In 2015, PRG, Inc. acquired seven lender-owned, single-family homes for renovation and resale to low- and moderate-income households. We acquired two additional city-owned vacant lots for new construction, bringing our total Green Homes North units to 10 and beginning our infill partnership with Phillips in South Minneapolis. All of PRG’s single-family construction contracts awarded in 2015 went to minority-owned businesses. Additionally, over the past seven years, PRG has awarded $8.7 million in single-family construction contracts with 87% going to small, minority-owned businesses. In 2015, PRG sold 15 homes, bringing the seven-year total to 70 homes sold (73% were purchased by households of color and 86% of buyers had incomes under 80 % AMI). We have also fully leased (to families earning less than 50% of area median income) all 42 large-family units at Greenway Heights, an apartment building requested by Phillips Neighborhood residents to meet the space and affordability needs of large families and within easy reach of public transit. In 2015, PRG provided free, one-on-one, foreclosure prevention assistance to 59 families (a decrease of 9% as the default rate continues to decline). Of the cases resolved in 2015, 79% avoided foreclosure, and of foreclosure counseling clients, 74% had incomes under 80% AMI, 53% had incomes under 50% AMI, and 52% were households of color. Since 2009, PRG has played a critical role in averting 543 foreclosures, saving over $42 million in costs to homeowners, lenders and local government. PRG is dedicated to providing home buyer education and in 2015, we offered 18 first-time home buyer workshops (six of them in North Minneapolis), educating a total of 449 households (a 36% increase over the previous year). Of the 2015 workshop attendees, 93% had incomes under 80 % AMI, 64% had incomes under 50% AMI, and 60% were households of color. We also provide free, one-on-one, pre-purchase home buyer counseling and in 2015 served 229 families (a 79% increase over the previous year). Of those receiving counseling services in 2015, 80% had incomes under 80% AMI, 48% had incomes under 50% AMI, and 61% were households of color.
Community or Constituency Served
Services include neighborhood revitalization via brick-and-mortar development, partnering to address unique housing needs of special populations and HUD-approved home ownership education and counseling to those households interested in attaining or sustaining home ownership, particularly among low income households and households of color.