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Bremer Bank (Honorable Mention), Saint Paul, MN

Entry Year: 2020
Entry Category: Affordable Housing
Asset Size: Medium
Program Name: Twin Cities Home Loan Impact Fund

Program Summary:

In 2017, Bremer Bank partnered with Twin Cities Habitat for Humanity (TCHFH) to launch a homebuying program that has transformed how Habitat serves its communities, doubled Habitat's impact, and today serves as a worldwide model for Habitat affiliates. Called the Home Loan Impact Fund, the program works based on a commitment from Bremer to purchase 500 below-market Habitat mortgages over the course of four years. The below-market interest rate provided by Bremer helps to subsidize the affordability gap, and more than doubles the number of local families who can partner with TCHFH on affordable homeownership. It is the largest single bank partnership for any Habitat affiliate in its history. Three years into the program, Bremer has purchased 317 loans, totaling approximately $55 million.