Case Study: Come Home 2 Edina

Come Home 2 Edina is a second mortgage program crafted to meet the current requirements of the mortgage industry for home purchases in the City of Edina, Minnesota.

Up to $60,000 is available to eligible homebuyers within qualified areas of the City. The program is funded by the Edina Housing Foundation, a non-profit created by the City of Edina HRA in 1985. The Edina Housing Foundation has the stated goal of providing low cost housing opportunities to persons of low and moderate incomes.

The initial funds to start the second mortgage program came from Tax Increment Financing. These funds were associated with the Edinborough development where second mortgages were provided to income qualified new homeowners. The second mortgage program has recycled with over 300 mortgages issued, each accruing 5 percent simple interest.