Looking to buy a home in the North Side? You could get up to $10,000 in down payment assistance!
Anyone buying a 1-4 unit property that they intend to occupy as their primary residence. Applicants do not have to be first time homebuyers. Purchasers of condominium or townhome units are eligible to participate in the program, as are purchasers through a community land trust.
How do I apply?
Your loan officer will submit your application for you. For single loans, please allow 35 days to close from the time the application is submitted. For participants with two loans, allow 45 days to close.
Program Overview: The NRRC has updated and revised its Neighborhood Revitalization Program (NRP)-funded homeownership programs available to Near North and Willard Hay residents, which are designated for home improvements and homebuyer assistance. Guidelines for the Homebuyer “Entry Cost” Assistance are listed below, but home improvement guidelines may be accessed on the Near North/Willard-Hay Homeownership Programs page.
Loan Amount: up to $10,000.
Eligible Use of Funds: These funds may only be used for down-payment, closing costs related to the purchase of the subject property, or to reduce the principal amount to reach an affordable monthly payment.
Interest Rate & Deferred Loan Term: The interest rate is zero-percent with a loan term of 7 years. The loan will be 100% forgiven after seven (7) years of continued occupancy and ownership from the date of loan closing.
Loan Security: All NRP loans will be secured with a mortgage in favor of the City of Minneapolis.
Applicant Eligibility: Anyone buying an eligible property who intends to homestead and occupy the property as their primary residence. Applicants do not have to be “first time homebuyers.” Purchasers of condominium or townhome units are eligible to participate in the program, as are purchasers through a community land trust. Contract for deed purchasers are not eligible.
Property Eligibility: 1-4 unit dwellings that are or will be owner-occupied and located with the geographical boundaries of the Near North or Willard-Hay neighborhoods. Condominiums and townhomes are eligible.
Application Process: Your loan officer will submit your application for you. Please allow 30 days to close from the time the complete application is submitted. Lender Timeline is available here: View lender package/timeline.
Disbursement of Funds: Funds will be disbursed to the closing agent, for the benefit of the borrower, in coordination with the purchase closing.