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Minnesota Housing Homes For All 2006 Convention December 7, 2006

Minnesota Housing Homes For All 2006 Convention December 7, 2006. Agency Strategic Goals. End Long-Term Homelessness Increase Minority Homeownership Preserve Strategically The Existing Affordable Housing Stock Provide Housing Choices For Low And Moderate Income Workers

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Minnesota Housing Homes For All 2006 Convention December 7, 2006

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  1. Minnesota HousingHomes For All2006 ConventionDecember 7, 2006

  2. Agency Strategic Goals • End Long-Term Homelessness • Increase Minority Homeownership • Preserve Strategically The Existing Affordable Housing Stock • Provide Housing Choices For Low And Moderate Income Workers • Housing Partner Of Choice

  3. Business Structure Business and Policy Development Team composition helps create partnerships to increase program access by emerging markets: • Asian Community Liaison • Black/African American Community Liaison • Hispanic Community Liaison • Indian Housing Liaison

  4. Statewide Program Minnesota Mortgage Program (MMP) • Affordable interest rate • $3,000 in entry costs assistance (ECA) for down payment and closing cost for Targeted Borrowers • Maximum term 30 years • Homebuyer Education recommended • Minnesota Housing mortgage insurance rates and Job Loss Protection/ Involuntary Unemployment Insurance

  5. Community-Based Programs Recent Program Concept Redesign Programs require community-based partnerships to target marketing and outreach efforts with the goal of reaching emerging markets and increasing their participation in Minnesota Housing homeownership programs.

  6. CASA Program Community Activity Set-Aside Program • Affordable interest rate • 40-year term mortgage option • $4,800 in Entry Cost Assistance and Monthly Payment Assistance • Minnesota Housing mortgage insurance rates and Job Loss Protection/ Involuntary Unemployment Insurance • Homebuyer education required

  7. Targeted Marketing Targeted Marketing for Results • Outdoor advertising campaign • Radio campaign with multi-cultural voice talent and messaging • Print materials translated for target audiences • Print advertisements with customized capabilities for Lending Partners-multiple images and tag space • Work with Community Liaisons to determine targeted advertising mediums

  8. Participation in Community Events Select events that are pivotal for community outreach: • La Familia • Juneteenth • Hmong New Year • Community Liaisons attend important meetings that occur within the targeted communities

  9. EMHI Minnesota Housing’s Role • Convener • Implementation Partner • Minnesota Housing Program Redesign • Targeted Business Development

  10. Results Community Activity Set-Aside (CASA) Program Four Targeted Twin Cities Metro Initiatives Lending Partner% loans to EM Populations Centennial Mortgage 55% Bremer Bank 25% First Residential Mortgage 57% Wells Fargo Home Mortgage 26%

  11. For More Information Contact Kimberly Stuart 651-296-9959 kim.stuart@state.mn.us 400 Sibley Street, Suite 300 St. Paul, MN 55101-1998 651-296-7608 * 800-657-3769 * TTY 651-297-2361 www.mhfa.state.mn.us

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