July 2009
Publicly Funded Gap And Downpayment Assistance Programs in Minneapolis
July 3, 2009 by Financemyhome · Leave a Comment
Information is subject to change. Please contact the funding agency for current information.
| Program | Description | Update | Administrator |
| ADDI (American Dream Downpayment Initiative) | Up to $15,000 downpayment closing cost assistance. Income asset, purchase price limits apply. Specific property standards apply also. | Limited funds are available only for City of Minneapolis projects. | GMHC/HRC-NW 612-588-3033 |
| Audobon | Borrow up to $5,000 at 0% ($2,500 can be used for down payment assistance) to buy and/or make improvements to an owner-occupied 2-4 unit property in the Audubon Park neighborhood $5,000. | Contact funding agency for up to date information. | Center For Energy and Environment 612-335-5858 |
| City of Lakes Community Land Trust | Assistance is available towards the purchase of a City of Lakes Community Land Trust home. | Contact funding agency for up to date information. | City of Lakes Community Land Trust 612-721-7556 |
| Emerson Townhomes | Assistance is available as gap financing towards the purchase of a Emerson Townhome new construction home. | Contact funding agency for up to date information. | Erin Green Powderhorn Residents Group 612-721-7556 |
| Folwell Homebuyer Assistance | $4,000 available for Downpayment or closing cost assistance for owner occupied properties in the Folwell Neighborhood. | Funds are available | GMHC/HRC-NW 612-588-3033 |
| Harrison | $4,000 available for Downpayment or closing cost assistance for owner occupied properties in the Harrison Neighborhood. | Contact funding agency for up to date information. | Center For Energy and Environment 612-335-5858 |
| Hawthorne Advantage | Program provides 3% of the sales price, and an additional $1,000 if you are purchasing a foreclosed property. The maximum assistance one cam qualify for is $4,000 for a property not in foreclosure or $5,000 for a property that has been foreclosed. | Contact funding agency for up to date information. | jskrenes@hawthrone community.org 612-529-6033 x204. |
| Home ownership Worls (HOW) | Assistance is available towards the purchase of a Minneapolis HOW home. | Contact funding agency for up to date information. | Erin Greenz Powderhorn Residents Group 612-721-7556 |
| Humboldt Greenway | Up to $44,000 is available as gap financing towards the purchase of a Humboldt greenway new consturction home. Income limits apply. | Funds are available | GMHC/HRC-NW 612-588-3033 |
| Jordan | Last Resort tending oppurtunity when unable to oobtain regular financing. | Contact funding agency for up to date information. | Sharon Flores Neighborhood Housing Services 612-521-3581 |
| Lyndale | $3,000 available for Downpayment or closing cost assistance for owneroccupied properties in the lyndale Neighborhood. | Contact funding agency for up to date information. | Lyndale Neighborhood Association 612-824-9402 ext. 15 |
| McKinley Homebuyer Assistance | $4,000 available for Downpayment or closing cost assistance for owner occupied properties in the McKinley Neighborhood. | Funds are available | GMHC/HRC-NW 612-588-3033 |
| Minneapolis Advantage | $10,000 available for Downpayment or closing cost assistance and rehab assistance for qualifying properties in eligible neighborhoods. | The program for 2009 is not yet available for release. Names are being taken for a mailing list for when information becomes available. | GMHC/HRC-NW 612-588-3033 |
| Minnesota Housing Homeownership Assistance Fund (HAF) | HAF Entry Cost Assistance provides up to $3,000 to help borrowers with down payment or closing cards. HAF Monthly Payment Assistance provides up to $75 per month to help pay a portion of the monthly mortgage payment in the early years of the mortgage (available only with the community Activity Set-Aside Program). | First time homebuyers interested in downpayments and closing costs assistance should contact a Minnesota Housing Participating Lender prior to siging a purchase agreement. Participating lenders can determine the level of eligibility | www.mnhousing.gov 651-296-7608 |
| Preserving, Maintaining, and Increasing Homeownership sponsored by University District Partnership Alliance to include the neighborhoods of Cedar Riverside, South East Como, and Marcy Holmes | * A ‘option to buy’ program for current home owners that will provide up to $2,500 to people willing to give the Alliance a first option to buy their home when and if they decide to sell it. The Target areas in Marcy holmes and Southeast Como, however, will serve as the first demonstration project areas for the “option to buy” component in 2008. | Funds are available | GMHC/HRC-NE 612-378-7985 |
| Preserving, Maintaining, and Increasing Homeownership sponsored by University District Partnership Alliance to include the neighborhoods of Cedar Riverside, South East Como, and Marcy Holmes | A homebuyer incentive program that provides up to #10,000 in the form of forgivable loans to promote owner-occupied homeownership available to new homebuyers anywhere in the District. | Funds are available | GMHC/HRC-NE 612-378-7985 |
| Sheridan Homebuyer Assistance | $5,000 available for Downpayment or closing cost assistance for owner occupied properties in the Sheridan Neighborhood. | Funds are available | GMHC/HRC-NE 612-378-7985 |
| Ventura Village | $5,000 available for Downpayment or closing cost assistance for owner occupied properties in the Ventura Village Neighborhood. | Funds are available | GMHC/HRC-South 612-722-7141 |
| Webber-Camden Homebuyer Assistance | $4,000 available for Downpayment or closing cost assistance for owner occupied properties in the Webber-Camden Neighborhood. | Funds are available | GMHC/HRC-NW 612-588-3033 |
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