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Entry Cost Assistance
Program Geographic Service Area Income Limit Program Details
City of Lakes Community Land Trust – Homebuyer Initiated Program (HIP)
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Minneapolis Up to 80% of Area Median Income
• Selected buyers purchase homes currently on the market
• Up to $60,000 for home purchase
• Up to $25,000 for rehab
Hennepin County Home Buyer Assistance
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Specific census tracts located within: Brooklyn Park, Brooklyn Center, Champlin, Maple Grove and Rogers/Hassen Township Up to 120% of Area Median Income
• The incentive assistance for households 81% to 120% of the AMI is $10,000.
• The assistance will be in the form of a forgivable, deferred (no monthly payments), 0% interest loan with a term of five or ten years depending upon how much assistance is recieved.
• Eligible Properties are single family housing (detached, townhomes, condos) to be occupied as a principal place of residence located within an eligible census tract.
• Property must be vacant and foreclosed (lender owned).
• Purchase price at or below $276,683 (120% AMI households).
• Primary financing must be a prime, fixed rate first mortgage loan.
Hennepin County Home Buyer Assistance
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Target areas are specific census tracts located within the cities: Brooklyn Park, Brooklyn Center, Champlin, Maple Grove, and Rogers/Hassen Township. Up to 80% of Area Median Income
• Households at or below 80% AMI may qualify for affordability assistance up to $20,000.
• The assistance will be in the form of a forgivable, deferred (no monthly payments), 0% interest loan with a term of five or ten years depending upon how much assistance is recieved.
• Eligible Properties are single family housing (detached, townhomes, condos) to be occupied as a principal place of residence located within an eligable census tract.
• Property must be vacant and foreclosed (lender owned).
• Purchase price at or below $200,000 (80%AMI households).
• Primary financing must be a prime, fixed rate first mortgage loan.
Rondo CLT - HIP/HOP
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St. Paul Up to 80% of Area Median Income
• Homeownership loans and grants available for families with children that are currently living in public housing or that have a Section 8 voucher.
Rondo CLT – Homebuyer Initiated Program (HIP)
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St. Paul, Ramsey County Up to 80% of Area Median Income
• Selected buyers select homes currently on the market. Rondo CLT purchases, rehabs, and sells the home to selected buyers.
Downpayment & Closing Cost Assistance
Program Geographic Service Area Income Limit Program Details
Minneapolis Advantage Program
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Targeted Minneapolis Neighborhoods Up to 120% of Area Median Income
• Up to $20,000 for closing costs, down payment, or minor repairs
• Must be used to purchase a foreclosed home in target neighborhoods
Minnesota Housing Deferred Payment Loan
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Twin Cities metro area
• Up to $6,000 or $7,500 available.
• Purchase price and income limits apply
Minnesota Housing Monthly Payment Loan
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Twin Cities metro area
• Loan for up to $5,000 or 5% of the purchase Price (maximum of $7,500)
• Purchase price and income limits apply
Rondo Resale and For Sale Program
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St. Paul and suburban Ramsey County Up to 80% of Area Median Income
• Homes already in the trust, and have been foreclosed and taken back by the lender and Rondo
• Rondo CLT works with the lender to set an affordable price, continuing the trust’s goals for permanently affordable housing.
Contract for Deed Programs
Program Geographic Service Area Income Limit Program Details
Bridge to Success Contract for Deed Program
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• Contract for Deed Program
MCASA
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St. Paul, targeted areas Up to 80% of Area Median Income
• Available on specific homes rehabbed through MCASA
• Contract for Deed or Lease to Purchase Program
• Must be a first time home buyer
PROJECT: Reclaim
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Minneapolis
• Available on specific homes rehabbed by Urban Homeworks
• Contract for Deed Program
• Must be a first time home buyer
Homebuyer Financing
Program Geographic Service Area Income Limit Program Details
ADC Financial Services
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Minnesota
• New home purchases and refinancing
• Conventional and alternative terms, including Murabaha
CityLiving Program
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Minneapolis and St. Paul
• Available for first-time homebuyers
• Purchase price and income limits apply
Minnesota Housing Start Up Program
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Twin Cities metro area
• Available for first-time homebuyers
• Purchase price and income limits apply
Minnesota Housing Step Up Program
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Twin Cities metro area
• Available for non-first-time homebuyers
• Purchase or re-finance
• Purchase price and income limits apply
Rondo CLT - For Sale Homes
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St. Paul Up to 80% of Area Median Income
• Selected buyers purchase land trust homes offered by Rondo CLT
Sustainable Home Ownership Program (SHOP)
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• Ethically priced mortgage services to underserved people
Twin Cities Habitat for Humanity Homeownership
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Twin Cities Metro Area Up to 50% of Area Median Income
• Selected families must complete 300-500 hours of sweat equity
• Must attend TCHFH’s homeownership training program
Homebuyer Incentive Programs
Program Geographic Service Area Income Limit Program Details
Minnesota Housing Mortgage Credit Certificate (MCC) Program
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Twin Cities metro area
• Tax Credit of up to $2,000/year
• Available for first-time homebuyers
• Purchase price and income limits apply
Woodbury First-Time Home Ownership Program
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City of Woodbury Up to 80% of Area Median Income
• Deferred loans of up to $25,000 at 3% interest are available
• Down Payment of 5% required
Woodbury Foreclosure Purchase Program
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City of Woodbury Up to 115% of Area Median Income
• Loan interest, deferred loans of up to $25,000
• Purchase price of the home may not exceed $256,500
• Single family detached homes, townhomes, or condo units are all eligible