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Marshall
Economic Development Authority Expands The Marshall EDA has partnered with The Schwan Food Company and the Southwest Housing Partnership to meet the need for quality, affordable housing within the City of Marshall. The Parkway Addition is meeting this need. Located south at the junction of Legion Field Road and Madrid Road, the Parkway Addition subdivision provides single family residential lots for development. Bare lots ranging from 70 to 110 feet with an average depth of 130 feet are available for residents wishing to build their own homes. Lots may be reserved prior to entering into a purchase agreement and lot costs vary according to size. Parkway
II Addition Now Underway
The
first Parkway Addition was created to construct affordable housing for
Marshall’s workforce.
Seventy-two single family homes were built along with 18 rental
townhomes owned by the City of Marshall and 30 townhomes owned by the
Southwest Minnesota Housing Partnership.
The City’s EDA leveraged local money, money from the Greater
Minnesota Housing Fund, the Minnesota Housing Finance Agency and The
Schwan Food Company to construct homes and provide down-payments and
other financial assistance to home buyers.
Homes
were built and bought in about half the time the city anticipated,
leading to the second Parkway Project.
The first Parkway project showed the need for affordable
housing and the success of collaboration between partners, says
Marshall Mayor Bob Byrnes.
The
partners are back for the second round, which is more ambitious than
the first.
One-hundred-and-fifty homes are planned for the first phase of
Parkway II Addition, with the balance of up to another
one-hundred-and-fifty homes in the second phase of development.
As
development starts and continues in the second addition, qualified
homebuyers can access gap assistance and/or down payment assistance,
says Marshall EDA president Stan Finnestad.
Although
the project is geared toward affordable housing and provides financial
assistance, the first Parkway Addition had a variety of values in
houses and incomes of homeowners.
“Anyone can buy a lot,” Finnestad said.
As
with the first Parkway Addition, all partners in the project are
committed to making these new homes affordable to all kinds of
families.
A client of SWMHP will have access to special “Affordability
Gap Financing” with a lender to design a monthly payment that fits
each budget.
A “Home Entry Loan Program” – or HELP – helps with
closing costs so less cash is needed at closing.
To
ease the process, especially for first time buyers, a Home Stretch
homebuyer education course is provided to give valuable knowledge
about everything involved in a home purchase – what to do, how to
get the best financing deal, how to know when you are ready to buy.
Call Western Community Action at (507) 537-1416 or
1-800-658-2448 to register for Home Stretch. For more information on Parkway II Addition, please contact Southwest Minnesota Housing Partnership at 1-888-468-8010, ext. 405. SWMHP can also be reached by e-mail at lofficer@swmhp.org. |