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Greater Metropolitan Housing Corporation

15 South Fifth Street
Suite 710
Minneapolis, MN 55402
USA

Contact: ,
Phone: 612-339-0601
Fax: 612-339-0608
URL: www.gmhchousing.org
Email: smaag@gmhchousing.org
Greater Metropolitan Housing Corporation

Greater Metropolitan Housing Corporation's mission is to preserve, improve, and increase affordable housing for low and moderate income individuals. GMHC builds and renovates homes in the Minneapolis/St. Paul Metropolitan area.

Program

GHMC operates four main programs:
  • Predevelopment Revolving Loan Fund- providing technical assistance and high risk seed loans to assist organizations to develop quality affordable housing.

  • Single Family Homeownership Program

  • HousingResource Centers TM- to increase home ownership, home improvements, and redevelopment in an area that is still viable but showing vulnerability.

  • Sustainable Homeownership Program


  • Client Population

    The majority of homes are sold to individuals whose incomes are at or below 80% of the median income. Clients also include first time homebuyers. In 2008, 18 homes were built or renovated and sold to owners with 50% sold to persons of color, 94% first-time home buyers, 61% families, and 78% having incomes below 80% of median income.

    Impact

    Since 1970, GMHC has built or renovated and sold 1,389 single family homes with a combined development cost of over $140,000,000. The corporation has provided over $59 million in predevelopment loans to assist in the development of 22,417 units of affordable housing at a development cost of $1.7 billion. Within the past five years, GMHC has sold 179 homes, with 280 sold to other developers to total 459 homes. During 2008, 18 homes were built and sold to owners, while another 15 were sold to other developers. In addition, 30 homes have been completed but not sold, 40 homes are under construction, 75 homes are in predevelopment, and 86 homes in pre-acquisition.

    Story

    Greater Metropolitan Housing Corporation
    As an educational assistant in the Minneapolis Public Schools, Ann Marie Cosgrove sees first hand, on a daily basis, the stress and difficulties that low and moderate income families experience in securing affordable housing. Once homeless herself, Ann Marie has worked hard
    and ceaselessly to become a homeowner, a public speaker on behalf of a nonprofit organization
    she founded, and an advocate of GMHC’s HousingResource Center. She has owned her home,
    built in 1911, for eleven years and found the support, resources and expertise she needed at the
    Northeast HRC on Main Street in Minneapolis. “The staff was awesome and really helpful in
    many ways. They guided me through the process of getting needed work done and encouraged
    me so much,” she said. Ann Marie had lead abatement work done, a new sidewalk and new
    windows installed. As a now happy homeowner, Ann Marie can focus on her occupation and her
    nonprofit organization without worrying about home repairs. She has a sanctuary to return to every night.
    Full Story

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