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Arlen Kangas, Ph.D., President
Arlen Kangas, Ph.D., President
P.O. Box 623
Detroit Lakes, MN 56502-0623
Phone: (218) 847-3191
Fax: (218) 847-3192
Email
Website
Counties Served:
Becker, Clearwater, Hubbard, Mahnomen, Pennington, Polk,
Red Lake
Incorporated:
1971
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STRATEGIES & ACCOMPLISHMENTS
 Economic
Development
Midwest
Minnesota Community Development Corporation (MMCDC)
makes loans to promote economic development. Its
portfolio stands at $11.5 million, involving 170 loans.
It has a rigorous process for borrower outreach, credit
analysis, loan documentation and servicing.
MMCDC
has a 100% interest in a wholly-owned subsidiary called
CDC Investments, Inc. and a minority stock interest in
Minnesota's Community Development Corporation, a
multi-bank CDC. It is also an investor, or partner, in
area businesses, including Kenny's Candy (a major
licorice manufacturer), Tuffy's Dog Food, Barrel of Fun
Chips and Snacks, and a motel. In 1998, MMCDC started
Teamworks, a joint venture that has trained more than
800 people for jobs.
During
2001 MMCDC purchased a small state-chartered bank on the
White Earth Reservation. As a result, it owns an
upper-tier bank holding company regulated by the Office
of Thrift Supervision. This full-service bank
concentrates its loans in one of the poorest areas of
the state.
Affordable Homes
MMCDC
is the managing general partner in six multi-family,
low-income housing tax credit developments, and the sole
developer of two; it has a total rental portfolio of 156
homes. It also developed single-family homes on 26 acres
of land it owns in Detroit Lakes, and is building
additional homes in Bagley, Crookston, Fosston, and
Thief River Falls. MMCDC uses its own construction
company to build these single-family home developments.
In
1998, MMCDC initiated a home ownership financing
program, originating 16 loans. Today it originates more
than $10 million in affordable mortgage loans a year;
financing homes for more than 200 families, many of whom
are first-time homebuyers.
Community
Development
MMCDC
recently completed the Graystone Hotel renovation in
Detroit Lakes. The $3.7 million refurbishing of the
historic structure, now on the National Register of
Historic Places, boasts over 10,000 square feet of
commercial and community space on its lower floors and
22 afforable apartments for senior citizens on the upper
floors.
In
January 2000, MMCDC bought the adjacent Graystone Annex,
as well as five other commercial and residential
buildings on a key downtown block. All have been
enrolled on the National Register of Historic Places.
Rehabilitation of the entire block, at a cost of $4
million, will be completed this year.
A
few blocks away, MMCDC is converting a 1931 school
building into a health and wellness center. This more
than $9 million project contains over 100,000 square
feet, including: an 875-seat theater; a senior center; a
day-care center; and an 8-lane aquatics center, field
house, fitness area, and walking track.
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