HomeMy WebLinkAboutCH2E SuspendedContact: Debbie Townsend, Communications Coordinator
Phone 952-826-0346 • dtownsend@EdinaMN.gov • EdinaMN.gov
FOR IMMEDIATE RELEASE
Come Home 2 Edina Mortgage Program Out of Funds
Edina, Minn., Jan. 28, 2025 – Come Home 2 Edina, the down payment assistance program that for decades has helped families purchase an Edina home, will be suspended due to funds running
out.
New applications will close as of 4:30 p.m. Friday, Jan. 31.
There is no timeline for reopening applications. Adequate funding will be required before reopening.
Come Home 2 Edina (CH2E) was established in the 1980s to provide down payment assistance for households looking for affordable home ownership options in Edina. It has been running continuously
ever since.
Since 2007, the program has lent $8.7 million, enabling 183 families to purchase a home in Edina.
Lending amounts have changed over the years. CH2E currently offers to lend up to 25% of the purchase price, not to exceed $90,000. First Generation borrowers may borrow an additional
$20,000. The maximum purchase price is limited to $515,200.
“Come Home 2 Edina has helped teachers, nurses and local Edina employees bridge the financial gap to purchasing a home in Edina,” Affordable Housing Development Manager Stephanie Hawkinson
said. “It has enabled hundreds of households reach the American dream of owning a home in a community they enjoy. “
The program was founded and sponsored by the Edina Housing Foundation, a nonprofit corporation. Original funding came from tax-increment finance (TIF) funds associated with the Edinborough
development in 1985.
Funds are replenished when homes purchased through the program are sold and the loan repaid. With interest rates rising, fewer owners are selling, Hawkinson said. The original funding
through the TIF district has been spent.
CH2E has been the most successful and most used program for single-family affordable housing in Edina.
Funding for other affordable housing programs, including emergency home refinancing aid, the Homeownership Rehabilitation Program and preservation of affordable houses is not affected.
For more information, contact Hawkinson at shawkinson@EdinaMN.gov or 952-833-9578.
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