| Minneapolis Programs -- Multi-Neighborhood |
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The City of Lakes Community Land Trust (CLCLT)Description: The Homebuyer Initiated Program (HIP) provides grants for qualified buyers to put toward the purchase and rehab of a single-family home in Minneapolis that will become a CLCLT home—guaranteeing that affordable housing will be available to future generations. The HIP Affordability Grant gives participating households more purchasing power by reducing the amount of mortgage financing needed to purchase a home for sale on the open market in Minneapolis. Affordability grants will range from $25,000 to $65,000 depending on household income and size. Homes purchased through HIP become CLCLT homes – that is, the homes will be owned by the CLT homeowners, the land is held "in trust" so that affordable housing will be available to future generations of low-to-moderate income homebuyers. The CLCLT and HIP buyers enter into the long-term agreement to preserve affordability through the resale formula. Income restrictions apply. Staci Horwitz Minneapolis Advantage Program Description: The City of Minneapolis has created the Minneapolis Advantage Program to help potential buyers purchase a home in areas challenged by foreclosures and vacancies. This program offers an up to $20,000, zero-percent interest loan that is forgiven over 5 years. Funds can be used to pay for closing costs, down payment, or even small repairs to the home. Funding is limited and income eligibility requirements apply. Loans will be given on a first come, first serve basis and are for purchasing homes in eligible neighborhoods. Properties must be either a single-family detached home or duplex that is in foreclosed status, or was a foreclosed property that has been purchased by a non-profit for the purposes of selling it to an owner-occupant, or it must be on the City’s vacant and boarded list (or been in a vacant status at least 30 days prior to the signing of the purchase agreement.) Several participating neighborhoods will be offering additional incentives to Advantage Program participants—be sure to contact the neighborhood organization. Keep up with the latest developments at the City of Minneapolis Advantage Program website. For more information, contact: Greater Metropolitan Housing Corporation at 612-588-3033. Minneapolis Home Ownership Program Description: The Home Ownership Program offers affordable home ownership opportunities in non-impacted areas of the city to buyers with incomes at or below 80% of the metropolitan median income (MMI). This program is funded using federal community development block grant (CDBG) funds. In addition to funds available to the developer for the construction gap, the City provides up to $30,000 per home in affordability gap financing to the homebuyer in the form of a deferred loan due and payable at the time of sale of the property. The Home Ownership Program is a partnership between the City of Minneapolis and the Greater Metropolitan Housing Corporation (GMHC). For more information, contact: Earl Pettiford Community Planning and Economic Development Department Crown Roller Mill Phone: 612- 673-5231 Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it Web: http://www.ci.minneapolis.mn.us/cped/Home-Ownership-Program.asp Neighborhood Housing Services of Minneapolis Description: The mission of NHS is to renew pride and promote and revitalize inner-city neighborhoods through the efforts of local residents. NHS also seeks to provide safe, affordable housing for low and moderate income individuals and families and under-represented populations. NHS is a non-profit lender that administers home purchase programs including:
For more information, contact: Neighborhood Housing Services 1501 Dupont Ave N Web: http://www.northsidenhs.org/ Add this page to your favorite Social Bookmarking websites         |
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