Greater Metropolitan Housing Corporation's mission is to preserve, improve, and increase affordable housing for low and moderate income individuals. GMHC builds and renovates homes in the Minneapolis/St. Paul Metropolitan area.
GHMC operates four main programs:
The majority of homes are sold to individuals whose incomes are at or below 80% of the median income. Clients also include first time homebuyers. In 2008, 18 homes were built or renovated and sold to owners with 50% sold to persons of color, 94% first-time home buyers, 61% families, and 78% having incomes below 80% of median income.
Since 1970, GMHC has built or renovated and sold 1,389 single family homes with a combined development cost of over $140,000,000. The corporation has provided over $59 million in predevelopment loans to assist in the development of 22,417 units of affordable housing at a development cost of $1.7 billion. Within the past five years, GMHC has sold 179 homes, with 280 sold to other developers to total 459 homes. During 2008, 18 homes were built and sold to owners, while another 15 were sold to other developers. In addition, 30 homes have been completed but not sold, 40 homes are under construction, 75 homes are in predevelopment, and 86 homes in pre-acquisition.
As an educational assistant in the Minneapolis Public Schools, Ann Marie Cosgrove sees first hand, on a daily basis, the stress and difficulties that low and moderate income families experience in securing affordable housing. Once homeless herself, Ann Marie has worked hard
and ceaselessly to become a homeowner, a public speaker on behalf of a nonprofit organization
she founded, and an advocate of GMHC’s HousingResource Center. She has owned her home,
built in 1911, for eleven years and found the support, resources and expertise she needed at the
Northeast HRC on Main Street in Minneapolis. “The staff was awesome and really helpful in
many ways. They guided me through the process of getting needed work done and encouraged
me so much,” she said. Ann Marie had lead abatement work done, a new sidewalk and new
windows installed. As a now happy homeowner, Ann Marie can focus on her occupation and her
nonprofit organization without worrying about home repairs. She has a sanctuary to return to every night.