Fund has helped nearly 500 Minnesota families achieve affordable homeownership
Bremer Bank and Twin Cities Habitat for Humanity today announced the renewal of their historic Home Loan Impact Fund. Launched in 2017, this is Habitat for Humanity’s largest banking partnership in the country. Through the partnership, Twin Cities Habitat for Humanity’s wholly owned mortgage company, TCHFH Lending, Inc., originates mortgages for low- and moderate-income households then sells the mortgages to Bremer Bank.
To date, nearly 500 Twin Cities families have achieved affordable homeownership because of the fund. The renewal could benefit an additional 500 families. With Bremer Bank serving as the primary fund partner, the total value of the home loans approved through this fund is nearing $100 million. This renewal commits Bremer to purchase up to another $125 million in below-market mortgages over the next three years.
“Equitable access to affordable housing is a key component to fostering strong and vibrant communities,” said Bremer President and CEO Jeanne Crain. “Since 2017, the Home Loan Impact Fund has made the dream of homeownership a reality for nearly 500 Minnesotans, helping to make important inroads to address our state’s wide racial disparity gaps in homeownership. By extending this initiative, Bremer is determined to continue our efforts to make important impacts on local families across the metro, and we are enthusiastic to continue our historic partnership and support the important work and accomplishments of Twin Cities Habitat for Humanity.”
Designed to make affordable homeownership an attainable reality for families, TCHFH Lending, Inc. provides low fixed interest rates* and mortgages so that families pay no more than 30% of their income on housing. TCHFH Lending, Inc. mortgages power the affordable housing options in the fund and are a key component to supporting the hundreds of families served.
“Everyone deserves a safe place to live and call home,” said Twin Cities Habitat for Humanity President and CEO Chris Coleman. “Access to secure, affordable homeownership directly translates to successful and healthy communities. Twin Cities Habitat is enormously proud to stand side-by-side with Bremer Bank through our partnership. Together, we are working to ensure that more families have the opportunity to achieve homeownership in the Twin Cities metro.”