Local
Funds Raised for the Rochester Area First Homes Program Totals Over $10.6
Million Toward Affordable Workforce Housing
Rochester Area First Homes Program
- Rochester, Minn.
Single-Family Homeownership and Multifamily Rental Housing
EMPLOYER ROLE: Cash Contribution to Rental Housing
and Secondary Financing Pool For Homeownership
Number of Units | 875
Employer Contributions | $9,428,141
Local Foundations | $1,061,000
Private Donors | $110,968
MHFA | $3 Million
GMHF Award | $5.5 Million
Total Development Cost | $131 Million
Project Features
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Mayo Clinic jump-started employer participation through an unprecedented $7 million commitment in May of 2000.
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Key partners joined the Mayo team, including the Rochester Area Foundation, Rochester Area Chamber of Commerce, Minnesota Housing Finance Agency and GMHF to push affordable housing efforts forward.
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Clear goals targeted through cooperation: create 600 single-family and 275 multifamily homes.
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Regional effort collects $10,600,109 in public and private gap funds.
- Total employer contributions totals nearly $9.5 million.
- As of July 2003, 22 built projects have received funding. This list continues to grow.
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The average family purchasing one of these units has an annual income around $28,000, roughly 60 percent of the area's median income.
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Project demonstrates the success of employer participation and reinvestment in local community.
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More than 500 families have been served to date, reducing the number of families waiting to buy houses in and around the Rochester area.
Click to enlarge view of participating cities.
Sean Allen, Karel Weigel and Steve Thornton are just a few of the many
strong community leaders who made the First Homes program happen and
continue to guide it.
View
a complete list of
Rochester First Homes Contributors