Community Revitalization Fund (CRF)
Down Payment Assistance
Low-interest, down payment assistance loans may be available through the CRF program in Kittson, Lake of the Woods, Marshall, Norman, Pennington, Polk, Red Lake, and Roseau counties. This program is for persons interested in building, or buying existing homes.
The down payment assistance program provides local employers with an effective tool to attract and retain workers, helping to offset the costly ongoing expense of training and onboarding employees. When employees have access to down payment assistance to help purchase their home, they are more likely to stay in that community, and with their current employer.
HOW IT WORKS
Private and public investors pledge funds that are low-interest loans available to assist qualified applicants with gap financing (down payment assistance), which is often the only thing preventing many prospective homeowners from buying a home. This program has helped over 1,300 families purchase a home in our area over the past 23+ years.
NW MN Multi-County HRA administers the 8-county revolving loan pool, funded in part by the low-interest loan repayments from CRF program recipients.
Since 2000, the fund has received over $5.5 million from grants and investors. $93 million dollars have been leveraged from those deferred loans and investors to date. The CRF has made a tremendous impact on the economic development of our northwest region.
For more information, contact Katelyn at katelyn@nwmnhra.org or 218.309.0048.
If you would like your loan payment to be automatically withdrawn from your checking or savings account, please complete the online form below.
First Time Homebuyers (FTH)
Community Housing Development Organization (CHDO)