed between October and December 2024626
