GMHC provides services, financing and tools to give people access to affordable housing that stabilizes communities.
According to the Family Housing Fund decent, safe, and affordable housing promotes family stability and creates a positive environment for raising children. Affordable homeownership is the cornerstone of wealth creation for many families. Affordable housing leaves financial resources to purchase food, medical care, etc. for families. New and renovated housing creates construction jobs as well as commercial and retail jobs as a result of the spending of new residents. Housing also supports economic growth by providing homes for a growing, more productive workforce. Affordable housing activity frequently enhances neighborhood vitality through the rehabilitation of deteriorated properties. However, due to the state of the housing market including foreclosure issues, many of the aforementioned positive results of affordable housing are at risk.
The Greater Metropolitan Housing Corporation (GMHC) operates a diverse range of programs in pursuit of its mission, including predevelopment lending for multi-family rental housing, rehabilitation and new construction of single-family homes for sale, assistance to existing homeowners through its HousingResource Centers™ and first-mortgage lending to homebuyers through SHOP Home Mortgage™.
The Minneapolis business community founded GMHC in 1970 for the purpose of improving the quality of life in the greater Minneapolis area by increasing the availability and quality of affordable housing for low- and moderate-income families and individuals. GMHC began its operations in January 1971 receiving initial contributions of one million dollars over five years from 14 Minneapolis business corporations to fund the Single Family Homeownership and Predevelopment Revolving Loan Fund programs. The two programs have expanded to include St. Paul and suburban communities. In July 1995 GMHC initiated the HousingResource Center™ (HRC) program in Minneapolis to provide housing services to homeowners. The HRC centers have expanded to serve residents of Minneapolis, St. Paul and many participating suburban communities. In February 2008 a new lending program, SHOP Home Mortgage™ was established to provide sound and socially responsible mortgage services to underserved people and help revitalize low and moderate neighborhoods, especially those that have been affected by high foreclosures.
With your support we can continue the necessary services and tools to provide families and individuals with affordable housing opportunities.
Visit our website for information regarding our programs and community partners