Startribune reports that the Minnesota Housing Finance Agency has offered an $11M loan to the Family Housing Fund and the Greater Metropolitan Housing Corporation to purchase, renovate and resell foreclosed homes that have fallen into disrepair. They are hoping to targt approximately 70 homes with this financing.
I applaud this as a great step towards improving a situation that is still worsening… large numbers of home in Minneapolis are vacant/foreclosed homes… but more help is needed, and fast.
According to the article, in just the first 3 months of this year Minneapolis had 678 foreclosed homes sell at sheriff’s auction. 70 homes is barely 10% of that figure… while a very good start, it will take a larger effort to make a significant difference in this market.