City employees can participate in townhome Lease to Own program
City employees who qualify for public housing have the opportunity to own a two-bedroom Sumnerfield Townhome unit thanks to a Lease to Own program that allows first-time homebuyers to have a portion of their rent applied toward homeownership.
The Lease to Own program makes it possible for individuals to purchase their first home by:
- Placing a portion of the participant’s rent toward the townhome purchase.
- Guaranteeing the unit’s purchase price for two years after the lease is signed.
- Matching participant’s mandatory $50 per month savings deposit for up to three years.
- Paying the first year of the townhome association fees.
The Sumnerfield Townhomes are located in Heritage Park, a new 900-housing-unit development on Minneapolis' near northside on the western edge of downtown. The 145-acre site includes single-family homes, duplexes, garden apartments, townhouses and carriage houses. To view photos of the townhomes, go to http://www.mphaonline.org/ and click on "Sumnerfield Townhomes Brochure."
To be eligible for the lease to own program, participants must:
- Be currently employed and have been continuously employed for two years.
- Have a minimum annual income of $25,500.
- Be a first-time homebuyer.
- Agree to buy the unit they move into within five years.
- Agree to participate in a mandatory savings plan until the unit is purchased.
- Have a family size suitable for a two-bedroom unit.
If you meet these basic criteria and would like to apply, please call the Minneapolis Public Housing Authority (MPHA) homeownership information line at (612) 342-1482. Applications will be accepted until all units are filled.
For general information about the Lease to Own program, visit MPHAs website at http://www.mphaonline.org/.
The Lease to Own program is made possible through the use of American Recovery and Reinvestment Act funds and MPHA’s Moving To Work Authority.
Aug. 3, 2011
Published Aug. 3, 2011