Housing Development - Highlights and Accomplishments
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Home Matters
In an effort to stabilize homes and neighborhoods affected by foreclosure and create new opportunities for low- and moderate-income homebuyers, Three Rivers Community Action has launched the ‘Home Matters’ purchase-rehabilitation-resale program in the City of Northfield. The program is a partnership with the Northfield HRA, RENew Northfield, Greater Minnesota Housing Fund, Blue Cross and Blue Shield of Minnesota Foundation, Federal Home Loan Bank of Des Moines, Minnesota Pollution Control Agency, Northfield Area Foundation, and other local partners, including lenders, real estate agents, and general contractors.
On average, foreclosed homes are some of the oldest and most affordable in town. However, in the period leading up to and following foreclosure, the houses are often neglected, abandoned and fall into significant disrepair. These homes typically have health and safety issues such as mold, moisture, and lead-based paint. The homes are uneconomical to operate because of outdated heating and cooling systems, too little insulation, inadequate doors and windows, and inefficient appliances. These maintenance and safety issues require such significant upfront capital, that many homebuyers cannot afford the necessary updates in addition to buying the house. These issues create a great need for investment by Three Rivers and its partners.
In the Northfield stabilization effort, our first rehabilitation house is now under construction and will be featured as a model home for educating the community about the project and our sustainable construction practices. The home will feature a wide array of new technologies, innovative products, and best practices for retrofitting homes to improve their indoor air quality and energy efficiency, while minimizing impacts on the environment. As work continues on this home, Three Rivers will be hosting a wide array of events and educational opportunities.
Follow the Home Matters project by visiting our blog at www.home-matters.org
Downpayment Assistance Available!
Three Rivers Community Action is pleased to announce that we are administering a new downpayment assistance program for income-qualified buyers who are purchasing foreclosed properties. Click HERE for a program flyer.
Buyers can qualify for either $10,000 or $15,000 depending upon income. Loans are 0% interest and forgiven if the buyer remains in the home for 5 years.
Requirements:
- The property must be a foreclosure or short sale.
- The property must be located in an incorporated city and have city sewer and water service.
- Buyers must meet income guidelines.
- Buyers must complete an eight-hour Home Stretch homebuyer education class (even if they have previously owned a home). For a list of classes, go to www.hocmn.org/firstTimeHomeBuyers-map.cfm
- Buyers must be able to qualify for a mortgage that meets program guidelines (long-term, fixed interest rate).
- Buyers must obtain a professional inspection for the property they intend to purchase.
Funding for the program is coming from Greater MN Housing Fund and the Federal Home Loan Bank of Des Moines. Funding is limited and cannot be guaranteed until all application materials are submitted and approved.
Three Rivers Community Action, Inc. joins with Southwest Minnesota Housing Partnership to launch a new initiative to advance homeownership for emerging markets in southern Minnesota.
Advancing Homeownership Summary
In 2005, Three Rivers preserved and rehabilitated 32 rental units in St. Charles, Minnesota.
The Clover Patch preservation is featured in the Summer 2007 Rural Voices.
See page 15 at: Rural Voices Summer2007.pdf
The original article was published in the National Housing Trusts Preservation Newsletter in May 2006.
National Housing Trust's Preservation Newsletter
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