Habitat For Humanity International Inc

Programs: The main program offered by habitat for humanity of minnesota (hfh-mn) is a loan program through which we provide a secondary market for habitat mortgages. As of june 30, 2017, we have financed 916 mortgages for affiliates for total loan disbursements of over $66 million. Over 2,500 habitat for humanity homes have been sold to partner families in minnesota since the late 1980s. Collectively, these mortgages total over $100 million in principal balances. These homes are sold with 0% interest mortgages. Homeowner mortgage payments are used to build more habitat homes. The habitat minnesota loan fund allows hfh mn to act as a secondary lender for minnesota hfh mortgages. Affiliates pledge their homeowners mortgages and monthly mortgage payments to the fund. In return, affiliates get the cash value of the mortgage right away, rather than having to wait 20 to 30 years for the payments to come in. Affiliates then use this cash to accelerate home building, acquire land for large-scale projects, and leverage support from others. All pledged mortgages must be to homeowners with incomes at or below 60% of median at the time the family was selected.

the minnesota housing finance agency (mhfa) provides grants and loans to affordable housing developers through a competitive once a year request for proposal process under its community revitalization fund (crv) program. The mhfa has asked hfh-mn to serve as the coordinating entity for the greater minnesota habitat affiliates application for these funds. In fy'17 hfh-mn disbursed $411,000 for 28 homes under this program. All funds received from mhfa under these program grants are passed through to affiliates to support the construction of specific qualifying homes. All homes must be sold to homeowners with incomes at or below 60% of median. In addition, each homeowner must be either a single head of household, or a minority individual, or the family must include a disabled individual. In the fall of 2008, the mhfa specified that all newly constructed homes built with crv funds must meet the minnesota green communities criteria (mgcc). This requirement applies to our current crv funding. Funds provided under these grants are secured by a second mortgage held by hfh-mn on the specific home. No monthly payments are due under this second mortgage and, if the homeowner maintains occupancy of the home for a full 30 years, the second mortgage is forgiven. Any repayments received by hfh-mn from these second mortgages are to be re-used for the original intended purpose and do not need to be repaid to mhfa if hfh-mn meets this requirement.

other program services include the annual habitat 500 bike ride, training and technical assistance to our borrower affiliates and other miscellaneous program services.