MINNEAPOLIS ADVANTAGE PROGRAM
The Minneapolis Advantage program is a downpayment and closing cost assistance program a maximum of $10,000 to help rebuild the housing market in key neighborhoods that have experienced high levels of mortgage foreclosures.
You do NOT have to be a 1st time home buyer.
Eligible Neighborhoods are
Jordan, Central, Sumner-Glenwood, Near North, Holland, Harrison, Cleveland, Beltrami, Folwell, Webber-Camden, Shingle Creek, Phillips West,
Lind-Bohanon, Bryant, Powerderhorn Park, Corcoran, McKinley, Hawthorne, East Phillips, Willard-Hay, Bottineau, Midtown Phillips, Ventura Village
Click Here to View Map of Eligible Areas
The Minneapolis Advantage loan is offered at zero percent interest, it has no monthly payments, and it is forgiven at the end of five years at the rate of 1/60th of the loan per month assuming you continue to occupy the home as your permanent and primary place of residence.
Maximum Household income at or below 120% of MSP AMI $97,080 for a family of 4
The program is divided up into two parts:
The first part is finance with funds received from the Federal Home Loan Bank (“FHLB”) and it has a maximum income limit of 80% of the area median family of 4 $67,200. The property must be single family detached home or duplex that is in foreclosed status, or was a foreclosed property which has been purchased by a non-profit for the purpose of selling it to an owner occupant.
The second part is funded by local funds (“Local”) and it has a limit of 120% of the area median $100,680. The property must meet the above conditions OR it must be on the City’s vacant and boarded list or the home must have been in a vacant status at least 30 days prior to signing the purchase contract.
Click here to see a list of vacant homes