Presented to

Minnesota Housing

Homes For All2006 Convention

December 7, 2006

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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

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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

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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

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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.

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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

Presented to

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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

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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

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EMHI

Minnesota Housing’s Role

• Convener

• Implementation Partner

• Minnesota Housing Program Redesign

• Targeted Business Development

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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%

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For More Information Contact

Kimberly Stuart

651-296-9959

kim.stuart@state.mn.us

400 Sibley Street, Suite 300St. Paul, MN 55101-1998

651-296-7608 * 800-657-3769 * TTY 651-297-2361

www.mhfa.state.mn.us