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City Council Regular Meeting Minutes June 11, 2002 Page 3 • 1 GMHC Programs: 2 • Predevelopment Loans. 3 • Single family Home Ownership. 4 • Housing Resource Centers. 5 Predevelopment Loan Program: 6 • GMHC provides technical assistance and high-risk predevelopment loans to 7 organizations to assist in the development of quality affordable housing. 8 • These loans cover expenses such as architectural fees, surveys, environmental and 9 soil testing, land and building costs, consultants and bridge loans. 10 • During 2001, 645 units of housing for low and moderate-income families went I 1 under construction or renovation with a total development cost of$44,909,319. 12 • GMHC provided $1,355,150 high-risk, front-end loans to these projects. 13 • Since inception, GMHC has provided loan commitments of$26,276,922 for the 14 development of 17,458 units of affordable housing with a development cost of 15 over$1,056,117,366. 16 Single Family Home Ownership Program: 17 • GMHC in cooperation with public agencies, neighborhoods, etc. builds and/or renovates single-family homes in the inner-city of Minneapolis. • The majority of the homes are sold to persons of low and moderate income who 20 are typically first time homebuyers. 21 • During 2001, GMHC had 102 single-family homes in process (87 new and 15 22 rehab) at a development cost of$15,810,000. 23 • Since inception, GMHC has constructed or renovated over 1,200 homes with a 24 total development cost of over$102,000,000. 25 Housing Resource Centers: 26 • The purpose of the Housing Resource Center is to provide comprehensive free 27 housing services to all residents of participating communities while also 28 improving the community and its housing stock. 29 HRC History: 30 • GMHC has four Housing Resource Centers. 31 • The first HRC was opened in Northeast Minneapolis at 909 Main Street NE. 32 • At the request of Hennepin County, GMHC opened another Center providing 33 services to Brooklyn Center, Crystal, New Hope, and Robbinsdale at 44`h and 34 Penn Avenue North in 1998. 35 • In 1999, the City of Minneapolis requested that we open another office to serve 36 South Minneapolis and we opened a Housing Resource Center at 3800 37 Longfellow Avenue South. • In April 2000, the City of Robbinsdale approached GMHC requesting HRC 9 services for their residents. 40 • Starting July 1, 2001, we began serving all of the cities in the I-35W Corridor and 41 the City of Coon Rapids.