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As envisioned by the
founders, MPEG was
created to serve as
a tax credit
syndicator, a
capital resource
helping to promote
and finance
low-income housing
tax credit (LIHTC)
projects in a
3-state area:
Montana, Wyoming and
North Dakota. To be
effective in this
role, MPEG was
modeled to provide a
high level of
service for each and
every project,
whether large or
small. Uniquely
qualified in its
understanding of
these rural markets,
MPEG was intended to
bring forth a brand
of professionalism
and expertise that
would serve the
marketplace well.
MPEG would not only
provide better
access for investor
capital, but this
new company could
now deliver greater
attention and
priority to local
developers.
In pursuit of these goals
and objectives, the
founders hired Don
Sterhan as President
& CEO in August of
2003. As MPEG’s
first employee, Don
moved quickly to
locate the company’s
office in Billings,
Montana, and
commence business
operations.
At that point in time,
with MPEG
established and
operational, the
three founders and
temporary Board
members stepped
aside to allow for
the election of a
new and permanent
Board of Directors.
A total of nine new
Board members were
elected in January
of 2004; three Board
members from each
state of Montana,
Wyoming and North
Dakota comprised the
Board of Directors
for MPEG. This new
Board represented a
cross-section of
expertise and
experience,
including the
participation of
professionals from
the fields of
finance/banking,
local housing
groups, construction
and development,
general business,
social service
enterprises, as well
as non-profit
organizations.
Since the days of its
organization and
business start-up,
MPEG has worked hard
to build business
relationships,
earning the
confidence of
investors and
developers alike.
To its credit, in
just seven short
years, MPEG is
responsible for
three separate
equity funds and the
placement of
approximately $65
million in tax
credit equity. (A
new and fourth
equity fund is now
pending.)
Of course, the company has
necessarily grown in
its size and
capacity. With six
full-time
professionals now on
staff, MPEG has
closed 22 projects
into its portfolio,
representing nearly
800 high-quality
rental units. MPEG
has also reached
beyond its original
market area and has
closed projects in a
multi-state area
that now includes
Colorado, South
Dakota and Alaska.
In January of 2010, the
organizational
structure of MPEG
changed
considerably.
Following months of
planning and
preparation with
MPEG Board members,
Don Sterhan
effectively
purchased the
business operations,
thereby converting
MPEG from a
non-profit entity to
a for-profit Montana
corporation. This
conversion occurred
with the formal
approval and full
support of the MPEG
Board of Directors.
Also involved in
this process was the
encouragement of the
State agencies, as
well as the consent
of MPEG’s investors
and project
developers.
Although MPEG now
operates as a newly
organized for-profit
entity, the purpose
and mission of MPEG
remains virtually
the same. MPEG’s
focus will continue
to include rural
communities and the
unique needs of such
a marketplace. Now
structured with
greater flexibility
and adaptability,
MPEG is able to
provide an even
higher level of
service and
responsiveness to
both investors and
developers. |
