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First Homes is an initiative of the Rochester Area Foundation. First Homes was conceived in 1999 in collaboration with the Rochester Area Chamber of Commerce as an effort to alleviate a severe housing shortage by creating homes for working families living within a 30-mile radius of Rochester. First Homes’ initial charge was to create 875 homes for working families. With leadership pledges of $1 million from the Rochester Area Foundation and $7 million from Mayo Clinic, First Homes was formally launched in 2000.
First Homes is a true public-private collaborative. First Homes accomplishes its work through partnerships with area residents, lenders, state agencies, other foundations, cities and counties, builders, organizations, regional authorities and professional groups. Including the initial leadership gifts from the Rochester Area Foundation and Mayo Clinic, community residents, businesses and organizations have invested more than $14 million in First Homes.
With this clearly demonstrated community support, First Homes has been able to attract major investments from state, federal, and private sources. The Greater Minnesota Housing Fund and the Minnesota Housing Finance Agency have partnered with First Homes in offering guidance, experience, and significant funding. Local governments have played an important role in First Homes' success as well. The leadership of public officials in Rochester and nearby communities has enabled First Homes to leverage additional community resources in tax increment financing and other incentives.
In all, the initial $14 million local contribution to First Homes has helped leverage an additional $115 million in funds from other agencies to assist income-qualified families rent or purchase starter homes.
In 2007, First Homes achieved its initial goal of creating 875 residences for working families. The 875 homes include new and rehabbed single-family homes and new, below-market-rate rental units. Of the single-family homes, over 200 are community land trust properties.
First Homes single-family homes and rental units have been built in Byron, Cannon Falls, Dover, Grand Meadow, Hayfield, Kasson, Northfield, Pine Island, Plainview, Rochester and Spring Valley.
