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On Thursday, October 12th, 2023, several MMCDC and White Earth Investment Initiative staff members participated in a productive tour of each of the White Earth villages to better understand the needs of the reservation and discuss potential collaborations with other area groups.

Image of the White Earth Tour attendees

The tour brought together White Earth Tribal Council Members Mike LaRoque and Eugene Sommers, White Earth Executive Director Laurie York, and representatives from Margaret A. Cargill Philanthropies, Northwest Minnesota Foundation, Indigenous Visioning, and West Central Initiative. Representatives from MMCDC and WEII included Julia Nelmark, Scott Omlid, Audra Tonihka, Tim Swenson, Heather Hamlin, and Laura McKnight.

A joint conversation among these groups in June and the desire to see first-hand some of the ideas for collaboration sparked the idea for this tour. The ensuing outing was a day spent building partnerships with the intent to combine resources and expertise to cooperatively address community needs.

The White Earth Tribal representatives discussed several possible projects and said the Council will determine which one they would prioritize for the groups to work on together. Projects MMCDC and WEII have previously worked on in the area include White Earth Tribal and Community College, the Naytahwaush Clinic, Oshki Manidoo (New Spirit Center) near Bemidji, and the Naytahwaush Charter School.

MMCDC and WEII look forward to collaborating on future endeavors with all groups involved with the tour. The mission of MMCDC is to assist communities and individuals in achieving a better quality life.

Beginning September 2023, White Earth Investment Initiative’s Community Development Services began offering free rental and financial wellness counseling to current tenants residing in properties managed by MMCDC. The sessions can benefit anybody, whether they’re currently renting, looking to rent, or looking buy a house, because it’s never too early to prepare for taking the next step.

Image of calculator, money clip, pen, and pad of paper.

The first session is approximately ninety minutes long and takes place at a WEII office in either Detroit Lakes or Ogema. Additional sessions typically run around 45 minutes. Counseling sessions are scheduled as needed, based on the tenant.

During the sessions, tenants can expect to discuss their housing goals, review their credit report, create a household budget, and craft an action plan for the future. 

Lead Community Services Coordinator, Sue Trnka, has met with ten tenants thus far and emphasized that the sessions are intended to be an empowering process: “They’re confidential and suited to each person’s needs.”

After WEII became certified by the U.S. Department of Housing and Urban Development as a HUD-approved housing counseling agency, Trnka wanted to offer more counseling. Recently acquired funding allowed her to approach MMCDC’s property management team about renters in need of financial advising. From there, MMCDC’s staff began referring current renters to the program.

The counseling is made possible by support from the State of Minnesota, Minnesota Housing, Minnesota Homeownership Center, the Oweesta Corporation, and NeighborWorks America.

People interested in enrolling in the counseling or seeking more information should call 218-844-7029.

 

MMCDC’s Mortgage Lending Department is making progress toward deploying $100 million in down payment assistance for first-generation homebuyers.

Image of the First-Generation Homebuyers Community Down Payment Assistance Fund website

With a target goal of opening for applications in early 2024, MMCDC staff are working with Minnesota Housing on getting a program guide, work plan, budget, and contract approved. Because this is a pilot state-wide first-generation down payment initiative, the process of laying out the logistics is time-consuming: the work plan must be thoroughly planned and detailed to ensure all aspects are addressed and act as a template for other statewide initiatives.

Karen Larson, Vice President of Mortgage Lending at MMCDC, also noted the creation of a centralized portal is in progress for consumers to access reservations of funds. The portal will be linked on both the First-Generation Down Payment Assistance program website as well as MMCDC’s website.

Potential customers can stay up-to-date on the progress of program by signing up for more information and launch timing details at firstgendpa.org. Additionally, the website is an excellent resource for consumers with details about how the program works, an explanation of who qualifies for the program, and guidance on how to prepare to apply for the funds, including links to homebuyer education courses and counselors.

Lenders and realtors can also visit the First-Generation Homebuyers website to learn about how to partner with the program and find updates about program developments.

The “Community-Based First-Generation Homebuyers Down Payment Assistance” Program was signed into law by Minnesota Governor Tim Walz on May 15, 2023 after the Minnesota House and Senate passed the omnibus housing finance bill (HF 2335). The program was created to address the state’s racial homeownership gap and the corresponding barrier of insufficient capital for down payments. A diverse coalition of groups led by the Minnesota Realtors, the Minnesota Homeownership Center, and Twin Cities Habitat for Humanity brought forward the pilot program.

As noted on the First-Generation Homebuyer’s webpage, “This fund provides up to ten percent of the home’s purchase price (capped at $32,000) in down payment assistance to eligible homebuyers across the state. The funds are a zero-interest loan that is forgiven over five years, so long as the buyer lives in the home as their primary residence.”

MMCDC (in partnership with CDFIs, nonprofits, and Tribal entities around the state) will administer the funds for Minnesota Housing, opening the door to homeownership for thousands of first-generation homebuyers, and particularly those in communities of color.

 

 

Reposted with permission of Minnesota Realtors

During the week of May 8, the Minnesota House and Senate passed the “First-Generation Homebuyers Down Payment Assistance Fund” program, which was included in the final version of the omnibus housing finance bill (HF 2335). On Monday, May 15, Governor Walz signed HF 2335 into law.

This pilot program was brought forward by a diverse coalition of groups led by Minnesota Realtors® (MNR), the Minnesota Homeownership Center (the Center), and Twin Cities Habitat for Humanity.

“The passage of this pilot program is an accomplishment years in the making,” said Emily Green, 2023 president of MNR. “Recognizing the need to close our state’s racial homeownership gap—the fifth largest disparity in the nation—MNR and the Center began collaborating to explore solutions back in 2020.”

MNR and the Center commissioned a study that revealed lack of sufficient capital for a down payment was a key barrier to homeownership. Realizing the scope of the problem, MNR and the Center sought other partners, and enlisted Twin Cities Habitat for Humanity. From there, more groups joined the fold and soon a coalition was advocating for passage of the “First-Generation Homebuyers Down Payment Assistance Fund” at the Capitol.

Read the full article here: https://www.mnrealtor.com/blogs/mnr-news1/2023/05/17/first-generation-homebuyers-down-payment-assistanc

This newly constructed home is situated in a quiet and gorgeous new development, conveniently located next to a nature park area. When you enter the home you will notice the custom hickory cabinets and the open kitchen and living spaces. Relax in the spacious yard and listen for the Whisper of the Pines.

Call Heather, at 218.844.7017, for showings.

727 Lincoln Ave., Wadena, Minn.

Information below is being shared from a Nov. 29, 2022, DEED newsletter.

The Minnesota Department of Employment and Economic Development (DEED) launched the Automation Loan Participation Program this week as part of the recently announced $97 million through the State Small Business Credit Initiative (SSBCI).  

This program provides companion loans from DEED to cover financing gaps and expand financing opportunities for businesses purchasing machinery, equipment, or software to increase productivity and automation.   

DEED loans through the new program can be worth up to $500,000 and need to be made in conjunction with private financing. Applications are open now. Full terms and requirements are available on DEED’s website. 

Eligible borrowers include manufacturing, distribution, technology and warehousing businesses located in Minnesota. The program targets businesses with fewer than 500 employees.  

Companion loans from DEED must be matched at least 1:1 by private financing. Both the ALPP loan and the private financing must be used for machinery, equipment or software to increase productivity and automation.  

Regardless of the terms of the other private financing, the ALPP loan will have the following terms: 

Loan amount up to $500,000  1% interest rate  The term will be 5 to 7 years based on the life of the asset  Payments may be deferred 6 to 12 months  If requested by lead lender, DEED can take a subordinate position on collateral 

Additional considerations: 

The loan may not be used for the same purpose as any federally guaranteed private financing being used for the project.  The machinery, equipment or software the business will purchase totals less than $20,000,000. 

This information is shared from a Nov. 1, 2022, DEED newsletter. 

The Minnesota Department of Employment and Economic Development (DEED) launched the Growth Loan Fund today as part of the recently announced $97 million through the State Small Business Credit Initiative (SSBCI). This program provides direct loans from DEED to technologically innovative seed- and early-stage businesses.  

The federal government has approved Minnesota for up to $97 million in small business financing support, which allows DEED to carry out its commitment to help small businesses grow and succeed. The Growth Loan Fund supports entrepreneurial growth throughout Minnesota. 

DEED is now accepting applications from businesses seeking financing from the program. 

Informational webinar 

Businesses interested in participating in the Growth Loan Fund Program are invited to join a webinar with DEED officials on Friday, November 4 at 1:00 p.m. 

Applicants must be seeking equity investments in a funding round that includes at least one venture capital fund or accredited investor.  Loans range from $100,000 to $400,000 based on 20% of the total investment in the defined funding round, not to exceed 12 months subsequent to loan approval. The business must complete at least 70% of the proposed equity raise to remain eligible for the loan. 

Eligible businesses must meet one of the following criteria: 1) been certified to participate in the Angel Tax Credit (ATC) Program; 2) be identified by a venture or angel fund for investment; or 3) be identified by an individual accredited investor for investment. 

To qualify for funding through the Growth Loan Fund, businesses need to be engaged in, or be committed to engage in, technological innovation in Minnesota. The primary business activity must include one or more of the following: 

Using proprietary technology to add value to a product, process or service in a qualified high-technology field;  Researching or developing a proprietary product, process, or service in a qualified high-technology field;  Researching, developing, or producing a new proprietary technology for use in the fields of: agriculture, tourism, forestry, mining, manufacturing, or transportation; or  Researching or developing a proprietary product, process or service in the fields of agriculture, tourism, forestry, mining, manufacturing, or transportation (no technology component required). 

Lorna LaGue, MMCDC Board Member, 2016-2022

We are saddened to learn of the passing of our board member, Lorna LaGue. Lorna was elected in 2016 to MMCDC’s Board of Directors as a representative of Mahnomen County. She has been an active director, and chaired two of our committees and served on others. She helped select a new President–a task of many hours and much responsibility. Lorna brought many unique perspectives and experiences to her work, and we are truly grateful for her service. We will deeply miss her.

If you are behind on your mortgage or other related bills, or are worried about foreclosure due to the pandemic, HomeHelpMN from Minnesota Housing may be able to help. Visit HomeHelpMN.org or call 1-800-388-3226 to see if you qualify for financial assistance.

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