News

Midwest Minnesota Community Development Corporation has announced its Top Lender Partners for 2018. These lenders have helped provide more home mortgage loans to date in 2018 than most of MMCDC’s 54 partners throughout Minnesota:

Border State Bank Minnesota National Bank Community Development Bank United Community Bank

“We enjoy working with the lenders from all of these offices,” said Kathy Misson, MMCDC Vice President, Mortgage Lending. “We usually get very favorable comments from their clients in our customer satisfaction survey due to the high quality of service they receive from their community lender as well as the valuable products we are providing. We are thankful for all of these offices and looking forward to 2019!”

Together, the above banks helped 77 customers purchase, remodel and refinance homes in small communities throughout Minnesota. Borrowers received conventional and home improvement loans as well as USDA Rural Housing Loans, which offer a low down-payment requirement and expanded qualifying ratios.

“We are pleased to partner with these trusted community banks to connect their clients with a wider range of home loan products, and assist the local banks in remaining competitive,” MMCDC President Julia Nelmark said.

MMCDC provides in-house underwriting to its bank partners, offering a shorter time to closing, and offers long-term, fixed-rate products. It has consistently ranked as one of the top 10 providers of USDA Rural Housing loans in Minnesota and received an Outstanding Housing Partner Award from the Minnesota USDA Office in 2016.

For more information contact Kathy Misson, 218-844-7015, kmisson@mmcdc.com, or Karen Larson, 218-844-7013, klarson@mmcdc.com. Or, go to www.mmcdc.com/mortgage-lending/.

Midwest Minnesota Community Development Corporation has received a $600,000 federal grant award to support community economic development in South Dakota.

“Our award will support smaller organizations that foster affordable housing, small business sustainability and quality facilities for health care, education and more,” MMCDC President Julia Nelmark said.

The White Earth Investment Initiative, an MMCDC subsidiary, received $550,000. “Our Vice President of Lending, Audra Tonihka, will help meet demand for financing capital from Native-owned businesses in Hennepin, Dakota and adjacent counties in Minnesota,” said Kevin Shipley, CEO of White Earth Investment Initiative.

MMCDC and WEII were among 302 Community Development Financial Institutions (CDFIs) receiving awards. Funds will be available for up to three years.

“The FY 2018 CDFI Program and NACA awardees will provide vital financial services and lending to low-income communities nationwide,” said CDFI Fund Director Annie Donovan in a press release. “The awards will also benefit Native Communities, areas of persistent poverty, and individuals with disabilities.”

Previous awards have helped people with limited incomes achieve homeownership, often in partnership with small lenders across the state.

MMCDC’s overall vision is to help businesses and communities succeed by providing financing and development of affordable homes and apartments. Headquartered in Detroit Lakes, Minn., it is a nonprofit company lending and investing statewide and beyond, with a special focus on rural and underserved areas.

The White Earth Investment Initiative focuses on Native American communities in Minnesota and leads the company in community-based financial education and consumer lending.

MMCDC is a chartered member of NeighborWorks America. For more information on MMCDC or WEII, go to www.mmcdc.com. or www.weii.website.

MMCDC’s subsidiary, White Earth Investment Initiative, is a Native CDFI. Video shared with permission.

The Office of the Comptroller of the Currency is highlighting the transformation of the historic Ford Motor plant in Minneapolis in its new video. MMCDC provided $9.5 million in financing utilizing the federal New Markets Tax Credit. Hear MMCDC’s Julia Nelmark and others describe this major Minnesota redevelopment project as part of the video below.

 

 

(Edited for length and reprinted with permission)

More than 554,000 Minnesota households struggle to afford quality housing, a 58 percent increase since 2000

Governor Mark Dayton and members of the Governor’s Task Force on Housing have released its final report, recommending 30 action steps aimed at improving access to quality, affordable housing for Minnesotans and building a more vibrant, inclusive economic future for all Minnesotans.

“More than half-a-million Minnesotans are struggling to afford quality housing,” said Governor Dayton. “The strength of our communities and the success of our people depend on creating solutions to the many housing challenges facing Minnesota families. I am grateful to the members of this Task Force for their collaboration and hard work. The actions they have recommended offer a roadmap for connecting all Minnesotans to the safe, quality, affordable homes we need for a better Minnesota.”

30 Recommendations for Improving Access to Good, Affordable Housing

Following extensive discussion and analysis, the Task Force compiled its recommendations in a final report, More Places to Call Home: Investing in Minnesota’s Future. The report outlines how public, private, nonprofit, and neighborhood efforts can help ensure that good quality homes and strong communities remain the cornerstones of a prosperous Minnesota. In total, the report includes 30 recommendations, organized across these six goals that have the power to transform Minnesota’s housing landscape:

Commit to Homes as a Priority –Create a broader and stronger public commitment to the urgent need for more affordable homes for more Minnesotans. Preserve the Homes We Have –Keep the homes we already have, especially those that are most affordable. Build More Homes –Build 300,000 new homes by 2030, across all types, prices, and locations to stabilize prices and meet demand. Increase Home Stability –Assist twice as many people at risk of losing their homes because of rent increases, evictions, and heavy cost burdens. Link Homes and Services –Build stronger links between where we live and the services needed to live stable lives. Support and Strengthen Homeownership –Create pathways to sustainable homeownership, with a focus on removing barriers for households of color.

To read the Task Force’s recommendations in full, CLICK HERE.

MMCDC’s Sarah Castro has earned a professional certificate in nonprofit management from the University of California-Riverside University Extension and Regional Access Project Foundation. The classes provided a summary of the governance, financial, and legal aspects of nonprofit administration.

Reprinted with permission from Northcountry Cooperative Foundation. MMCDC is one of several funders.

Fridley, MN | Many homeowners dream of kitchen renovations and double-stall garages, but for the homeowners in Park Plaza Cooperative, one of the biggest dreams has been having a safe place to go in times of severe weather. In fact, Park Plaza homeowners have been dreaming of constructing a new storm shelter for almost a decade–ever since they came together to purchase their manufactured home community in 2011.

Park Plaza’s existing shelter is a small, windowless underground bunker that can accommodate only a fraction of the community’s 200 plus residents. (The structure is also without electricity and prone to flooding). Since becoming resident-owned, the Cooperative has directed residents to a nearby hospital in times of severe weather, but for residents with physical disabilities and those without vehicles, the chances of actually making it to the hospital in time to avoid a weather event are slim. For these reasons, the Co-op has made construction of a new shelter a top priority.

This Thursday, August 16 at 4 p.m. the Co-op will break ground on a new, state-of-the-art, combination storm shelter and community center, which will provide a safe, pleasant place for the Co-op to gather for generations to come. The bulk of the project was funded through a one-time Minnesota Housing grant program and a large chunk of the Co-op’s reserve fund. After unforeseen  increases in construction cost threatened to scuttle the project, the Co-op worked tirelessly over many months to identify additional grant funding and took out an additional loan in order to assemble the balance of funds necessary to complete the project.

Throughout the journey to reach today’s groundbreaking, the Co-op was assisted by Northcountry Cooperative Foundation (NCF) and the Co-op’s State representatives, Senator Carolyn Laine and Representative Connie Bernardy. Park Plaza Board President Natividad Seefeld hopes the project will help encourage other
community owners to build shelters to protect residents.

“We finally did it. After years of living in fear about the next storm that comes our way, our community will finally have safe place to go. And, we will have a place to get together and host co-op meetings, which is a huge bonus since we’ve been meeting in our garage all these years! My heart is filled with great joy and so much thanks for all the wonderful people who came together to make this project happen. I hope our success with this project will encourage other community owners to build or update their shelters in order to keep residents safe.”  – Natividad Seefeld, Board President of Park Plaza Cooperative

Background on Storm Shelters in Minnesota
Unlike most site-built homes of the Midwest, manufactured homes are typically built without a below-grade basement. No basement isn’t a problem for most manufactured homeowners, that is, unless you’re in a tornado alley, which most of Minnesota is. For this reason, Minnesota Statute requires all manufactured home communities to have an onsite storm shelter. The law was put in place after most of the communities in the state were built, however, which means many communities have no or inadequate storm shelters. (Existing manufactured home communities were grandfathered in after the law was enacted. Grandfathered communities are required to provide an evacuation plan to residents in lieu of a storm shelter).

Park Plaza Cooperative is a not-for-profit 308B Cooperative and one of Minnesota’s growing number of resident-owned manufactured home communities. Park Plaza is located in the north Twin Cities Metro in the city of Fridley, just 10 miles from downtown Minneapolis. The Co-op is home to over 200 residents. www.parkplaza.coop

Northcountry Cooperative Foundation (NCF) , a ROC USA Certified Technical Assistance Provider, is a Minneapolis-based nonprofit organization formed in 1999. NCF’s primary line of business is  converting manufactured home communities to resident-owned communities. This initiative advances NCF’s mission and plays a vital role in its strategic plan. www.northcountryfoundation.org

MMCDC President Kevin Shipley shared the company’s Core Values with the membership at the company’s June 21, 2018, Annual Meeting.

These five Core Values have been adopted by the board after discussion among members of the staff, who arrived at the values and meanings listed below.

Teamwork/Partnership

The Board, Staff, Lending Partners and Customers will work collectively to achieve the Mission of MMCDC.

Integrity/Honesty

We are consistent in our intentions, words and actions. We finish what we start, and only promise what we can deliver (we do what we say we will do). We tell the truth. We will treat each other and everyone with respect.

Accountability / Responsibility

We will be accountable to each other, to our customers and to ourselves. We will take responsibility for our actions, by what we say and what we do.

Innovation

Everyone will be forward-thinking. We encourage creative thinking and new approaches to our work that support our Mission. We will take risks when prudent to do so.

Impactful

The Mission of MMCDC is to assist communities and individuals achieve a better quality of life. The products and programs we offer will positively affect those we serve. We will strive to be the most impactful community development company in the nation.

Additionally, MMCDC staff, board and membership strive to be servant leaders. Servant leaders share power, put the needs of others first, and help people develop and perform as highly as possible.

When people work together for a shared goal, great things happen. That ideal is at the center of NeighborWorks Week, a nationwide celebration of the good that comes out of neighbors working and playing together.  

MMCDC and the entire national NeighborWorks network are committed to bringing about positive change by improving lives and strengthening communities. Over the past 40 years, NeighborWorks and its network have assisted close to 8 million people through affordable housing and counseling.  In 2017, the NeighborWorks network provided housing and counseling services to 455,100 people, repaired 71,300 homes, and created and maintained 43,600 jobs.

As a member of the network, MMCDC contributed by providing 18 business loans, managing 254 units of affordable housing, building five new homes, educating 74 potential homebuyers, preparing 534 tax returns free of charge, and financing 200 home purchase, refinance and rehabilitation loans.

MMCDC is helping residents thrive in Minnesota’s underserved communities, ensuring that the core needs of individuals are met by listening to our neighbors, no matter their income or professional position and providing or linking residents to essential services, whether those services help a person train for and find a job, understand how to buy a home, or start a small business.

Partnerships are essential to achieve long-term change and there is strength in numbers. NeighborWorks Week is a chance to engage residents and build collective capacity. We have a shared obligation to transform all communities into places of opportunity.

Happy NeighborWorks Week!