Minneapolis Homes: BUILD Homebuyer Incentive
In additions to the Minneapolis Homes REHAB program, the BUILD program is designed to turn vacant lots into new 1–4 unit residential buildings. Developing these lots into homes will help improve the neighborhoods of Minneapolis and provide more housing opportunities.
The BUILD Homebuyer Incentive provides up to $20,000 in need-based assistance to purchase a vacant lot and construct a new 1–4 unit home. PLUS an additional $5,000 is available to active, uniformed, sworn City of Minneapolis police officers, firefighters, EMTs, and full-time Minneapolis Public School pre-K–12 teachers.
This loan is forgiven at 20% per year, over a five-year owner-occupancy period. If the homeowner moves out before the end of the five-year period, the balance of the loan must be repaid.
- 0% interest loan
- No monthly payments
- Forgiven over 5 years
- Maximum need-based amount is $20,000
- Additional $5,000, not based on need, available to police, firefighters, EMTs, and full-time public school teachers.
- Can be used for downpayment and closing costs
- Loan can finance development gap (difference between cost to build a home and appraised value on completion)
- Or affordability gap (difference between appraised value of home and what the buyer can afford)
- Homebuyers must complete homebuyer education
If your dream is to build your own home, this program can put you closer to making it a reality. Contact us today for more information on available lots, financing and more!
