The Minneapolis ReStore—a home improvement outlet that supports Twin Cities Habitat for Humanity—has topped $1 million in sales, 18 months after it opened.
"Hitting the $1 million milestone this quickly is unusual for Habitat ReStores (of which there are 850 nationwide) and helps to validate that we picked a great location,” said Pete O'Keefe, senior manager for ReStore operations with Twin Cities Habitat.
The Minneapolis store at 2700 Minnehaha Av., in a commercial area that is a burgeoning home to reused and repurposed-goods retailers, is the second ReStore in the Twin Cities. The other is a 10-year-old operation in New Brighton.
The ReStore features donated home furnishings, furniture, and building supplies at big discounts to original price. Donations include new overstock items from offices, apartment complexes and construction sites. Revenue goes to building, rehabbing and repairing homes for low-income working families who help construct their price-discounted homes.
Last year, proceeds from the Minneapolis ReStore sponsored the construction of six homes.
St. Paul-based Habitat said 48,000 Twin Cities shoppers visited the two ReStore locations last year; 14,000 donations were picked up; 940 tons of building materials were diverted from landfills and 4,100 volunteers helped at the ReStores.
Meanwhile, Twin Cities Habitat continues to grow thanks to volunteers, corporate partners and hard-working homebuyers.
Habitat said 1,200 local families have bought homes since 1985.
Its 2018 goal is to partner with about 100 families on affordable homeownership—through new Habitat-built homes, properties bought and rehabilitated, and mortgages for homes purchased on the open market.
An emerging partnership with Bremer Bank is expected to double its capacity by 2020.
Every qualified homebuyer receives an affordable, fixed-rate mortgage from Habitat’s mortgage lending subsidiary. Every family completes a combination of one-on-one financial coaching, homeownership classes, and sweat equity volunteer hours before buying a home, which helps keep foreclosures to a low 1 percent.
The average homebuyer family earns $43,000 per year; 90 percent are families of color.
Habitat has a low, 1 percent foreclosure rate, despite the fact that buyers earn less than 80 percent of the median Twin Cities household income.