For Immediate Release
November 27, 2018
City of Minneapolis HOM Program Offers Up to $10,000 in Down Payment Assistance
NeighborWorks Home Partners (NWHP) has been selected by the City of Minneapolis to partner in the administration of its’ Homeownership Opportunity Minneapolis (HOM) down payment assistance program. NWHP launched their lending administration for the program on Tuesday, November 27, 2018.
HOM is intended to increase financial knowledge for program participants in order to build a foundation for successful homeownership. Potential homebuyers who want to receive down payment assistance through the program must first complete a financial wellness program through a participating nonprofit organization. After receiving their completion certificate, they then have one year of eligibility to purchase a home in Minneapolis and receive down payment assistance.
- Down payment loans are available up to $10,000 for qualified buyers.
- Down payments are zero interest and have no monthly payments. The principal amount is paid back when the buyer sells or refinances the home or it is no longer occupied as their primary residence.
- Buyers must have an income below 115% of Area Median Income (AMI). For a household of 4, this amount is $108,445. Buyers whose income is between 80%-115% AMI are eligible for $5,000. Buyers whose income is below 80% AMI are eligible for $10,000.
- Owner-occupied single family and duplex homes within Minneapolis city limits are eligible. This includes townhomes and condos.
- Applicants must complete an approved financial wellness program prior to entering into a purchase agreement on a home AND be referred for the program by a participating agency.
- Buyers must also attend homebuyer education. NeighborWorks Home Partners offers HomeStretch workshops that meet this requirement.
Complete guidelines are available at http://nwhomepartners.org/HOM
Buyers interested in applying for the funds can contact NeighborWorks to find out more about availability of funds and eligibility for the program. The program website is http://nwhomepartners.org/HOM and the organization phone number is 651-292-8710.