Housing
Having a stable, safe, and affordable place to live creates both a family and community infrastructure. It’s something many people take for granted and unfortunately something that Minnesota struggles to keep up in creating enough supply for the growing demand. That’s why NMF is committed to adding housing capacity in Northwest Minnesota.
Seeking impact
It is NMF’s goal to help add 1,500 new housing units to the region’s housing inventory by 2024. In support of projects increasing affordable and workforce housing in Northwest Minnesota, NMF is providing both housing loans and housing grants.
Inquiry Form
Interested in our housing programs? Submit an inquiry form today.
Housing Loan Program
As a lender, it’s never NMF’s intention to fund projects that could otherwise be funded by traditional lenders such as a bank or credit union. NMF does not compete with traditional lenders such as a bank or credit union. Instead, it is our intention and preference that our loan dollars complement traditional financing products and help close gaps wherever they may occur.
NMF is now accepting applications to provide gap financing on multi-family and single-family housing projects. The maximum loan amount per project will be capped at $100,000 per project. The interest rate, term, amortization and fees associated with the loan program are determined on a case-by-case basis.
Housing Grant Program
NMF has developed four grant categories for housing program grants: Community Planning, Community Engagement, Innovation Pilot Grants and Expansion Grants, and Construction Trade Grants. These categories are considered priority areas for funding but are not meant to represent the entirety of projects that NMF will fund.
Eligible grant projects will be prioritized for funding based on the reasonable expectation that the grant funds will help a housing project come to fruition that aligns with the desirable project goals listed below. Based on available funding grant awards are expected to be between $10,000 and $15,000.
Help us grow regional housing availability
News & Ideas
See how our programs are improving housing capacity in the region.
FY23 Impact Report: North Star Neighbors, a community land trust, aims to develop more affordable housing
As the Northwest Minnesota Foundation (NMF) rolled out its current strategic framework in 2018, it included a goal to lead regional efforts and community solutions focused on housing.
Northwest Minnesota Foundation Pushes more than $780,000 into the Region in First Quarter of FY24
More than $780,000 was loaned or granted out into the region from July through September through the Northwest Minnesota Foundation.
Community land trust serving Northwest Minnesota seeks advisory committee applicants
North Star Neighbors, a community land trust serving Northwest Minnesota, is seeking experienced and knowledgeable professionals to join its Advisory Committee.