Story of Impact from Minnesota’s Housing Scorecard, Feb. 2020:
Housing Goal Five – Support and Strengthen Homeownership
The City of Richfield took a hard look at their data and realized they had some of the worst racial disparities in Minnesota when it came to homeownership. In response, they shifted resources from intensive home rehabs to enabling homeownership. Richfield now offers $15,000 to current Richfield renters or $10,000 to first-time homebuyers who want to move to Richfield. These are no-interest loans that are not repaid until the first-time buyer sells, and $1,000 of the loan is forgiven every year. Richfield promotes this program in multiple languages and in underserved communities. Of the nine loans issued or in progress, all have gone to households of color or people living with a disability.
