Minneapolis Mayor R.T. Rybak and St. Paul Mayor Chris Coleman have jointly announced that $41 million in new funding has been pumped into the CityLiving Program. CityLiving assists first time homebuyers with purchasing homes in either city.
The CityLiving Program offers below-market interest rates on mortgages in addition to help with down payments and closing-costs. Hmebuyers’ household income cannot exceed $92,290 and the purchase price for a single-family home can’t be greater than $276,870 in order to quality for the funding.
“More people owning homes in Minneapolis and Saint Paul means more prosperity, more civic engagement and more vitality in our Minnesota’s core cities — and that’s good for everyone,” said Minneapolis Mayor R.T. Rybak in a statement. “For nearly 30 years, Minneapolis and Saint Paul have worked together through the CityLiving program to help 30,000 first-time homebuyers enjoy the benefits of city life.”
In addition to the $41 million, each city has $500,000 available for assistance with down payments and closing costs.
The CityLiving program is funded through bonds sold by the cities. Though the CityLiving initiative has been around for 30 years, it was not available last year because the credit crunch prevented the cities from selling the necessary bonds.
Read more about the CityLiving Program in Minneapolis and CityLiving Program in Saint Paul.