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Bremer Bank, Saint Paul, MN

Entry Year: 2017
Entry Category: Affordable Housing
Asset Size: Medium
Program Name: Twin Cities Habitat Affordable Housing Partnership

Program Summary:

Bremer Bank has established a strategic partnership with the Twin Cities Habitat for Humanity (TCHFH) for the ongoing purchase of Habitat’s affordable 30 year fixed rate mortgages, becoming the primary partner for the organization’s new Home Loan Impact Fund.

Through this partnership, Bremer expects to purchase up to 500 Habitat loans, totaling up to $90 million, within the first four years, this program funding is projected to double the number of families who can attain affordable homeownership through Twin Cities Habitat. The initial purchase -- 21 mortgages totaling more than $2.6 million -- laid the groundwork for this partnership expected to continue beyond the initial four years. Loss parameters are in place to ensure safe and sound lending practices and interest rate reset periods maintain consistent marketplace pricing. In total, the partnership provides a strong balance sheet to enable Habitat to provide a path for more families to attain successful homeownership.