News

MMCDC President / CEO and New Markets Tax Credit Coalition Vice Chair Julia Nelmark

MMCDC President Julia Nelmark testified before the Senate Finance Committee on Tuesday, July 30, in Washington, D.C. Read all about it in a press release from the New Markets Tax Credit Coalition, published by accesswire.com: Impact of New Markets Tax Credit Program Highlighted During Senate Finance Committee Hearing (accesswire.com)

The New Markets Tax Credit is one of the most effective tools we have for community development. — Julia Nelmark

$320,000

This three-bedroom, two-bath home offers 2,160 square feet, with a finished basement and two-stall garage, located in the new Greenwood Neighborhood.

The Greenwood subdivision features a paved, off-street walking trail to the front and a dedicated city green space to the rear. The 60-by-125-square-foot lot is served by street, utility and other city services.

For more information or a showing, contact Jeff at the Northwest Minnesota Housing Cooperative.

2018 Nelson Drive

This two-bedroom, two-bath home offers 1,164 square feet of single-level living, including no-step entries, in the new Greenwood Neighborhood.

The Greenwood subdivision features a paved, off-street walking trail to the front and a dedicated city green space to the rear. The 60-by-125-square-foot lot is served by street, utility and other city services.

Other features include in-floor heat throughout the home and garage, mini-split air conditioning, solid-surface kitchen countertops, under-cabinet lights, and a covered back porch.

For more information or a showing, contact Jeff at the Northwest Minnesota Housing Cooperative.

 

Board, staff, members, volunteers and guests gathered on June 20, 2024, for the MMCDC Annual Meeting at the Shooting Star Casino Event Center in Mahnomen, Minn.

Board Treasurer Jeff Haukebo shares information on MMCDC’s financial position at the 2024 Annual Meeting.

Election results by mailed ballot were announced, with incumbent members Lori Guenther, Jim Dagg and Lisa Weber reelected to the Board of Directors. Also announced was reelection of the existing board officers – Gary Thibert, Chair; Lori Guenther, Vice Chair; Jeff Haukebo, Treasurer; and Breanna Adams, Secretary – by a vote of the board at its regular meeting.

In a letter shared at the meeting, MMCDC President and CEO Julia Nelmark noted MMCDC is selling the company’s banking interests. Treasurer Haukebo also highlighted the related changes to the company’s 2023 financial statements. Information about the sale was posted by the leadership at Community Development Bank on its website at www.comdevbank.com.

MMCDC President Julia Nelmark shares information on the company’s prior year.

Members also approved, by mailed ballot, an updated Articles of Incorporation, which clarifies MMCDC’s primary purpose of promoting community development and eliminates redundancies.

Board and staff members and volunteers were recognized for their service, as was Steve Wiebolt, who served as MMCDC’s Vice President, Administration, before retiring in 2024. At 39 ½ years, he was the company’s longest-serving staff member.

Mary LaGarde, a White Earth Nation member and the Minneapolis American Indian Center Executive Director, served as the evening’s guest presenter.

White Earth Nation member and Minneapolis American Indian Center Executive Director Mary LaGarde served as the evening’s guest speaker.

She showed attendees photos of the recently completed MAIC redevelopment project in Minneapolis and discussed the positive impact on the community.

The Kauffman FastTrac class is an intensive, hybrid educational opportunity for future and early stage entrepreneurs.

The 11-session class is hosted by the West Central Small Business Development Center (WC MN SBDC) and led by their qualified trainers. Ideal participants are people who are planning to start a business or whose business has been operational less than three years.

The class walks entrepreneurs from the business idea stage through the launch and eventual exit, including characteristics of successful entrepreneurs, positioning a business in the marketplace, legal requirements and business finances, and more.

Between utilizing the comprehensive FastTrac curriculum and no-fee individual follow-up consultations with an SBDC business consultant, attendees will have everything they need to build their business plan to start their business. We’re very excited to offer this program in collaboration with MMCDC.

Amy Anderson, WC MN SBDC Associate Director

“We have seen several small business clients turn their business ideas into success stories, thanks in part to the support of the West Central SBDC,” MMCDC President Julia Nelmark added. “This program increases the SBDC’s visibility and helps more people access their services.”

Participants need a computer and internet access.  The class schedule is as follows:

In-person 1-6 p.m. Friday, April 5; In-person 9 a.m. to 2 p.m. Saturday, April 6; Online 11 a.m. to 1 p.m. Fridays, April 12-May 31; and In-person 9 a.m. to 3 p.m. Saturday, June 1.

All in-person classes are held at the M State Detroit Lakes Campus, 900 Highway 34 E., room E105, Detroit Lakes, Minn.

The class fee is $50. A light meal will be provided during in-person classes. Attendees who participate in all 11 sessions will be eligible to be entered in a free gift drawing with MMCDC.

This opportunity is funded in part through a Cooperative Agreement with the U.S. Small Business Administration, Minnesota Department of Employment and Economic Development and regional support partners. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the program sponsors. Programs are open to the public on a nondiscriminatory basis. Reasonable accommodations for persons with disabilities will be made if requested at least two weeks in advance at 218.299.6605.

MMCDC is an equal opportunity employer, provider and lender.

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