- Engage Leaders: Low-Cost Financing Available for Rental Property Owners – Greater Minnesota Housing Fund
- Grow Business: Launch Minnesota Receives Funding
- Expand Talent: July is Hire a Veteran Month in Minnesota
- Shape Tomorrow: GSDC 2021 Innovation Awards – Apply or Nominate Today!
- Insights and Inspirations: McKinsey and Company – Realizing an Inclusive Economy
Engage Leaders: Low-Cost Financing Available for Rental Property Owners – Greater Minnesota Housing Fund
The Greater Minnesota Housing Fund (GMHF) may be able to provide local rental housing owners with low-cost financing to acquire new or refinance existing affordable rental properties. GMHF can assist and coach new entrants and people of color, who share our housing goals, in becoming property developers and owners.
GMHF is a well-established non-profit lender that provides low-cost financing to affordable housing developers and property owners. GMHF funds projects which produce and preserve affordable housing throughout Minnesota.
Over 75% of Minnesota’s affordable housing is privately owned. These properties are affordable without subsidy due to their age and condition, which is typically attractive and well maintained. Preserving this supply of naturally affordable market rate housing is a central GMHF priority.
GMHF seeks to provide low-cost financing and partner with civic minded property owners to:
- Stabilize, strengthen and expand the availability of private sector affordable housing
- Expand the availability of new unsubsidized affordable workforce housing
- Preserve Naturally Occurring Affordable Housing (NOAH)
- Retain local ownership of affordable housing to build local wealth
GMHF wants to work with new and established, small and large property owners and developers and has a variety of low-cost loan products and planning grants designed to meet varied needs, including:
- Permanent First Mortgage
- Second Mortgage – Mezzanine loans
- Short-Term Predevelopment loans
- Equity Investment
- Deferred low/no interest loans
- Limited Grants
In addition to loan products GMHF provides Planning and Technical Assistance to guide new and less experienced owners and developers through the often-complicated process of financing, acquiring and developing properties for affordable housing. Planning and Technical Assistance areas include:
- Predevelopment Planning and Feasibility Analysis
- Financial Packaging
- Project Due Diligence and Closing
- Engaging Third-party Project Management Expertise
To learn more visit GMHF.com or inquire by calling John Rocker at (651) 350-7233
Director of Lending
Launch Minnesota Receives Continued Funding
Minnesota legislators and Governor Walz have agreed to continue funding Launch Minnesota, a statewide collaborative effort to accelerate the growth of startups and amplify Minnesota as a national leader in innovation. The program will receive $2.5 million a year for the next four years.
In 2020, GSDC was selected as a Launch MN Hub Lead representing Minnesota’s West Central region. In addition to business retention, expansion, and attraction, supporting our greater St. Cloud’s business startups and developing an entrepreneurial ecosystem is a key business development strategy of GSDC’s. We are looking forward to continued collaboration with MN DEED and Launch Minnesota in serving and supporting Minnesota’s startup community and growing greater St. Cloud’s and our State’s innovation ecosystem.
July is Hire a Veteran Month in Minnesota
Content Provided by MN Department of Employment and Economic Development
DEED is hosting events and sharing resources for current and former U.S. military members and their spouses, as well as Minnesota employers
“St. Paul – More than 300,000 U.S. military veterans call Minnesota home and more than half of them are of working age. Unfortunately, veterans returning from recent military deployments face higher unemployment and more challenges entering the civilian workforce and advancing in their careers. To help raise awareness about the resources available for veterans and their spouses, as well as the many benefits of employing current and former U.S. military members, Governor Walz has proclaimed July 2021 as Hire a Veteran Month.”
The Minnesota Department of Employment and Economic Development (DEED) has a slate of events planned to mark the month. Governor Walz’s proclamation encourages all Minnesota employers to help connect military service members with employment opportunities during the month of July, and to continue hiring veterans throughout the year. Veterans learn fast, and possess many invaluable skills, such as leadership, dedication, and strong work ethics.
“Current and former members of the U.S. Armed Forces have a range of skills from leadership, team building and problem solving to in-depth knowledge of advanced technology,” said DEED Commissioner Steve Grove. “Employers have a lot to gain by hiring a veteran – and we owe it to the men and women who have served our country to connect them with good employment opportunities.”
Virtual events slated for Hire a Veteran Month include:
- An online career fair on Thursday, July 29 from 1-3 p.m. Minnesota employers interested in participating are invited to find out more and register. Current and former U.S. military members and their spouses are invited to register to participate.
- A series of four weekly online events for employers on Thursdays from 11 a.m. – noon beginning July 8. Minnesota employers are invited to register for any or all of these weekly Veteran Recruitment Series – Best Practices events.
- An Explore Careers: Veteran Friendly Employers virtual event on Tuesday, July 20 from 2:30 – 3:30 p.m. Current and former U.S. military members and their spouses are invited to register here.
Current and former U.S. military members interested in learning about Veterans Employment Services available to them, as well as employers interested in finding out more about the benefits of hiring veterans, are encouraged to view the resources at CareerForceMN.com/Veterans.
In addition, GSDC offers recruitment and retention resources for hiring our veterans at https://www.greaterstcloud.com/hiring-veterans/. For connections to our local partners working directly with our veteran job seekers, contact Gail.
Great talent ready to take your business to the next level!
2021 GSDC Innovation Awards
The GSDC is taking nominations for our 2021 Innovation Awards. Do you know a business or organization doing innovative work in our community? Apply or nominate a business today.
Since 2012, the GSDC has recognized 30 area organizations for their innovative approaches to problem solving and creating opportunities. At our All Investors and Partners meeting on November 4, 2021, we will honor four organizations: an emerging for-profit company, an established for-profit company and two non-profit organizations. Each will also receive a $1,000 award, an attractive trophy, and be featured in a professional video produced to showcase their innovation.
Information about nominating candidates and applying for the awards can be found at www.GreaterStCloud.com/innovation. Organizations are also encouraged to nominate themselves.
Applications and nominations are due by the end of the day on Friday, July 30, 2021.
Insights & Inspirations
McKinsey and Company – Realizing an Inclusive Economy
“The inaugural McKinsey American Opportunity Survey spotlights Americans’ views on economic opportunity, the obstacles they face, and the path ahead to create a more inclusive economy.” Read about Unequal America: Ten insights on the state of economic opportunity
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