06-06-2018 Council Packet - Laserfiche WebLink

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2 entire home improvement process, from identifying needs to en suring correct project completion. NWHP strongly encourages the use of Energy Star products and “green” building materials. o Down Payment Assistance Loans: NWHP currently offers several second mortgage down payment assistance products. This includes a 3 year forgivable loan up to $7,500 that is funded by the Neighborhood LIFT program. We also have funds available from the Project Reinvest opportunity, which we will provide $10,500 due on sale loans. Both of these products will be available for income eligible families to buy a single family home in Minneapolis and St. Paul when paired with an eligible first mortgage product. For the last three years, we have successfully administered an additional down payment program, Community Keys, which pairs MHFA impact funds with federal and private sourced funds for larger down payment loans for lower income families buying a home in targeted harder hit neighborhoods. NWHP also administers down payment programs for the City of Woodbury and the City of Shoreview. o Homebuyer Education Workshops: NWHP offers Home Stretch workshops on a monthly or bi-monthly basis in both English and in Hmong. The workshops help participants understand if homeownership is right for them, how much they can afford to borrow, how to qualify for a mortgage, and how to choose a home. o Individual Pre-Purchase Counseling: Housing Counselors provide one-on-one assistance to help clients determine which mortgage loan programs fit their needs and answer questions about affordability, credit and budgeting. For families not ready for homeownership, counselors help prepare a plan to move them toward this important step. This service is offered free of charge in English and in Hmong. o Foreclosure Counseling: Housing Counselors provide one-on-one assistance to clients who are facing or potentially facing a foreclosure situation. These services include an assessment of a client’s situation, development of an action plan and negotiations with lenders regarding loan modifications. This service is offe red free of charge and is available in English and in Hmong. o Financial Capabilities: NWHP currently offers one-on-one and group Financial Capabilities programming. The goal of Financial Capabilities program is to help families set and attain financial benchmarks, improve credit scores and savings, while reducing debt and gaining a better understanding of how to utilize banking services. Topics covered include steps to establishing credit and how to address repairing derogatory credit, how credit impacts your ability to borrow money, how to work with banks, creating a savings plan, insurance protection, taxes and how to develop and keep a budget. o Single Family Development/Community Land Trust: For over 20 years, NWHP has developed high quality, affordable single-family housing by constructing new homes on vacant sites or rehabilitating homes which are then sold to new homeowners. Over that time, we have strategically replaced vacant or distressed homes and empty lots with more than 165 substantially renovated or newly constructed units. All have been sold to 5