Funding promotes home ownership in foreclosure-affected neighborhoods

Mayor R.T. Rybak approved funding, adopted by the City Council, for the with high levels of mortgage foreclosures, see map (pdf). The new funding, which amounts to $2 million will generate 200 loans for eligible and qualified buyers for the purchase of homes in specific targeted neighborhoods of the City.

The successful program was piloted last year and new funding by the City and Federal Home Loan Bank of Des Moines will fund loans of $10,000 each at zero-percent interest. Applications will be accepted beginning April 2, 2009.

For more information about the loan program call Greater Metropolitan Housing Corporation at 612-588-3033. 

Questions about purchasing in:
- North Minneapolis, call 612-588-3033
- Northeast Minneapolis, call 612-378-7985
- South Minneapolis, call 612-378-7985

Questions about purchasing in:
- North Minneapolis, call 612-588-3033
- Northeast Minneapolis, call 612-378-7985
- South Minneapolis, call 612-378-7985

Published Feb. 20, 2009