April 18, 2006 Contact: Steve Nelson, Planning Dept.
FOR IMMEDIATE RELEASE (218) 742-9561
St. Louis County Receives $2.8 Million for First-Time Home Buyers
Commissioner Steve Raukar, Chair of the St. Louis County HRA, stated “the Minnesota Cities Participation Program is an excellent resource for first-time home buyers. Home ownership fosters family stability and helps to strengthen our communities and schools throughout St. Louis County. St. Louis County welcomes the opportunity to provide this resource to its residents.”
Commissioner Raukar noted that more than $4.1 million in Minnesota Cities Participation Program (MCPP) funding was accessed during the 2005 program resulting in 43 loans to first-time home buyer families in St. Louis County. He also thanked the city of Duluth and the county’s participating financial institutions for their support of the MCPP.
Through the MCPP, the Minnesota Housing Finance Agency (MHFA) sells mortgage revenue bonds on behalf of communities to meet locally identified housing needs. The proceeds of the bonds provide below-market interest rate home mortgage loans to eligible first-time home buyers. The mortgage loans are processed by many local lenders in St. Louis County and are then sold to the MHFA.
MCPP funding is expected to be available in mid-April 2006.
To find an MHFA-approved lender in your area or to learn more about the MCPP funding, please contact the St. Louis County Community Development Office in Virginia, 218-749-9741 or 800-450-9777 ext. 7561, or the City of Duluth Community Development Office at 218-730-5480.
You may also visit the Minnesota Housing Finance Agency web site at www.mhfa.state.mn.us and click on “First Time Home Buyer Loans.”