Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Nov 1980.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Where the money goes
85 cents of each dollar spent went to programs.
Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.
Something off? Claim to add context
Who runs it and what they're paid
33 people listed on the 990; $2.9M paid to officers and key staff.
Part VII, Section A · reportable compensation
Chief Executive Officer
$365,896Pt VII · Sec A
Chief Financial Officer
$320,447Pt VII · Sec A
Vice President of Property
$222,930Pt VII · Sec A
Vice President of Human Re
$222,245Pt VII · Sec A
Vice President of Real Est
$194,450Pt VII · Sec A
Director of Asset Manageme
$175,929Pt VII · Sec A
Controller
$169,615Pt VII · Sec A
Director of Information Te
$169,515Pt VII · Sec A
Director of Facilities Man
$167,856Pt VII · Sec A
Director of Property Manag
$158,828Pt VII · Sec A
Director of Resident Services
$156,849Pt VII · Sec A
Director of Compliance
$154,463Pt VII · Sec A
Senior Regional Manager
$138,378Pt VII · Sec A
Senior Business Systems Analyst
$123,226Pt VII · Sec A
Roving Property Manager
$102,923Pt VII · Sec A
Fundraising and Communications Director
$86,308Pt VII · Sec A
Vice Chair
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director, Treasurer, Finan
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
Immediate Past Chair
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director and Fund Developm
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Chair
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director and Real Estate D
$0Pt VII · Sec A
Compensation history total reportable pay by year · 8 named individuals · Part VII
| Name | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|
| Susan Boyd | $365,896 | $302,215 | $269,462 | $257,904 | $251,852 |
| Jennifer Nguyen | $320,447 | $99,231 | — | — | — |
| Cheryl Deboise | — | — | $226,384 | $215,710 | $211,953 |
| Michelle Hawley | $222,930 | $184,401 | $154,511 | $157,672 | $152,232 |
| Melissa Tutor | $222,245 | $11,538 | — | — | — |
| Jovan Ludovice | $194,450 | $182,082 | — | — | — |
| Jacqueline Hansen | — | — | $187,718 | $180,563 | $175,700 |
| Richard Loo | — | — | $177,578 | $167,193 | $163,018 |
Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.
See Bellwether Housing executive salaries →Questions the 990 asks
The form asks each of these directly. These are the filed answers.
- Family or business ties among officersPt VI · Ln 2No
- Top official's pay set by an independent reviewPt VI · Ln 15aYes
- Loans to or from officersSch L · Pt II36 listed
Programs and updates
Develops and manages affordable housing near jobs and transit in the Puget Sound region for people with limited incomes.
Questions for Bellwether Housing
Your first name shows with your question. Bellwether Housing answers here, for everyone.
3 programs · $50.9M · in their own filed words · FY2024
01
See schedule o
$48.2Mprogram expense
02
See schedule o
$2.8Mprogram expense
03
See schedule o
Pt IX · col B
Funders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
Schedule I · funders on record
Grants received · FY2025
Total grants receivedfrom 1 funder$40K
Federal money
Single Audit · Federal Audit Clearinghouse · money spent from federal programs
Year ending Dec 2017 · $12.2M federal money spent
Home Investment Partnerships ProgramDepartment of Housing and Urban Development · ALN 14.239 · Through City of Seattle$4.3M
Section 8 Housing Assistance Payments ProgramDepartment of Housing and Urban Development · ALN 14.195 · Direct$3.7M
Supportive Housing for Persons with DisabilitiesDepartment of Housing and Urban Development · ALN 14.181 · Direct$2.2M
Community Development Block Grants/Entitlement GrantsDepartment of Housing and Urban Development · ALN 14.218 · Through Rainier Valley Community Development Fund$1.1M
Tax Credit Assistance Program - Recovery Act FundedDepartment of Housing and Urban Development · ALN 14.258 · Through Washington State Housing Finance Commission$750K
Plus 1 smaller program.
The auditor reported no findings.
Year ending Dec 2016 · $11.9M federal money spent
Home Investment Partnerships ProgramDepartment of Housing and Urban Development · ALN 14.239 · Through City of Seattle$4.3M
Section 8 Housing Assistance Payments ProgramDepartment of Housing and Urban Development · ALN 14.195 · Direct$3.5M
Supportive Housing for Persons with DisabilitiesDepartment of Housing and Urban Development · ALN 14.181 · Direct$2.2M
Community Development Block Grants/Entitlement GrantsDepartment of Housing and Urban Development · ALN 14.218 · Through Rainer Valley Community Development Fund$1.1M
Tax Credit Assistance Program - Recovery Act FundedDepartment of Housing and Urban Development · ALN 14.258 · Through Washington State Housing Finance Commission$750K
Plus 1 smaller program.
The auditor reported no findings.
By the numbers
The FY2024 990, line by line.
Download 990
1The main four
Money inPt VIII
$51.3M
Ln 12
Fees for servicesLn 2g$37.2M
Gifts and grantsLn 1h$12.9M
Investment incomeLn 3$1.3M
Money outPt IX
$60.7M
Ln 25
Programscol B$51.6M
Managementcol C$8.5M
Fundraisingcol D$547K
Owns and owesPt X
$98.6M
net assets · Ln 32
Cash and savingsLn 1–2$6.4M
Total assetsLn 16$387.8M
LiabilitiesLn 26$289.2M
PeoplePt VI, VII
33
listed · VII A
PaidVII A16
Voting boardVI 1a17
IndependentVI 1b17
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$12.9M
Government grantsLn 1e$6.3M
Fundraising eventsLn 1c$426K
Fees for servicesLn 2g$37.2M
Investment incomeLn 3$1.3M
Total revenueLn 12$51.3M
Assets in detailPt X, end of year
CashLn 1$6.4M
Cash and savings togetherLn 1–2$6.4M
InvestmentsLn 11–13$29.0M
Land, buildings, equipmentLn 10c$229.3M
Other assetsLn 15$9.6M
Total assetsLn 16$387.8M
LiabilitiesLn 26$289.2M
Net assetsLn 32$98.6M
OperationsPt I, VI
EmployeesI 5213
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3More from this return
BondsSch K, Pt X
Bond issues listedSch K Pt I8
Raised by those issuesSch K Pt I$80.4M
4Year over year
Balance sheet, start vs end of yearPt X · col A, B
| Line | Start FY24 | End FY24 |
|---|---|---|
| Cash and savingsLn 1–2 | $3.0M | $6.4M |
| InvestmentsLn 11–13 | $37.7M | $29.0M |
| Land, buildings, equipmentLn 10c | $230.7M | $229.3M |
| Total assetsLn 16 | $394.7M | $387.8M |
| LiabilitiesLn 26 | $280.0M | $289.2M |
| Net assetsLn 32 | $114.7M | $98.6M |
5Every line
Statement of functional expensesPt IX · every line
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Pay of current officers, directors and key staffLn 5 | $1.8M | $1.3M | $317K | $139K |
| Other salaries and wagesLn 7 | $10.9M | $6.8M | $4.0M | $123K |
| Other employee benefitsLn 9 | $2.0M | $1.3M | $651K | $27K |
| Payroll taxesLn 10 | $1.2M | $819K | $344K | $32K |
| Management feesLn 11a | $632K | $131K | $491K | $10K |
| Legal feesLn 11b | $106K | $78K | $1K | $27K |
| Accounting feesLn 11c | $146K | $114K | $31K | $25 |
| Other fees for servicesLn 11g | $132K | $126K | $7K | |
| Office expensesLn 13 | $1.7M | $1.0M | $635K | $9K |
| OccupancyLn 16 | $18.1M | $16.8M | $1.2M | $30K |
| Conferences, conventions and meetingsLn 19 | $455K | $164K | $152K | $139K |
| InterestLn 20 | $9.4M | $9.1M | $226K | |
| Payments to affiliatesLn 21 | $642K | $639K | $3K | |
| Depreciation, depletion and amortizationLn 22 | $7.5M | $7.1M | $360K | |
| InsuranceLn 23 | $1.3M | $1.3M | $30K | |
| Other expenses (24a–d)Ln 24 | $4.8M | $4.8M | $48K | $10K |
| Total functional expensesLn 25 | $60.7M | $51.6M | $8.5M | $547K |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2024 Latest ViewingFiled with the IRS Sep 25, 2025 | $51.3M | $60.7M | −$9.4M | $98.6M | 990 PDF |
| FY2023Filed with the IRS Nov 14, 2024 | $49.8M | $54.1M | −$4.3M | $114.7M | 990 PDF |
| FY2022Filed with the IRS Nov 14, 2023 | $47.3M | $46.5M | $867K | $112.5M | 990 PDF |
| FY2021Filed with the IRS Nov 15, 2022 | $42.2M | $32.8M | $9.3M | $111.4M | 990 PDF |
| FY2020Filed with the IRS Nov 4, 2021 | $40.7M | $28.2M | $12.5M | $100.3M | 990 PDF |
Schedules filed Part IV
III · Programs
R · Related orgs
G · Fundraising
L · Interested persons
I · Grants
A · Public support
J · Pay
O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $51,340,734 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $7,940,988$12,918,130
I-9 Program service revenuePrior year $40,844,870$37,200,641
I-10 Investment incomePrior year $1,118,637$1,340,942
I-11 Other revenuePrior year −$114,510−$118,979
I-12 Total revenuePrior year $49,789,985$51,340,734
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $14,908,526$15,850,564
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $39,216,955$44,844,559
I-18 Total expensesPrior year $54,125,481$60,695,123
I-19 Revenue less expensesPrior year −$4,335,496−$9,354,389
Part VI · Governance 17 of 17 board members independent, no flags
VI-1a Voting members of the governing body17
VI-1b Independent voting members17
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $51,340,734 across 8 lines filed
Lines not itemized here account for $8,144,209 of total revenue; see the IRS return.
VIII-1c Fundraising events$425,681
VIII-1e Government grants$6,261,103
VIII-1f All other contributions, gifts and grants$6,231,346
VIII-1h Total contributions, gifts and grants$12,918,130
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $29,056,432$29,056,432
VIII-3 Investment incomeExcluded from tax $1,340,942$1,340,942
VIII-8 Net income from fundraising eventsExcluded from tax −$118,979−$118,979
VIII-12 Total revenueRelated to mission $37,200,641 · Unrelated business $0 · Excluded from tax $1,221,963$51,340,734
Part IX · Statement of functional expenses $60,695,123 across 16 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $1,335,432 · Management $317,203 · Fundraising $138,830$1,791,465
IX-7 Other salaries and wagesPrograms $6,785,646 · Management $3,984,940 · Fundraising $122,768$10,893,354
IX-9 Other employee benefitsPrograms $1,291,880 · Management $650,974 · Fundraising $27,297$1,970,151
IX-10 Payroll taxesPrograms $819,430 · Management $343,991 · Fundraising $32,173$1,195,594
IX-11a Management feesPrograms $131,027 · Management $490,983 · Fundraising $10,283$632,293
IX-11b Legal feesPrograms $78,160 · Management $1,350 · Fundraising $26,837$106,347
IX-11c Accounting feesPrograms $114,482 · Management $31,394 · Fundraising $25$145,901
IX-11g Other fees for servicesPrograms $125,768 · Management $6,724$132,492
IX-13 Office expensesPrograms $1,028,087 · Management $635,309 · Fundraising $9,221$1,672,617
IX-16 OccupancyPrograms $16,839,379 · Management $1,237,853 · Fundraising $30,122$18,107,354
IX-19 Conferences, conventions and meetingsPrograms $164,141 · Management $151,921 · Fundraising $139,100$455,162
IX-20 InterestPrograms $9,129,676 · Management $225,846$9,355,522
IX-21 Payments to affiliatesPrograms $638,614 · Management $3,430$642,044
IX-22 Depreciation, depletion and amortizationPrograms $7,118,256 · Management $360,361$7,478,617
IX-23 InsurancePrograms $1,277,211 · Management $29,851$1,307,062
IX-24 Other expenses (24a–d)Programs $4,751,218 · Management $47,503 · Fundraising $10,427$4,809,148
IX-25 Total functional expensesPrograms $51,628,407 · Management $8,519,633 · Fundraising $547,083$60,695,123
Part X · Balance sheet $387,796,292 assets, 15 lines filed
Asset lines not itemized here account for $101,839,263; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $2,973,300$6,393,901
X-3 Pledges and grants receivableStart of year $205,039$814,532
X-4 Accounts receivableStart of year $6,021,814$7,699,717
X-9 Prepaid expenses and deferred chargesStart of year $8,673,518$3,142,514
X-10c Land, buildings and equipment, netStart of year $230,726,185$229,293,880
X-13 Program-related investmentsStart of year $37,695,837$29,042,918
X-15 Other assetsStart of year $3,677,736$9,569,567
X-16 Total assetsStart of year $394,705,233$387,796,292
X-17 Accounts payable and accrued expensesStart of year $3,503,812$4,192,757
X-25 Other liabilitiesStart of year $11,903,740$13,503,117
X-26 Total liabilitiesStart of year $279,979,236$289,204,747
X-27 Net assets without donor restrictionsStart of year $114,368,274$96,983,464
X-28 Net assets with donor restrictionsStart of year $357,723$1,608,081
X-32 Total net assets or fund balancesStart of year $114,725,997$98,591,545
X-33 Total liabilities and net assetsStart of year $394,705,233$387,796,292
Part XI · Reconciliation of net assets $98,591,545 net assets at year end
XI-1 Total revenue$51,340,734
XI-2 Total expenses$60,695,123
XI-3 Revenue less expenses−$9,354,389
XI-4 Net assets at start of year$114,725,997
XI-5 Net unrealized gains (losses) on investments−$4,555,302
XI-9 Other changes in net assets−$2,224,761
XI-10 Net assets at end of year$98,591,545
Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File
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