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...