Minneapolis Advantage Program--Mortgage Assistance
What is the Minneapolis Advantage Program?
Like many cities across this nation, Minneapolis has experienced foreclosures and the effects of vacant homes in its neighborhoods. Since 2008, the City of Minneapolis has helped nearly 350 home buyers purchase homes in neighborhoods stressed by foreclosure through its Minneapolis Advantage Program. This forgivable loan program can be used to pay for closing costs and down payment.
Income eligibility requirements apply. Loans will be given on a first come, first serve basis and are for purchasing foreclosed homes in eligible neighborhoods (map). Approximately $400,000, or around 25 loans, is available in 2012 to help potential buyers. For more information about the program, see the program guidelines or call Greater Metropolitan Housing Corporation at (612) 588-3033.
Minneapolis Advantage Program Performance
- Homes purchased through this program had to be foreclosed, vacant, or in a high foreclosure-impacted neighborhood.
- Loan recipients purchased homes in 30 Minneapolis neighborhoods.
- Nearly 350 homes have been purchased to date (February 2012).
- Nearly 60% of the home buyers moved to Minneapolis from elsewhere.
- 89% of the recipients are first-time home buyers.
- 48% of the home buyers are between the ages of 31 and 50.
- Average household size is two.
- 49% of the homes' purchase prices are less than $100,000; 39% of purchase prices are between $100,000-$150,000.
- A map shows where home buyers have purchased.
Last updated Apr. 4, 2012