Goodhue County Housing Trust Fund Workforce Housing Assistance Program

What is Goodhue County Housing Trust Fund Workforce Housing Assistance Program?

Goodhue County Housing Trust Fund Workforce Housing Assistance Program is a repayable second loan for homebuyers in Red Wing, Minnesota.

• SEMMCHRA Goodhue County workforce DPA. Up to $40,000 0% deferred second. Max PP $472,030. Income up to $167,000. 620 FICO. Workforce-employed in Goodhue County required. No FTHB requirement.
• The Goodhue County Housing Trust Fund Workforce Housing Assistance Program (administered by Southeast Minnesota Multi-County Housing & Redevelopment Authority - SEMMCHRA) provides up to $40,000 in down payment, closing-cost, and gap-financing assistance to workforce homebuyers (employed within Goodhue County) purchasing a primary residence in Goodhue County (Red Wing area). Funded through the Goodhue County Housing Trust Fund (county levy + state Workforce Housing Development Program), the assistance is structured as a 0% interest deferred second mortgage with no monthly payments. Repayable upon sale, refinance with cash-out, transfer of title, or non-owner-occupancy. Income up to $167,000 (broader than typical AMI - workforce-targeted). Maximum purchase price $472,030.
• Funding comes from Local Government and State.

Do you have to pay it back?

Goodhue County Housing Trust Fund Workforce Housing Assistance Program is a repayable second loan and is repaid under the terms set by the administering agency.

• Repayment is triggered by 0% interest deferred second mortgage. Balance due on sale, refinance with cash-out, transfer of title, or non-owner-occupancy.
• The assistance is recorded in 2nd Lien position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Goodhue County Housing Trust Fund Workforce Housing Assistance Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

Goodhue County Housing Trust Fund Workforce Housing Assistance Program limits household income to $167,000.

• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Goodhue County Housing Trust Fund Workforce Housing Assistance Program caps the purchase price at $472,030.

• Eligible property types include Single-family detached, condominium, townhouse, PUD, manufactured home (real-property-titled).
• New construction is eligible.
• Manufactured homes are eligible.

Where does it apply?

Goodhue County Housing Trust Fund Workforce Housing Assistance Program serves buyers purchasing in Red Wing, Minnesota.

How do you apply?

Applications for Goodhue County Housing Trust Fund Workforce Housing Assistance Program go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Three Rivers Community Action (regional HUD-approved counselor for SE Minnesota) - pre-purchase 8-hour homebuyer education and one-on-one counseling required..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Application via SEMMCHRA Wabasha office for Goodhue County HTF., and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.