Financing, Mortgage and $25 Million
The Twin Cities Habitat for Humanity, once known as Home Builder, is a well known organization that has a firm belief that everyone should have access to a decent home so no family or otherwise are left on the streets.
Habitat for Humanity is a integral part of the Minnesota community with their upcoming ReStore’s which provide parts and furniture often needed or desired in homes at an extremely affordable pricing, due to the objects being donated by those who no longer needed.
The organization provides the people of Minnesota with new options when it comes to the ever increasing prices of the housing market, and because they have become such an integral part of the State of Minnesota, the Minnesota Housing finance agency has extended a line of credit of up to $25 million for the Twin Cities Habitat for Humanity. This credit line has helped cement the role of mortgage lender for the organization, and will undoubtedly further increase the capabilities that Habitat for Humanity can provide for the people of the Twin Cities.
The Twin Cities and Minnesota Housing have entered a 10-year agreement aimed at breaking down the racial gap that is present in home ownership and help relieve stress that has been put on by the affordable housing crisis. The extended line of credit will help Twin Cities Habitat respond more quickly as land and property becomes available which means they will be able to provide homes at an increased rate for families.
Minnesota's Problems, Twin Cities Solutions
Minnesota has one of the largest racial gaps when it comes to home ownership in the country. Roughly around 90% of Twin Cities Habitat homebuyers are households of color, this is a drastic difference in comparison to the 13% of homebuyers in Minnesota’s conventional mortgage market, showing there is truly a problem that must be addressed. Luckily, Twin Cities Habitat has stepped up to the plate and is attempting to tackle this problem head on.
The Twin Cities Habitat has made it a goal of doubling the numbers of households that it serves each year to near 100 annually. The organizations “impact 2020” strategy plan received a boost from Bremer Bank, which has decided to commit to buying Twin Cities Habitat’s mortgages at a below-market rate. Thanks to some philanthropic donations and some public funding, the campaign has been further extended, allowing families to buy homes on the open market which will serve to increase income eligibility to serve buyers earning up to 80% of area median income. This translates to a family of five earning up to $73,450 may qualify to buy a home with Twin Cities Habitat.
We are excited about the progress the Twin Cities is making towards becoming a state that has more affordable housing options and digging use out of the affordable housing crisis we seem to find ourselves in!
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