Twin Cities Habitat for Humanity is three months into a pilot program designed to advance Black homeownership across the Twin Cities seven-county metro area. Twin Cities Habitat is leveraging a Special Purpose Credit Program to enhance its existing Homeownership Program to better serve Black clients with additional financial assistance, a more flexible mortgage product, and a more intensive pre-purchase coaching program.
“Homeownership is unaffordable for too many people in Twin Cities communities and Black Minnesotans continue to face the steepest barriers to attaining and sustaining homeownership,” said Chris Coleman, President & CEO of Twin Cities Habitat for Humanity. “As an organization, we are building forward with intentionality and centering our work around those most historically impacted by housing discrimination, redlining, racial covenants, and systemic racism in housing.”
Twin Cities Habitat for Humanity’s work to advance Black homeownership is a cornerstone of its current Build Forward Together Strategic Plan.
The organization is leveraging a Special Purpose Credit Program, a loan program designed to meet the special needs of economically disadvantaged groups, including those who have been historically denied credit.
Twin Cities Habitat is also partnering with the Minnesota Homeownership Center to develop a regional framework for special purpose credit and down payment assistance. Fannie Mae recently awarded $1 million to support the development of this regional approach. The contract was awarded as part of a national Fannie Mae competition, The Sustainable Communities Innovation Challenge. Twin Cities Habitat and the Homeownership Center are actively seeking partnerships with banking institutions, philanthropic entities, and other partners to support the regional approach.
Low- and moderate-income first-time homebuyers partner with Twin Cities Habitat for Humanity to achieve affordable homeownership. Through its Homeownership Program, Twin Cities Habitat provides clients with financial coaching, homebuyer education, an affordable TruePath Mortgage, and long-term homeownership support. TruePath Mortgage is available to first-time homebuyers who are buying a home built or renovated by Twin Cities Habitat or those who are working with an agent to find a home on the open real estate market.
Find more info at home.tchabitat.org.