GREATER METROPOLITAN HOUSING CORPORATION
15 SOUTH FIFTH STREET NO 710, MINNEAPOLIS, MN 55402 www.gmhchousing.org

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Organizations Filed Purposes: THE ORGANIZATION'S MISSION IS TO PRESERVE, IMPROVE, AND INCREASE AFFORDABLE HOUSING FOR LOW AND MODERATE INCOME INDIVIDUALS AND FAMILIES, AS WELL AS ASSIST COMMUNITIES WITH HOUSING REVITALIZATION.

PRESERVE, IMPROVE & INCREASE AFFORDABLE HOUSING; ASSIST COMMUNITIES WITH HOUSING REVITALIZATION

PREDEVELOPMENT REVOLVING LOAN FUND GMHC PROVIDES TECHNICAL ASSISTANCE AND HIGH-RISK PREDEVELOPMENT (SEED) LOANS TO ORGANIZATIONS TO ASSIST IN THE DEVELOPMENT OF QUALITY AFFORDABLE HOUSING. THESE LOANS COVER EXPENSES SUCH AS ARCHITECTURAL FEES, SURVEYS, ENVIRONMENTAL AND SOIL TESTING, LAND COSTS, CONSULTANTS, ETC., AS WELL AS BRIDGE LOANS. GMHC ALSO ADMINISTERS THE FUNDING DURING THE PREDEVELOPMENT PHASE. A LARGE VARIETY OF HOUSING IS FUNDED UNDER THIS PROGRAM INCLUDING MULTIFAMILY RENTAL, HOME OWNERSHIP, CO-OP HOUSING, ELDERLY HOUSING, TRANSITIONAL HOUSING AND HOUSING FOR SPECIAL NEEDS (FOR THE DISABLED, PERSONS WITH AIDS, CHEMICAL DEPENDENCIES, MENTAL ILLNESS, FRAIL ELDERLY, WOMEN AND FAMILY SHELTERS, ETC.). WE HAVE ALSO PROVIDED THIS FUNDING FOR THE DEVELOPMENT OF CHARTER SCHOOLS, AS WELL AS COMMERCIAL DEVELOPMENTS THAT ENHANCE INNER-CITY NEIGHBORHOODS. EFFORTS TO WIND DOWN THE PRE-DEVELOPMENT LENDING POOL INCLUDED PAYING DOWN OUTSTANDING BALANCES FROM THE POOL'S LENDERS AS PAYMENTS FROM BORROWERS CAME IN, LEAVING, AT YEAR END, SEVEN LOANS OUTSTANDING. DISCUSSIONS AT YEAR END WERE AIMED AT CLARIFYING THE PROCESS TO END GMHC'S RESPONSIBILITY FOR THIS POOL, WITH THE IMPLEMENTATION OF THAT PROCESS EXPECTED TO PROCEED IN 2020.

SINGLE FAMILY HOMEOWNERSHIP PROGRAM GMHC BUILDS AND RENOVATES SINGLE FAMILY HOMES IN THE INNER-CITY OF MINNEAPOLIS, ST. PAUL AND VARIOUS SUBURBAN COMMUNITIES. THE MAJORITY OF HOMES ARE SOLD TO PERSONS WITH INCOMES AT OR BELOW 80% OF THE MEDIAN INCOME AND FIRST-TIME HOMEBUYERS. FINANCING TOOLS ARE AVAILABLE TO MAKE THESE HOMES AFFORDABLE. THIS PROGRAM PROVIDES AMONG OTHER THINGS: HOMEOWNERSHIP OPPORTUNITIES FOR INDIVIDUALS OFTEN PREVIOUSLY LEFT OUT OF THE OWNERSHIP MARKETPLACE, STABILITY AND INCREASED PROPERTY VALUES TO NEIGHBORHOODS, ADDITIONAL TAX REVENUE FOR THE CITY AND COUNTY, AND JOBS DURING CONSTRUCTION. THE HOMES ARE BUILT IN COOPERATION WITH VARIOUS CITIES, COUNTIES, MINNESOTA HOUSING AND NEIGHBORHOOD DEVELOPMENT CORPORATIONS.

SUSTAINABLE HOME OWNERSHIP PROGRAM (SHOP HOME MORTGAGE (TM)) IN PARTNERSHIP WITH DAYTON'S BLUFF NEIGHBORHOOD SERVICES, GMHC CREATED SHOP HOME MORTGAGE. SHOP'S PROPRIETARY PRODUCT WAS THE BRIDGE TO SUCCESS CONTRACT-FOR-DEED PROGRAM, AN INNOVATIVE AND FLEXIBLE CREDIT FACILITY FUNDED BY PUBLIC AND SOCIALLY RESPONSIBLE INVESTORS THAT OFFERED PRUDENT, AFFORDABLE CREDIT TO BORROWERS NO LONGER SERVED BY MAINSTREAM CREDIT MARKETS. THE 10-YEAR CONTRACT-FOR-DEED WAS FOR PEOPLE WHO HAD THE FINANCIAL CAPACITY TO PURCHASE A HOME BUT WHO HAD BEEN UNABLE TO QUALIFY FOR BANK FINANCING DUE TO POOR CREDIT HISTORY, BANKRUPTCY, FORECLOSURE, OR NOT UNDERSTANDING THE FINANCIAL PROCESS. THE PROGRAM ALLOWED BUYERS WHO HAD ADDRESSED THEIR CREDIT ISSUES TO PURCHASE A HOME THEN AND SUPPORTED THEM THROUGH A PERSONAL FINANCIAL PLAN, INDIVIDUAL COUNSELING, AND HOME BUYER EDUCATION. THE GOAL FOR THE BUYERS REMAINING IN A CONTRACT-FOR-DEED WAS AND STILL IS TO RESTORE THEIR CREDIT AND IMPROVE THEIR FINANCIAL HABITS SO THAT THE CONTRACT-FOR-DEED CAN BE REFINANCED INTO AN FHA OR CONVENTIONAL FIXED-RATE LOAN PRODUCT WITHIN TEN YEARS. AS A RESULT OF THE EFFORTS OF SHOP STAFF, COUNSELORS AND OUR SERVICER, COMMUNITY REINVESTMENT FUND, OVER 70% OF THE 156 CONTRACT-FOR DEED CLIENTS HAVE BEEN ABLE TO REFINANCE TO MARKET RATE MORTGAGE PRODUCTS.

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