Help for homebuyers in Near North and Willard Hay (the NRRC Zone.)
NeighborWorks Home Partners is partnering with NRRC to provide down payment assistance for qualified buyers of homes in the NRRC service area.
- Maximum amount is $5000
- Home must be owner-occupied
- No monthly payments required
- Loan is forgiven after 7 years
Your mortgage lender will submit your application on your behalf. If you are interested and meet the qualifications listed below, please have your mortgage lender contact us to begin the process.
Home Buyer Assistance Down Payment Program Guidelines
Program Overview: The Northside Residents Redevelopment Council (NRRC) is making available updated and revised programs, and NRP dollars that are designated for homebuyer assistance in the Near North and Willard Hay (NNWH) neighborhoods.
Loan Amount: Loan Minimum $3,000; Loan Maximum of $5,000
Interest Rate & Loan Term: 0%. The loan will be 100% forgiven after seven (7) years of continued occupancy and ownership from the date of the loan closing
Loan Security: All loans will be secured by a mortgage in favor of the City of Minneapolis.
- Income Limit: No maximum income limit.
- Debt to Income Limit: None required
- Multiple Loans Per Property: Layering of loans between NNWH programs is eligible; however, any given time, an individual or property may only have one active loan from each NNWH loan program.
- Anyone buying an eligible property who intends to homestead and occupy the property as their primary residence.
- Single family residences: including condominiums, townhomes, and community land trust properties
- Duplex buyers and a Northside Residents Redevelopment Council (NNRC) representative will meet prior to closing
- Contract for deed purchases are not eligible.
Application Process: Applications for financing will be processed on a first-come first-served basis until all funds are committed. Northside Resident Redevelopment Council (NRRC) staff and board members are eligible to apply sixty (60) days following the announced application start date.
Homebuyer Agreement: Purchasers must sign a Homebuyer Agreement.
Loan Security: Loans will be secured with a mortgage in the favor of the City of Minneapolis.
Underwriting: Funds may be used toward the down-payment or closing costs required for the purchase of the home. Amount and approval of loan will be determined based on the 1st mortgage approval.
Loan Costs: Fees associated with loan origination and closing may be included in the loan amount and paid at closing, including all filing fees, and related closing costs.