In 1990 the Budapest Photographer Co-operative (Budapesti Fényképész Szövetkezet) provided 2 million and the Association of Hungarian Art Photographers (Magyar Fotóművészek Szövetsége) 25 000 forints for the creation of the Hungarian Photographic Foundation. Later on several photographic companies (Fuji Hungary, Reanal, Forte, Főfotó, Nikon Hungary Ltd.) and the Ministry of Cultural Affairs have joined the foundation.

The aim and task of the foundation, as formulated in the deed of foundation, is to establish the Hungarian Photographic Museum, to store, maintain, preserve and to augment the accommodated public collection, and to ensure necessary technical and financial background for the functioning. The foundation as it was created, has become one of the pre-conditions for the fulfilment of a demand for an independent photographic museum, reoccurring ever since 1862

The other condition was provided by the council of Bács-Kiskun county, when it reconstructed the building, which once was the orthodox synagogue for museum purposes, as the building has been standing in ruins, unused in the centre of the city for more than forty years. This act allowed the Photo-historical collection of 75 000 items, which has been selected by the Assotiation of Hungarian Art Photographers since 1958 for the purpose of establishing a museum, to finally be stored under worthy conditions, and to function according to its originally intended purpose. Since then the museum has multiplied this collection by ten.

With a national collection interest, the new museum is the only institution in the country, which deals exclusively with the collection, storage, and exhibition of photographs. The museum is still maintained by the Hungarian Photographic Foundation without any regular budget support.

In 1997 the Hungarian Photographic Museum and with it the Hungarian Photographic Foundation has worked out a plan of grand scale, to reconstruct an atelier-building in Budapest to create a photographic centre. Therefore the Foundation created with 94% part ownership the Center of Hungarian Photographers (Magyar Fotográfusok Háza) public company, which still is maintaining the Mai Manó House.