First Homes
Nonprofit Organization Management - , ,
First Homes Employees
First Homes Details
The Rochester Area Foundation's First Homes initiative was launched in 1999 as an effort to alleviate a severe housing shortage by creating homes for working families living within a 30-mile radius of Rochester.First Homes is a public-private collaborative. It was kicked off with pledges of $1 million from the Rochester Area Foundation and $4 million from Mayo Clinic. At inception, First Homes established a goal of creating 875 homes for working families.Partnering with First Homes are area residents, lenders, state agencies, other foundations, cities and counties, builders, organizations, regional authorities and professional groups.Including the initial leadership gifts from the Rochester Area Foundation and Mayo Clinic, more than $14 million in pledges has been received from community residents, businesses and organizations.With community firmly behind the project, First Homes has been able to realize major investments from state, federal and private charitable sources. The Greater Minnesota Housing Fund and the Minnesota Housing Finance Agency have partnered with First Homes in offering guidance and experience.Local governments have played an important role in First Homes' success, too. The leadership of public officials in Rochester and nearby communities has enabled the leveraging of additional community resources in tax increment financing and other incentives.Since 1999, $14 million has been raised, which has helped leverage an additional $115 million in additional donations and funds from other agencies to assist income-qualified homebuyers purchase starter homes.Additionally we have had many individual donors that have contributed to First Homes.In 2007, First Homes achieved its initial goal of creating 875 residences for working families. The 875 homes include new and rehabbed single-family homes and new below-market-rate rental units. Of the single-family homes, more than four dozen are community land trust properties.
