2. MetroCOG workforce housing study

Employer investment consortiums overlap with workforce housing funds and are able to produce more workforce housing opportunities than EAP programs because their investments can be leveraged for large housing development projects, either redevelopment or new. EXAMPLES OF PRIVATE SECTOR MODELS The Piedmont Housing Alliance, a nonprofit in Charlottesville, Virginia conducted a government employee homeownership study that resulted in a partnership between Charlottesville Regional Chamber of Commerce, the Charlottesville Area Association of Realtors, the Blue Ridge Home Builders Association and the Alliance. Together they formed the Regional Home Ownership Center (RHOC). Last year 284 families visited the RHOC of which 44 bought homes. The Genesis Los Angeles Economic Development Corporation conceived the Genesis Workforce Housing Fund The fund provides community developers with institutional capital to finance the production of workforce housing. In March 2006 the Genesis Fund closed on $57 million, mostly with large recognized financial institutions such as Northwestern Mutual Insurance, Citigroup, Washington Mutual and local banks from the Los Angeles area. An experienced private firm, Phoenix Realty Group, manages it. "Select Milwaukee" Walk-fa-Work program partners with employers such as Harley-Davison, to encourage employees to live near their jobs. Since 1995, 1,101 employees purchased homes in targeted neighborhoods generating $92.5 million in private mortgages, $1.8 million in employer investment and leveraging $917,000 from the Federal Home Loan Bank of Chicago and the Wisconsin Bureau of Housing. Both the Greater Minnesota Housing Fund (GMHF)and the North Dakota Housing Finance Agency provide funds for EAP programs. To date, GMHF has approved 48 proiects for $9.8 million in funds. North Dakota HFA's HomeWork program has not been used in Cass County yet, nor did GMHF identify any programs in Clay County. The Greater Madison (Wisconsin) Chamber of Commerce prepared a report, "Housing Dane County's Workforce: An Economic Development Dilemma" and in 2005 established a Workforce Housing Fund. The Marshall (Minnesota) Economic Development Agency (MEDAl and the Southwest Minnesota Housing Partnership leveraged investment from Schwan's Food Company, the GMHF and the Minnesota Housing Finance Agency to develop Marshall Parkway. The development has 82 single-family lots, three duplex lots 18 moderate-income multifamily units and 30 multi-family and mixed-income units. It is so successful that the partners have embarked on Marshall Parkway II. 3\ Linda S. Donnellv. /\.IC'.I'. ;\ ugusl 2006