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Midwest Minnesota Community Development Corporation
Detroit Lakes MNCDFI Awards for Midwest Minnesota Community Development Corporation
FA (2009) - $2,000,000
Midwest Minnesota Community Development Corporation (Midwest Minnesota CDC) is a nonprofit community development corporation, certified CDFI, and regulated bank holding company in operation since 1971. It offers commercial lending, home mortgage lending, and housing, business and community development services. Midwest Minnesota CDC will use its FY 2009 Financial Assistance award to expand an in-house loan pool of first and second home mortgages targeted to low-income individuals in rural Minnesota.
NMTC (2008) - $90,000,000
Midwest Minnesota Community Development Corporation (MMCDC) is a rural CDE and will use its NMTC allocation to provide below market rate loans with favorable terms to urban and rural borrowers. The NMTC allocation will improve MMCDC"s ability to finance larger transactions, provide lower interest rates, reduce or eliminate origination fees, and provide other benefits to borrowers. The pipeline of loans includes alternative energy projects (wind and bio-diesel), areas of urban blight with a history of disinvestment, projects that build assets for Native Americans, and the commercialization of new technology.
NMTC (2007) - $85,000,000
Midwest Minnesota Community Development Corporation (MMCDC) will use its NMTC allocation to provide below market rate loans with favorable terms to urban and rural borrowers. The NMTC Allocation will improve MMCDC’s ability to finance larger transactions, provide lower interest rates, reduce or eliminate origination fees, and provide other benefits to borrowers. The pipeline of loans includes alternative energy projects (wind and bio-diesel), areas of urban blight with a history of disinvestment, projects that build assets for Native Americans, and the commercialization of new technology. Approximately 23% of the total allocation will be focused on investments benefiting Native populations.
NMTC (2006) - $80,000,000
Midwest Minnesota Community Development Corporation (MMCDC) will provide loan capital for rural value-added agricultural projects, sustainable energy projects, the commercialization of new technologies, and smart growth development projects of office and retail space. It is anticipated that 75% of the allocation will be provided in rural Minnesota, where low cost capital is critical to value-added agricultural products. The NMTC allocation will allow MMCDC to provide loan capital with flexible and below market rates and terms, including: seven-year interest-only payment periods, subordinated debt, lower origination fees (less than 1%), significantly reduced interest rates, and loan to value ratios of 95% or more.
FA (2004) - $750,000
Midwest Minnesota Community Development Corporation will use the award to help MMCDC capitalize its housing loan pool, which will enable it to provide more affordable first mortgage loans and zero interest subordinate mortgages to make homeownership more affordable for low-income individuals and families in the state of Minnesota. In addition, MMCDC plans to expand its services into the state of South Dakota via partnerships with existing CDFIs in South Dakota.
NMTC (2003) - $35,000,000
Midwest Minnesota Community Development Corporation will utilize this NMTC allocation to expand its lending and investing operations in secured debt financing and equity investments for growth stage companies, loans for real estate projects and capital to build the capacity of other Community Development Entities(CDEs). The NMTC allocation will allow for more favorable interest rates for qualified low-income community businesses. Midwest Minnesota CDC anticipates that 100 percent of loans and investments made will have terms more favorable than would otherwise be possible without the allocation and enable it to make larger investments with a greater impact on low-income communities. The NMTC allocation will enhance Midwest Minnesota CDC"s impact by also reaching emerging CDEs that serve targeted populations, but lack a track record to obtain needed capital. A portion of the NMTC allocation will be used to build the capacity of these organizations.
CORE (2002) - $1,000,000
The CDFI Fund"s $1,000,000 grant to MMCDC will be used to fund low- and no-down payment mortgages to enable low-income individuals to buy homes in rural communities and small towns across Minnesota.
CORE (1999) - $600,000
The CDFI Fund"s $600,000 award ($300,000 capital grant and $300,000 loan) will help MMCDC to expand its single family mortgage lending in rural areas in Minnesota and North Dakota.
Other Community Development Financial Institutions in Minnesota
African Development Center
Minneapolis
CAPITAL CITY PROPERTIES
St. Paul
Community Reinvestment Fund, Inc
Minneapolis
Dakota Futures, Inc.
Morton
Development Corporation for Children
Minneapolis
Great Neighborhoods! Development Corp.
Minneapolis
Greater Minnesota Housing Fund
St. Paul
Habitat for Humanity of Minnesota, Inc.
Minneapolis
Indian Land Capital Company
Little Canada
Indian Land Tenure Foundation
Little Canada
Initiative Foundation
Little Falls
Leech Lake Band of Ojibwe
Cass Lake
Midwest Minnesota Community Development Corporation
Detroit Lakes
National New Markets Tax Credit Fund, Inc
Minneapolis
Neighborhood Development Center
St. Paul
Nonprofits Assistance Fund
Minneapolis
Northland Foundation
Duluth
Sparc
Saint Paul
University National Bank
St Paul
WomenVenture
St. Paul
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