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Minesota Housing Finance Agency Needs Your Help!

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Minnesota Housing eNews Alert

 

April 15, 2009

 

Homeownership Assistance Funding Cut –
Immediate Response Needed!

Today, the House Housing Policy and Finance and Public Health Finance Division adopted an amendment to the budget bill that reduces the funding for the Minnesota Housing Homeownership Assistance Fund (HAF) by approximately two-thirds over the next two years to only $300,000 per year.  Currently, the program appropriation is $885,000 per year. 

HAF is an essential part of the first-time homebuyer programs offered at Minnesota Housing and provides the opportunity for eligible homebuyers who qualify for a Minnesota Housing loan to receive an interest-free, deferred loan to help with down payment and closing costs.  HAF has a long history of providing and promoting successful homeownership to low and moderate income households, serving a typical household income of $35,000 which is 50% of the statewide median income.  The program is also an integral tool in working towards increasing emerging market homeownership, with a high percentage of emerging market borrowers receiving this assistance.

We need your help!  We urge our housing partners to please take a moment and send an email to each member of the House Housing Policy and Finance and Public Health Finance Division, asking for the immediate reinstatement of this appropriation to the House Budget, especially if you live in one of the communities represented by a committee member.  Members of the committee and their contact information are listed below.

We need as many individuals as possible to respond immediately, ensuring that HAF continues to support the recovery of the housing market.

Thank you.

 
Minnesota Housing
400 Sibley Street, Suite 300 | Saint Paul, MN 55101
http://www.mnhousing.gov/contact/enews/ | 651.296.7608 or 1.800.657.3769 | mn.housing@state.mn.us
 

Posted by Aaron Dickinson - Edina Realty on 04-16-2009 at 03:04 pm
Posted in Community Issues, Opinion, Personal Experiences with 0 Comments

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Foreclosure Prevention Workshop Online Video

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Hennepin County has put together foreclosure prevention workshops and now has posted it online… take a look!

http://hennepinmn.granicus.com/MediaPlayer.php?publish_id=12

Posted by Aaron Dickinson - Edina Realty on 02-05-2009 at 09:02 am
Posted in Community Issues, Foreclosures & Short Sales, Info for Sellers with 0 Comments

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Builders Association of the Twin Cities (BATC) Releases December Stats

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 NEWS RELEASE

Builder's Association of the Twin Cities Stats

Roseville, MN (January 12, 2009) – December permit statistics are a clear indication that regional builders were more than ready to close the books on 2008. Planned units dropped to just six more than the year’s monthly

low in February, and and down 60 percent compared to December 2007. Multi-family units made up just 36 percent of the month’s total, a drop from the 50 to 70 percent each month since July.

According to statistics compiled by the Keystone Report for the Builders Association of the Twin Cities (BATC), there were 223 units permitted during the month of December 2008, down from the 420 units permitted in November 2008. Housing activity ended the year 40 percent below 2007. A total of 5,397 units were permitted in 2008, compared to 8,961 units permitted last year.

The housing sector has borne the brunt of this economic downturn, losing an estimated three million jobs since the peak of housing expansion in 2005.

“Housing traditionally accounts for 15 cents of every dollar spent in the United States,” says BATC President Mike Swanson. “Therefore housing must be a centerpiece of any recovery plan.”

“The housing industry, spearheaded by the National Assocition of Home Builders’ Fix Housing First Coalition, is urging Congress to take action that includes ensuring below-market mortgage rates and expanded home buyer tax credits,” explains Swanson. “These measures will help to stablize home prices, prevent future foreclosures, restore consumer confidence and start creating jobs.”

Hudson, WI led the metro in building activity for the month with 29 units permitted in December. Woodbury followed with 19 units permitted, Maple Grove was next with 18 units permitted, followed by Blaine with 15 and Hugo at 12. 

 

The Builders Association of the Twin Cities has contracted with Keystone Report, a local research firm, to maintain a database with information about new residential construction permits around the metropolitan area. After a builder has picked up the permit from a city, Keystone Report compiles and updates weekly residential housing permits by city for 70 percent of the metropolitan- area municipalities in the greater 13-county region. Planned units are the total number of housing units planned to be built under the permits issued (one permits is issued per building which may include more than one housing unit). Permit value does not include the land/lot costs.

Posted by Aaron Dickinson - Edina Realty on 01-21-2009 at 10:01 am
Posted in Community Issues, Foreclosures & Short Sales, Info for Buyers, Market Stats, New Construction with 0 Comments

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Minneapolis Foreclosures Falling?

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Star Tribune has an article discussing how Sheriff’s Sales in Minneapolis might be peaking. The article gives several possible reasons for the peak in activity and discusses some of the things that are being done to help address the problem.

We’re far from through this crisis, but it seems like every few weeks there is a new data point that shows we’re finding fundamental levels and once we know where are boundaries are, I believe we’ll all feel more comfortable with the future of the housing markt.

Posted by Aaron Dickinson - Edina Realty on 10-04-2008 at 07:10 am
Posted in Community Issues, Foreclosures & Short Sales, Info for Buyers, Info for Sellers, Market Stats with 0 Comments

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Minnesota Foreclosure Prevention Options

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The Minnesota Home Ownership Center publishes a regular newsletter on foreclosure prevention and I wanted to share the latest version with you:

 

June 24, 2008
Foreclosure Prevention Resources Newsletter
Legislative Update on Foreclosures
New legislation provides early notice of available help for distressed homeowners  Last month, the Governor signed a bill that ensures distressed homeowners will learn of available help before it is too late. The new law requires lenders to provide homeowners with information about availability of non-profit foreclosure counseling agencies before starting the foreclosure process. It also requires the lenders to provide local counseling agencies with the contact information for borrowers entering foreclosure, which will allow counselors to reach out to distressed homeowners. Prior to this legislation, homeowners were notified about foreclosure counseling services when given notice of the Sheriff&r squo;s Sale – a time in which few option are left for most homeowners.  Legislation also changes information given to homeowners with along with the Sheriff’s sale notice. New language encourages the person to contact a foreclosure prevention counselor for help in answering questions, getting advice, and creating a plan for their situation.  The revised notice also gives additional information about the foreclosure process, including that the occupant does not need to move at the time of the Sheriff’s sale.  The new law applies to properties with one to four units, one of which is owner-occupied.  
Workshops for Homeowners
Free, confidential foreclosure informationThe Minnesota Home Ownership Center continues to offer free workshops for homeowners who are worried about making upcoming mortgage payments, are already facing foreclosure or for anyone interested in learning more about foreclosure. These are open-house events. Participants are encouraged to come any time that is convenient during the workshop hours. The workshop will provide information on what happens during foreclosures, homeowners’ rights, and solutions for long-term housing needs. Participants will be able to ask questions and get free advice – confidentially – from mortgage lending and foreclosure specialists. No RSVP is needed. For more information call the Minnesota Home Ownership Center at (651) 659-9336.  Upcoming workshops:

  • Duluth- Tuesday, July 15th
       First Lutheran Church
       1100 East Superior Street
       4:30 to 7:30pm 
  •  Minneapolis - Tuesday, August 5th
       Park Avenue United Methodist Church
       3400 Park Avenue South
       4:30 to 7:30pm 
  •  St. Cloud - Tuesday, August 19th
       St. Cloud Civic Center - Opportunity Suite
       10 South Fourth Avenue
       4:30 to 7:30pm 

 In addition there are a number of workshops being held in Hennepin County at local libraries, and other partner organizations are also holding events.  For additional information, visit www.hocmn.org/HomeownerResources.cfm. If you would like to receive an electronic version of a flyer you can use to advertise these workshops to your clients, feel free to contact Ed Nelson at the MN Home Ownership Center.  
Workshops for Professionals
Information and Referral Workshops

The Minnesota Home Ownership Center is offering a series of free training workshops to provide information on how to help distressed homeowners. The trainings will provide an overview of the foreclosure process, where to refer homeowners and how to prepare them to talk with a housing counselor or loan servicer. The training is specifically designed for staff from public, private, and non-profit organizations that come in contact with distressed homeowners – but who do not normally work with mortgage foreclosure as part of their job. Upcoming training workshops: Shoreview- June 26th, 9:00 – 10:30amShoreview City Council ChambersFor more information or to RSVP for this free workshop visit http://shoreviewtrainingworkshop.eventbrite.com/  

St. Paul - July 16th,  10:30am – NoonRondo Community Outreach LibraryFor more information or to RSVP for this free workshop visit http://www.rondotrainingworkshop.eventbrite.com/  

Minneapolis - July 31st, 9:00 – 10:30amEspecially For Churches and Faith-Based Initiatives Park Avenue United Methodist ChurchFor more information or to RSVP for this free workshop visit http://parkaveumctrainingworkshop.eventbrite.com/ 

Posted by Aaron Dickinson - Edina Realty on 06-25-2008 at 09:06 pm
Posted in Community Issues, Foreclosures & Short Sales, Info for Sellers with 2 Comments

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