Minneapolis Homes: Affordability Gap Homebuyer Assistance
Minneapolis Homes Development Assistance program promotes the building of 1-4 unit homes from city-owned vacant lots, substandard property, hazardous buildings, redevelopment areas, and more. These unused properties are turned into affordable housing to help Minneapolis neighborhoods grow. In addition to building more homes, there’s downpayment assistance up to $10,000 to help homebuyers make a purchase. This assistance is limited to homebuyers with incomes at or below 80% area median income (AMI).
The downpayment and closing cost assistance is provided as a deferred loan with 0% interest provided to the Developer, who then provides the funds to the homebuyer at closing.
- 0% interest loan
- No monthly payments
- Must be paid back in full when you move, sell, or pay off your first mortgage
If you’d like more information on this or other programs, contact us today!
