Barker And Hedges Real Estate Blog

Two Limited Time Home Assistance Programs in Minneapolis

There are two new assistance programs available in Minneapolis for home buyers and home owners, but act fast because they are limited in availability and funds.

First, Neighborhood Housing Services of Minneapolis is offering home buyers in North Minneapolis a $5,000 forgivable loan towards the down payment of a home if a purchase agreement is signed by May 31 and the sale is closed by August 15. If the new owner lives in the home for 5 years, the interest-free loan will be forgiven. There are no income restrictions for qualifying. Loan funds for this program are limited to $100,000, so when it's gone, it's gone!

Second, homeowners and buyers in foreclosure-impacted neighborhoods of Minneapolis can apply to the City’s Rehab Support Program. It has a fund of $750,000 with which to finance to complete improvements, potentially increasing the home’s market value. The pilot program offers loans of up to $20,000 at zero-percent interest. Funding the City received from the Minnesota Housing Finance Agency will be matched dollar for dollar by the homeowner from any other source they choose. Approximately 50 loans will be available through this program. The program is available to qualified homeowners and buyers in neighborhoods where 10 percent of the housing stock is in foreclosure. Eligible neighborhoods are: Shingle Creek, Lind-Bohanon, Webber-Camden, Cleveland, Folwell, McKinley, Jordan, Hawthorne, Willard-Hay, Harrison and Near North on the city’s Northside and Central and Bryant neighborhoods on the Southside. Check out the City of Minneapolis website to view further restrictions.

If you're a home owner or home buyer that fits these qualifications in Minneapolis, it could be worth looking into these programs.

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Where do you want to spend your old age?

Many people want to live at home when they grow older. The "Smart House, Livable Community, Your Future" exhibition explores the housing trend of "aging in place" through the development of products and adaptive technologies that allow people to stay in their homes.

The first wave of 70 million baby boomers living in the United States will reach age 65 this year. With this generation predicted to live longer, planners are examining ways to create homes and communities that are more senior-friendly. The new exhibit at the University of Minnesota's Goldstein Museum of Design is an interactive display of what a Smart House of the future might look like.

The exhibition will look like a small, attractive home inhabited by fictional, 65-ish homeowners, Jim and Sarah. Visitors will be encouraged to try out everything they see, starting with a welcoming flat-threshold doorway. Jim and Sarah have renovated their 1960s home so that they can continue to enjoy their active, engaged lifestyle. Visitors can sit in a power-lifted chair, handle easy-to-use-kitchen utensils, scoot around the kitchen on a wheeled chair to try out lower counters, operate an easy-open window, sit in a fully-adjustable desk chair at an ergonomically-designed desk, and observe wall colors and lighting that ameliorate the impact of changing vision. The bath will feature a walk-in shower and reinforced wall for grab bars. Visitors will learn about a Fall Guard alert system, auto-dispensers for medications, special environmental controls, and tools and technologies that allow Jim and Sarah to do the activities they enjoy and keep them connected to the world.

The exhibit opened on February 5 and can be viewed through May 22, 2011. The museum is open Tuesday, Wednesday and Friday from 10:00am to 4:00pm, Thursday from 10:00am to 8:00pm, Saturday and Sunday from 1:30pm to 4:30pm. It is Closed Mondays and all University Holidays.

This exhibit...

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