Mountain Plains Equity Group, Inc. (MPEG) was organized in 2003 as a private, non-profit corporation. Through a collaborative effort, the company was sponsored by the Montana Board of Housing, the Wyoming Community Development Authority, and the North Dakota Housing Finance Agency. In 2010, MPEG was purchased by Don Sterhan and it is now structured as a private, for profit company. It continues to be the mission of MPEG to help support and improve the quality of life in local communities through the development of affordable housing.
As a tax credit syndicator, MPEG pursues its mission by creating and managing private equity funds. Institutional and corporate investors contribute to these funds, and serve as the source of equity investment capital. MPEG, in turn, makes this capital available to developers of low income housing tax credit (LIHTC) projects. This method of financing is available for the construction of new projects as well as to aquire and upgrade existing facilities.
Given its role and responsibilities in financing numerous multi-family projects, MPEG brings to bear considerable experience and expertise in predevelopment analysis and project development. Where appropriate, MPEG is now utilizing this expertise to assume a more active role as the developer and owner to facilitate projects where there is a recognized need for housing and for other development opportunities. These services can apply to affordable housing, market-rate housing, and commercial development.
With a focus on affordability, MPEG has arranged over $158 million in equity capital and participated in the creation of 44 affordable housing projects, providing 1,490 rental units in five states and representing over $223 million in total development costs. MPEG also provides asset management services under contract to two state Housing Finance Agencies (North Dakota and Alaska), overseeing the development and management of four additional projects with a total of 144 rental units.