Capital. Innovation. Success.

For more than 40 years, MMCDC has been providing capital resources and innovative ideas to assist in successful business and community development throughout Minnesota and the Midwest. We provide financial assistance to businesses for the creation of jobs, to communities for new development, and to individuals for home ownership, as well as other services.

We offer business loans ranging from $5,000 to $20,000,000. We identify community needs and create solutions, including the development of apartment buildings, homes with affordable payments and new subdivisions. We manage, build and restore buildings for affordable rental housing. We provide affordable loans for home purchase, remodel and refinance. We are committed to creating housing solutions for first-time home buyers and others in rural Minnesota so that they can purchase affordable new homes.

This institution is an equal opportunity provider and employer.

International Market Plaza opens

A dream became reality in 2017, when the International Market Plaza opened in Fargo, ND.

With encouragement from MMCDC, the staff and board of directors at the Immigrant Development Center (IDC) of Fargo-Moorhead worked for years toward the opening of a market similar to those in their home countries. In their collective mind’s eye, they saw a grouping of restaurants and retail stores around an enclosed courtyard, where community members could gather to visit, eat and shop.

That vision is not far from the reality taking shape at 1345 Main Ave., Fargo. IDC purchased and remodeled 6,500 square feet of the existing building, and has found 10 new tenants. The result is a

rich ethnic mix of goods and services, including retail shops, two restaurants and a coffee shop coming later, along with the existing Tae Kwon Do studio. Services include hair cutting, henna tattoos, and sewing.

MMCDC provided affordable, flexible loans totaling $420,000 toward the $1.1 million project. A federal grant to IDC also contributed to financing for the building. Key to receipt of the grant was the potential to repurpose up to 25,600 square feet of underutilized commercial space, and add 57 new jobs and 16 new businesses in a low-income neighborhood, with a 33 percent poverty rate and a median family income of just 55.7 percent of the average area median family income.

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New home for sale in Frazee

Frazee home offers the benefits of new construction at a more reasonable cost. This one-bedroom, one-bath model home has three additional bedrooms and a bathroom ready to finish on the lower level and room for a future two-stall garage on the back alley. Home was constructed in an established neighborhood, so there are no special assessments for new water, sewer or roadway infrastructure.

The sale price is $139,500; the affordable financing package includes a fixed-rate MMCDC first mortgage and ultimately reduces the cost of the home in three ways, listed below.

No down-payment requirement means there is less cash required at closing; Interest-only second mortgage is forgivable after seven years if all conditions are maintained, which further reduces costs; and Deferred MMCDC third mortgage has no repayment requirement until the sale of the home or repayment of the 30-year first mortgage, which lowers the monthly payments.

Income Restrictions

Household Size Maximum Annual Income 1 person 36,600 2 person 41,800 3 person 47,050 4 person 52,250

Contact Natalie Bly at 218-844-7017 for more information or a showing.

Home constructed and sold by Northwest Minnesota Housing Cooperative and made possible through the support and efforts of several entities. They include: Minnesota Housing Finance Agency, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund, Greater Minnesota Housing Fund, Minnesota Housing Partnership and City of Frazee.

Offer subject to all program and financing requirements. MMCDC is an equal opportunity employer, provider and lender.

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MMCDC highlights 100th Anniversary of Graystone Hotel

MMCDC members and guests enjoyed a presentation on the historic renovation of the Graystone Hotel and entertainment by the Heart O’ Lakes Harmony group at the annual meeting Thursday, June 15, at the Detroit Lakes Community and Cultural Center.

The Hotel opened in 1917 in Detroit Lakes, MN, and was purchased by MMCDC in 1998. It was placed on the National Register of Historic Places and subsequently renovated. MMCDC’s offices are now located in the Hotel and in the former Teague Building, longtime home to Blanding’s Department Store. A public event commemorating the Graystone’s 100th anniversary is planned for the Fall.

Janet Green

President Kevin Shipley and Chairman Ron Lindberg presided at the meeting. Among the items of business was recognition of longtime board members Kathy Henry, Larry LePier, Terry Stallman
and Ron Lindberg. Janet Green is the incoming board chairwoman.

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Capital. Innovation. Success.

MMCDC News

International Market Plaza opens

New home for sale in Frazee

MMCDC highlights 100th Anniversary of Graystone Hotel

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