MMCDC affiliate helps sponsor banquet

The Minnesota American Indian Chamber of Commerce is celebrating its 30th anniversary! A special banquet is being held Dec. 1 at Mystic Lake Casino. MMCDC’s affiliate, the White Earth Investment Initiative, is one of many event sponsors.

Register and support the work of this important group.

NeighborWorks recognizes MMCDC project

NeighborWorks America is devoting its monthly newsletter to community development in Native American communities. The newsletter features a story on the expansion of the White Earth Tribal and Community College, which utilized financing from MMCDC as well as its affiliates, Community Development Bank and White Earth Investment Initiative.

Read the newsletter here.

Two Thumbs Up!

Customers reviews were positive for MMCDC’s Home Loan Division in the most recent quarter:

It was a very easy process, and we are happy with the service we received Friendly and prompt Everything went smoothly and closed on time from the date that was estimated Everyone we worked with was wonderful, responsive, and had a great sense of humor Quick, thorough, and informative Was a quick response on questions, was able to close fairly quickly Everyone was very helpful For all the high talk on how much paperwork involved with buying a home, went way smoother than expected We couldn’t be more pleased-efficient, friendly, professionally meticulous Request for 2nd Mortgage for Home Improvement loan went well Quick, very smooth financing. Can’t wait to get our house fixed up Very smooth process – everyone I worked with was helpful and efficient Without your service, myself and many others I know wouldn’t be able to buy a house

For more information on home loan options, go to our Mortgage Lending page.

Graystone Hotel Centennial: Come and Celebrate With Us!

An open house marking the 100th anniversary of The Graystone Hotel will be held 2-4 p.m. Thursday, Sept. 21, at 119 Graystone Plaza, Detroit Lakes, MN.

2 p.m. Tours 3 p.m. Speakers Music by Heart O’Lakes Harmony Quartet Car Display by Antique Auto Group Becker County Historical Society Exhibit

A complete story with photos can be found in the Detroit Lakes Newspapers online.

Office Space Available for Rent

Be a part of history! Offices for rent on main level of Historic Graystone Hotel and Annex buildings, offering downtown Highway 10 frontage in Detroit Lakes, MN. One office features 1,000 square feet of finished space; second offers 1,750 square feet, which may be subdivided. Contact Laura McKnight for details.

MMCDC is an equal opportunity provider, employer and lender.

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.

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 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.

 

 

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.

NeighborWorks in the Neighborhood

Every day, the dedicated members and partners of MMCDC work with residents to improve neighborhoods and the lives of people in the communities we serve. This work, along with that of many similar organizations, is celebrated during national NeighborWorks Week, June 3-10, 2017.

Last year, along with our partners, MMCDC rebuilt a restaurant that had been lost in a fire, helped 96 first-time homebuyers acquire a home, renovated 30 affordable rental units for seniors and the disabled, preserved affordability of an additional eight units, financed 14 nonprofit and for-profit businesses, supported training for volunteers who contributed hundreds of hours to their communities, and much more.

As a chartered member of NeighborWorks®, MMCDC must meet a high standard of fiscal integrity and service performance to assist residents in developing leadership, improving their neighborhoods, and securing decent, affordable housing.

We are one of more than 240 NeighborWorks® organizations working in nearly 4,000 urban, suburban and rural communities nationwide. Our link to this powerful and unique nationwide network of community development organizations adds great value to what we do in disadvantaged communities in Minnesota and the Midwest.

Through NeighborWorks®, we have access to financial resources, tools, training opportunities, and the experience of hundreds of colleagues from around the country who can help us make our community a better place to live. Rather than just build housing, we help residents revitalize an entire neighborhood … or develop skilled grassroots citizen leaders … or improve the capacity of local organizations … or optimize the often hidden powers of local institutions. In short, we build community.