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Accomplishments
Predatory Lending & Housing
Foreclosures - Neighborhood Impacts
Diane spearheaded the first public discussion in our city to address this crisis—and the destructive impacts on our neighborhoods of hundreds of vacant houses—by convening a panel of Federal, State and local officials.
Results:
- Congressional hearings held in Minneapolis with U.S. Representatives Barney Frank, Rahm Emanuel and Keith Ellison
- Established a pilot program, which is now a national model, to address the crisis
- Minneapolis was awarded a total of $70 million from Federal, State and local governments for homes to be rehabbed and sold to owner-occupants. Third Ward eligible neighborhoods included McKinley, Hawthorne, Beltrami, and Sheridan
- Minneapolis Advantage Loan Program provided closing costs and down payment assistance: $500,000 City dollars
- Strategic Acquisition Fund from Minnesota Housing Fund to GMMHC to purchase and rehab vacant, foreclosed houses and sell to owner-occupants: $11 million
- Neighborhood Stabilization Loan Program: $43.6 million State and City
- Employed local contractors and businesses to rehab the homes
- $1.2 million loan from Hennepin County to raze 43 burned-out, stripped houses