Causes: Business & Industry
Mission: The mission of mmcdc is to assist communities and individuals achieve a better quality of life.
Programs: Business development: including new markets tax credit lending, mmcdc provided $61,672,202 in capital for business operations and commercial real estate in 2014. This investment supported retention of 924 existing jobs and creation of 438 new jobs. It also supported construction or improvement of 281,127 square feet of commercial real estate.
affordable housing development: together with the northwest minnesota housing cooperative, mmcdc developed six affordable single-family homes at a total sale price of $1,257,325. All of these homes were purchased by moderate-income buyers, helping meet the demand for workforce housing in small, rural communities.
affordable housing lending: mmcdc provided 187 housing loans totaling $20,840,914, primarily in rural minnesota. Loans financed home purchase and home refinance. Sixty-eight percent were provided utilizing the usda rural development section 502 rural housing program, which allows 100 percent financing to homebuyers at 115 percent or less of median income who are purchasing modest homes in small towns.