What:

The City has developed a new loan program, the Minneapolis Advantage, to help rebuild the housing market in 18 eligible neighborhoods throughout the city that have experienced higher than normal levels of mortgage foreclosures and an increase in vacant and boarded buildings.

The program is for assistance with down payment, closing costs or renovation costs and offers a $10,000 zero-percent interest loan that is forgivable over five years to anyone buying a home in one of the eligible neighborhoods: Webber-Camden, Folwell, Jordan, Willard-Hay, Harrison, Ventura Village, Phillips West, East Phillips, Central, Beltrami, Cleveland, McKinley,Hawthorne, Near North, Whittier, Midtown Phillips, Powderhorn Park and Holland.

This pilot program includes $500,000 in funding; 50 loans are available. The City is also seeking partnerships to match available funding to increase available assistance. The McKinley, Folwell, Webber-Camden and Harrison neighborhoods offer additional assistance to home buyers purchasing in these areas of the city.

When:

Applications are currently being accepted.

How:

Home buyers must apply for a Minneapolis Advantage loan through their first mortgage lender. Lenders or home buyers can request application materials by:

• Phone (612) 588-3033 (materials will be mailed)

Pick up at Greater Metropolitan Housing Corporation, Housing Resource Center – Northwest, 2148 44 ^th Avenue North, Minneapolis, between the hours of 9am and 5pm, Monday through Thursday

More:

For information and guidelines, see " frequently asked questions."