- Created: Wednesday, 03 April 2019 13:59
- Written by Laura Proescholdt
Say you work at a school in Becker County, Minnesota. A single parent, there’s nothing you’d love more than to own a home and provide a stable place for your daughter to grow up. But for years, homeownership has felt out of reach despite working full time.
A new program may help you achieve your goal of homeownership: Home Ownership for Me (HOMe). Administered by Midwest Minnesota Community Development Corporation, the program provides zero-interest down payment loans to qualifying individuals and families who work in Becker County and want to live there, too. Payments on the loan are deferred until the home is sold or the term of the first mortgage is complete. The program is a “revolving fund” because funds used to repay the loan are returned to the loan pool to help another family secure a home later on.
A team of local leaders advanced the idea for the HOMe program through MHP’s Housing Institute, an 18-month program that provides capacity building to three teams as they pursue a project that positively impacts affordable housing in their respective regions.
Photo: Members of the Detroit Lakes Housing Institute Team at a meeting in 2018