Homebuyer Incentive Programs
| Program | Geographic Service Area | Income Limit | Program Details |
|---|---|---|---|
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City of Lakes Community Land Trust – Homebuyer Initiated Program (HIP) more details > |
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 |
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Hennepin County Home Buyer Assistance more details > |
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. |
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Hennepin County Home Buyer Assistance more details > |
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. |
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Make it Possible Program more details > |
St. Paul | Up to 115% of Area Median Income |
• Second mortgage program • Loans range from $3,000 to $45,000 • Entry cost and/or closing cost assistance, equity contribution or rehabilitation |
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Rondo CLT - HIP/HOP more details > |
St. Paul | Up to 80% of Area Median Income |
• Available for families with children that are currently living in public housing or that have a Section 8 voucher • Up to $70,000 available in loans and grants |
|
Rondo CLT – Homebuyer Initiated Program (HIP) more details > |
St. Paul, Ramsey County | Up to 80% of Area Median Income |
• Selected buyers purchase homes currently on the market • Up to $25,000 for home purchase • Up to $25,000 for rehab |
| Program | Geographic Service Area | Income Limit | Program Details |
|---|---|---|---|
|
Minneapolis Advantage Program more details > |
Targeted Minneapolis Neighborhoods | Up to 120% of Area Median Income |
• Up to $10,000 for closing costs, down payment, or minor repairs • Must be used to purchase a foreclosed home in target neighborhoods |
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Minnesota Housing HOME HELP more details > |
Minnesota | Up to 80% of Area Median Income |
• Loan amounts of $5,000 to $10,000 |
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Minnesota Housing Homeowner Assistance Fund more details > |
Up to 60% of Area Median Income |
• Up to $5,000 available |
| Program | Geographic Service Area | Income Limit | Program Details |
|---|---|---|---|
|
Bridge to Success Contract for Deed Program more details > |
• Contract for Deed Program |
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MCASA more details > |
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 |
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PROJECT: Reclaim more details > |
Minneapolis |
• Available on specific homes rehabbed by Urban Homeworks • Contract for Deed Program • Must be a first time home buyer |
| Program | Geographic Service Area | Income Limit | Program Details |
|---|---|---|---|
|
ADC Financial Services more details > |
Minnesota |
• New home purchases and refinancing • Conventional and alternative terms, including Murabaha |
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CityLiving Program more details > |
Minneapolis and St. Paul |
• Available for first-time homebuyers • Purchase price and income limits apply |
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Home Ownership Made Easy (HOME) more details > |
Minneapolis | Up to 50% of Area Median Income |
• Available to resident families in MPHA public housing and Section 8 voucher programs |
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Minnesota Housing CASA Program more details > |
Twin Cities Metro and select areas in Greater Minnesota |
• Available for first-time homebuyers (or those who have not owned a home in the last 3 years) • Purchase price and income limits apply |
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Minnesota Housing Urban Indian Housing Program more details > |
Twin Cities Metro Area, Bemidji, and Duluth |
• Available to American Indian families purchasing their first homes • Purchase price and income limits apply |
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Minnesota Mortgage Program more details > |
Minnesota |
• Available for first-time homebuyers (or those who have not owned a home in the last 3 years) • Purchase price and income limits apply |
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Sustainable Home Ownership Program (SHOP) more details > |
• Ethically priced mortgage services to underserved people |
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Twin Cities Habitat for Humanity Homeownership more details > |
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 |
| Program | Geographic Service Area | Income Limit | Program Details |
|---|---|---|---|
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Woodbury First-Time Home Ownership Program more details > |
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 |
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Woodbury Foreclosure Purchase Program more details > |
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 |
Homebuyer Stories
A Greater Sense of Pride
The City of Lakes Community Land Trust’s Homebuyer Initiated Program (HIP) provides CLCLT homebuyers two grants - one to assist with the purchase of a home and one to assist with rehab required to address deferred maintenance, safety and code issues. Natasha Gilbert decided to participate in HIP because it was one of the few programs that permitted low- to moderate-income families to purchase the home of their choice.
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