Minneapolis Advantage funding offers aid to home buyers

The City of Minneapolis has made $2 million available through Minneapolis Advantage

The Minneapolis Advantage program, in addition to rebuilding neighborhoods impacted by foreclosure, also promotes sustainable home ownership and stabilized communities. Every potential homeowner must also complete a counseling workshop that prepares buyers for the important choices related to home ownership. The Minneapolis Advantage program is funded by the City of Minneapolis and the Federal Home Loan Bank of Des Moines. The successful program, piloted in 2008, has already allowed 50 homebuyers to purchase in the city.

Minneapolis Advantage program details

1. For incomes below 80% area median income:

Purchase of a foreclosed home in the following neighborhoods: Bryant, Sheridan, Lind-Bohanon, Ventura Village, Whittier, Audubon Park, Holland, Phillips West, Cleveland, McKinley, Harrison, Powderhorn Park, Webber-Camden, Midtown Phillips, Folwell, Near North, Central, Willard-Hay, Jordan, Hawthorne, East Phillips, Beltrami.

2. For incomes below 120% area median income:

Purchase of a foreclosed home or a home on the City's 249 vacant and boarded buildings list, OR a vacant home for at least 30 days in the following neighborhoods: Corcoran, Bottineau, Regina, Victory, Bryant, Sheridan, Lind-Bohanon, Ventura Village, Whittier, Audubon Park, Holland, Phillips West, Cleveland, McKinley, Harrison, Powderhorn Park, Webber-Camden, Midtown Phillips, Folwell, Near North, Central, Willard-Hay, Jordan, Hawthorne, East Phillips, Beltrami.

Questions about purchasing in:

Questions about purchasing in:

Buyers:

In May 2008, 62 percent of the pilot Minneapolis Advantage

Funds from the pilot program were used to purchase a mix of homes. More than 50 percent of buyers bought homes under $100,000 and 82 percent purchased homes under $150,000.

Map of Properties Purchased Using the Minneapolis Advantage pilot program .

April 7, 2009

Published Apr. 7, 2009