Program areas at Midwest Minnesota Community Development Corporation
Business Development: mmcdc provided commercial and new markets tax credit loans totaling $49,148,276 in 2022. This investment is expected to create 304 new jobs. It also supports purchase, construction, or improvement of 393,755 square feet of commercial real estate. 98% of the dollars were invested in disadvantaged communities, 72% in rural communities, and 83% of the borrowers were minority, women, or low-income owned or controlled businesses.
Affordable housing lending: mmcdc provided 32 first time home buyer mortgage loans. We also provided 29 home purchase loans, 2 refinancing loans, and 42 additional down-payment assistance loans to low-income people and places.
Affordable housing Development: together with the northwest Minnesota housing cooperative, mmcdc sold 3 homes and 2 lots in its affordable housing developments. We also managed 266 rental units (28 commercial and 238 residential) as well as a county eda's housing voucher program, providing 55 vouchers to people in need of stable housing.
Other programs: these are additional programs we fund and operate. They include homebuyer education, income tax services, and other projects that support our mission. They also include administrative, financial, and grant support to the organization.