News

Detroit Lakes, Minn.–Midwest Minnesota Community Development Corporation is poised to deploy $60 million in targeted investment in four states after finalizing its most recent federal New Markets Tax Credit allocation agreement.

These projects have the power to change lives. This is why the tax credit typically garners bipartisan support, and we applaud our elected officials – including Minnesota Sens. Amy Klobuchar and Tina Smith, 7th District Congressman Collin Peterson and 8th District Congressman Pete Stauber – for helping direct new investment to rural areas. — MMCDC President Julia Nelmark

“Today’s action demonstrates the Administration’s commitment to promoting economic growth and jobs in distressed communities, and to ensuring that every American can get back to work as quickly as possible,” Treasury Secretary Steven T. Mnuchin said when announcing the latest $3.5 billion in federal allocation nationwide.

As in the past, manufacturing centers, medical providers and community organizations top MMCDC’s list of potential financing recipients, with special emphasis on rural and Native American projects and highly distressed communities. The list includes potential projects in Wyoming, a state that is historically underserved by the NMTC, and in South Dakota, North Dakota and Minnesota. 

Using allocation authority, MMCDC connects low-cost financing with hard-to-finance projects that create new and better jobs, services and facilities in underserved areas.

The program is administered by the federal Community Development Financial Institutions Fund, working in partnership with Community Development Entities such as MMCDC. For more information or a financing application, go to Commercial Lending.

Looking for decent, low-cost housing with room for your family? Are you in need of a yard and a garage? Take advantage of this opportunity and join the waiting list for Becker County Public Housing.

MMCDC, which administers the program on behalf of Becker County, is taking rental applications for the 25 single-family homes scattered throughout Becker County, many in our small towns. When vacancies occur, people on the waiting list will be contacted.

Ideal applicants have a need for a larger rental unit of three bedrooms or more. While all homes are income restricted, public housing allows a higher income. Applicants generally pay 30 percent of their gross income on rent, pay their own utilities and care for the property through snow removal, lawn care, and basic cleaning and maintenance.

Call 847-5641 or 888-847-7404 for details.

MMCDC is an equal housing provider, employer and lender. 

MANNA Food Co-op has surpassed its phase one capital campaign goal for a planned expansion and has signed a lease at its new storefront.

Financing and technical assistance from MMCDC helped the co-op to open in 2018 at its current Detroit Lakes, Minn., location. When a larger space became available downtown, MANNA saw an opportunity to connect more community residents and visitors with local producers. MMCDC supported the co-op’s phase one fund-raising goals by converting a portion of its debt to equity financing via preferred co-op shares.

“The membership is strongly committed to the future success of the store, and so are we,” MMCDC President Julia Nelmark said.

The co-op continues working toward its ultimate fund-raising goal of $400,000.

Welcome home to Menahga, a small, lakeside community in Northern Minnesota. Whether you are a senior citizen or a young family, we have an affordable apartment for you. Pine Villa Apartments features a park-like setting and secure entry with walk-in showers, A/C and a community room for socializing with other elderly or disabled adults. Meadow Run Townhomes is in an attractive neighborhood and features spacious 2- and 3-bedroom units with A/C, dishwashers and garages. Call 1-888-847-7404 or go to Affordable Rental Housing for more information. Income restrictions apply.

Kitchen at Meadow Run Townhomes

 

 

MMCDC Note: Roy Jorgenson helped found MMCDC during his service as Director of Inter-County Community Council of Oklee, Minn., from 1966-1984. Prior to that, he served his country in World War II. He passed away this spring just short of his 100th birthday. His life is honored in this video, produced as a joint project of the Minnesota Department of Veterans Affairs and Twin Cities PBS in recognition of a very different type of Memorial Day in 2020. He also is remembered in a story on the state website. 

Roy’s son-in-law, Ron Lindberg, later served as MMCDC’s Board Chairman. We extend our gratitude and our condolences to Roy’s family.

 

The Armory Arts and Event Center in Park Rapids held a celebration on Memorial Day. Read all about their big day in the Park Rapids Enterprise.  Read our congratulatory remarks below.

Midwest Minnesota Community Development Corporation congratulates the many individuals and organizations responsible for re-imagining the former Armory building as an arts and events center. Your dedication has preserved a historic facility and helps ensure a thriving downtown neighborhood for future generations. We would like to acknowledge the Headwaters Regional Finance Corporation, Northwest Minnesota Foundation, the City of Park Rapids, and Armory Square Management Corporation for their participation in financing the project, alongside MMCDC. We look forward to working together with the Park Rapids Economic Development Authority and the Armory Arts and Event Center in managing the property in the best interests of the community. — MMCDC President Julia Nelmark

Women who would like to start or expand a business but don’t know where to begin can look to the DreamBuilder program. And it’s free of charge.

The online business education program was created and funded by the Freeport-McMoRan Foundation with women in mind and is available through MMCDC’s Commercial Lending page. Participants receive a draft of a business plan and access to a large number of tools that help them to gather and organize information as they work toward building their dream.

The course modules cover many of the steps toward business creation or expansion, including exploring, planning, making, marketing, pricing, selling, managing, profiting, financial and asset tracking, financing, and formalizing a business or product.

“We are grateful to Freeport-McMoRan and their partner, Thunderbird School of Global Management, for offering entrepreneurs access to this free tool,” MMCDC President Julia Nelmark said. “It appeals to women, but it is useful and available to anyone.”

Our Home Loan Division again ranked among Minnesota’s top 10 providers of USDA Guaranteed home loans, which provide 100 percent financing and expanded qualifying ratios to low- to moderate-income homebuyers in rural areas.

“Minnesota has been a top producer for the program, with excellent delinquency rates well below the national average,” stated a news release issued by the USDA Rural Development office in Minnesota.

MMCDC has been a provider of USDA Rural Housing Guaranteed Loans for more than 20 years. Loans can be used to purchase modest homes in good condition. In addition, the Home Loan Division provides conventional, refinance, cash-out refinance, and home improvement loans in partnership with independent banks and credit unions.

“We are proud of our Home Loan Division, which ranks highly in customer surveys as well,” MMCDC President Julia Nelmark said.

Recent client survey comments included those listed below.

“Very responsive, friendly, and helpful.” “Everyone with MMCDC has been so helpful through this whole process.” “Everything went smoothly and nothing could be better.” “It was great service.” “Timely.” “Quick and easy.” “Quick and easy to work with; knowledgeable.” “Smooth sailing.”

Contact MMCDC at 218-847-3191 or info@mmcdc.com.

Kathy Misson, VP, Home Mortgage Karen Larson, Underwriter Angie Schute, Processor

Casey Grossman, Processor

Video used with permission of the Opportunity Finance Network

MMCDC is a member of the Opportunity Finance Network, which has published a video showcasing the work of groups like us from around the country. From Rural Minnesota to core urban areas, Community Development Financial Institutions are Lending Where It Counts.