Here’s another great incentive for buying a home in the city of Minneapolis: The Pohlad Family Giving Foundation originally dedicated One Million Dollars towards creating a down payment assistance program for home buyers in the 55411 zip code. The program was expanded to also include the 55412 zip code as well.
These are areas in North Minneapolis that have been hit hard by the foreclosure crisis as well as a stereotype for being rough neighborhoods and declining markets. The program is administered by the Neighborhood Housing Services of Mpls (NHS) and comes in the form of a deferred loan in the amount of $8,000 for owner occupants. The other great part is that you do NOT have to be a First Time Home Buyer to qualify for the program.
The eight thousand dollar loan is forgiven if you live in the property for 7 years, and there are no income restrictions for the program. This is valid for all types of single-family residential properties (detached single-family, townhome, condo) as well as duplexes.
As always, you’ll want to consult with your lender and real estate agent before proceeding or expecting to qualify for the program. There are certain other requirements than have to be met before you can access the funds.
If you would like more information on this, or any other assistance programs, please contact me.
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