GMHF Programs and Goals

Goals

• Assist in the production of new affordable housing.
  
• Facilitate the financial and in-kind involvement of employers and communities in the development of affordable housing.
  
• Invest in housing development projects that complement local economic development initiatives geared toward increasing housing and economic vitality.
  
• Foster productive working relationships with employers, lenders, local officials and other funding partners to coordinate affordable housing development.
  
• Inform and educate policy-makers, lenders, funders, employers and the general public about affordable housing issues.
  
• Research cost-reduction techniques in the planning, design and construction of affordable housing and encourage the use of these techniques.

Program Area

The GMHF program area consists of the 80 counties of Minnesota outside of the seven-county (Washington, Anoka, Scott, Hennepin, Dakota, Ramsey and Carver) Twin Cities metropolitan area.

Programs

Multifamily Housing Development
GMHF funds affordable multi-family rental housing projects with zero- or low-interest, deferred loans. Projects are funded twice a year through the Minnesota Housing Finance Agency's Super RFP process. This is a competitive process and selected projects leverage financial resources from a variety of public and private sources, including employers and local governments.

To-Date:
77 projects approved | $17,297,770 total funding

Single-Family Homeownership
GMHF supports single-family homeownership through entry cost assistance and need-based gap financing (zero-interest, deferred loans) for homebuyers, interim financing for developers, and grants to local homebuyer education providers.

To-Date:
57 projects approved | $7,836,640 total funding

Building Better Neighborhoods (BBN)-Starter Home Initiative
GMHF provides both technical and financial (homebuyer gap financing and project interim financing) assistance to help developers and communities build new neighborhoods with affordable starter homes. The goal of the BBN program is to create homeownership opportunities for working families, while creating well-planned and livable neighborhoods.

To-Date:
29 projects approved | $11,151,914 total funding

Employer Assisted Housing
GMHF seeks to increase employer participation in affordable housing efforts by educating employers about their options for involvement and by offering financial and technical assistance to employers interested in helping their employees access affordable housing. GMHF offers matching funds for affordable rental housing development, homebuyer financing assistance to income-qualified employers and EAH program development assistance for employees and communities.

To-Date:
48 projects approved | $9,853,277 total funding

Rehabilitation Program
GMHF provides qualified rehabilitation projects or programs funding in the form of zero- or low-interest deferred loans, or grants on a limited basis, to facilitate the substantial rehabilitation and/or preservation of affordable rental or owner-occupied housing throughout Greater Minnesota. Funding availability is limited.

To-Date (program initiated in 2003):
2 projects | $541,000 total funding

Supportive Housing
GMHF funds permanent supportive and transitional housing projects with zero- or low-interest, deferred loans. Projects are funded twice a year through the Minnesota Housing Finance Agency's Super RFP process. This is a competitive process and GMHF funding availability is limited.

To-Date (program initiated in 2002):
3 projects | $402,250 total funding

OTHER ACTIVITIES

In addition to the programs described above, the Greater Minnesota Housing Fund is involved in the following activities:

• Continuing research on the housing needs in Greater Minnesota;
  
• Research and development on the best practices in affordable housing development;
  
• Public policy analysis and lobbying efforts;
  
• Publication of educational materials.