Home Sweet Menomonie

2 Oct 2018


Business News

A new program in Menomonie intended to help address a critical shortage of workers has received a major boost from the Greater Menomonie Development Corp.

The GMDC voted recently to allocate $100,000 to support the Home Sweet Menomonie program.

“I could not be more proud of the Greater Menomonie Development Corporation’s commitment of $100,000 towards the success of Home Sweet Menomonie,’ said Dan Ostermann, GMDC vice president and a leading force behind the establishment of Home Sweet Menomonie. “They clearly understand the difference this program will have on employee retention and recruitment and the long-term attributes it will bring to Menomonie.”

Home Sweet Menomonie is intended to help employers attract and retain employees by offering no-interest, partially forgivable loans for down payments to purchase homes in the city. The program is a partnership involving the city of Menomonie, the Community Foundation of Dunn County, and the Greater Menomonie Development Corporation.

“The City is excited to partner with the Greater Menomonie Area Development Corp. on the Home Sweet Menomonie program to provide the resources making home buying in the city an attractive and viable option for the communities expanding workforce,” said Lowell Prange, city of Menomonie administrator. “The generous commitment of $100,000 by the development corporation will make the program a reality and ensure that the program will be a success for many years. With additional public and private financial support, I anticipate the Home Sweet Menomonie initiative having a significant impact on the affordability of housing throughout the city." 

Clint Moses, chairman of the Community Foundation of Dunn County, echoed Prange’s sentiments: “The Community Foundation of Dunn County is pleased to partner with The Greater Menomonie Development Corporation and the city of Menomonie for the Home Sweet Menomonie program.  We are paving the way for skilled employees to make Menomonie the easy choice to re-locate themselves and their families because we understand that skilled employees are essential to businesses and healthy communities.”

Officials have said employers have a “near crisis” in their efforts to attract and retain a skilled workforce, and the Home Sweet Menomonie is an innovative attempt to address that situation. The goal of the program is to increase awareness and resources for homeownership with local employees, increase homeownership rates within the city and increase resources for the renovation of homes.

Under the program, employees of businesses who choose to participate would be eligible to borrow up to $10,000 for a down payment.  The repayment schedule would be flexible and the last year of the payment may be forgiven.  The loans would be available on a first-come, first-served basis.

Ostermann said supporters believe the program will help attract employees to businesses in Menomonie and retain them through home ownership.

To participate in the program, a business will make a tax deductible contribution to the Home Sweet Menomonie fund held by the Community Foundation of Dunn County.  An employee of a participating business would fill out an application and submit it to the city.  The home can either be new or existing, but it must be owner occupied.

The city will inform the applicant of the amount of the down payment assistance award within 21 days.

The repayment schedule would be between five and 10 years.  Any documented improvements the new owner makes to the property may be forgiven from the final year of the scheduled payment.

For more information on this program or to find out how to become a sponsor, contact the Community Foundation of Dunn County at 715-232-8019