Welcome to Gary, MN

You could be eligible for down-payment assistance if you are buying or building a home through the community Revitalization Fund Program.

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Use  funds for new or older homes

Household incomes up to $89,000 qualify

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Contact Barbara at NW MN Multi-County HRA at 218-637-2435 

or visit www.nwmnhra.org for more information.

As of August, 2017, there is $84,158.64 in the Norman County loan fund account.

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*Norman County Single Family Housing Fund Program Parameters are as follows:

1. Maximum household income is 115 % of State Median Income, or $89,000.

2. Maximum house and development cost/lot value is $ 115,000 unless specifically waived and approved by the NCHF Loan Committee and the HRA.

3. The building lot must be no more than 10 acres in size and be no more than 33% of the cost/appraisal.

4. Manufactured homes must be on permanent perimeter foundation, according to local building codes. Borrowers must receive a certificate of completion of the Home Stretch Program.

5. Investor loans may subordinate to all other financing.

6. CRF funds will be distributed to entities on a first come first serve basis.

7. Investor contributions are reserved during draw down, but repayments from loans go into the” general” pool for new loans.

8. The loan draw priority is; employees, city, then county.

9. A $ 100 non-refundable application fee is required. 

10. Applicants must provide the HRA with a pre-approval (credit & income) letter from the bank.  HRA will provide materials to the Loan Committee (advisory committee) for their approval.  The Advisory committee will notify the HRA of their recommendation.  HRA will then proceed with loan processing.

11. Must meet minimum purchase price requirement of $ 35,000. (Effective 3/17/03) unless a lesser purchase price amount is approved by NCHF Committee.

12. Qualified applicants can receive up to $10,000 with repayments not exceeding 10 years.  The repayment funds, up to 10% of purchase price not to exceed $10,000 at 2% interest.

13. Repayment funds are to be used by all eligible applicants for new or existing homes located in Norman County.  Effective 1-10-08

14.  All Contract for Deed sales and any other sale that doesn’t involve a bank must have a credit h                      history, title opinion, appraisal and the mortgage signed by both the seller(s) and buyers(s).     

    

Delinquencies of $500 or more will be turned over to revenue recapture or other collection options available. Effective 07-24-2014 the interest rate will be reduced to 2% for the down payment loan until available funds are depleted.

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(*Parameters taken from the minutes of the NWAHA Board meeting, Aug. 2017)