- City financing is available for down payment and normal closing costs
- Homebuyer education is required for all programs
- HomeStretch™. (find providers through the Minnesota Homeownership Center website.)
- Minneapolis Urban League American Dream Program
- Framework online education
- Borrowers cannot combine Minneapolis Homes programs on the same housing unit
- Only City-approved contract for deed models eligible
- Must be an owner-occupied dwelling
- There is an income limit of 80% of area median income to apply for any Minneapolis Homes assistance program, updated by the U.S. Department of HUD annually
Source: U.S. Department of Housing and Urban Development
Homeownership Opportunity Minneapolis (HOM)
Homeownership Opportunity Minneapolis is a down payment assistance program that provides a 0% interest, no payment 30-year loan up to $10,000 in assistance for homebuyers below 80% AMI to purchase any home in the City of Minneapolis.
Applicants must complete financial wellness counseling prior to executing a purchase agreement, financial wellness counseling agencies include:
- African Development Center
- Mni Sota Fund
- CLUES (Comunidades Latinas Unidas en Servicio)
- Community Action Partnership of Suburban Hennepin
- Hmong American Partnership (HAP)
- Lutheran Social Service of Minnesota
- Minneapolis Urban League
- Neighborhood Development Alliance (NeDA)
- PRG, Inc.
- Project for Pride in Living, Inc. (PPL)
- Twin Cities Habitat for Humanity
To apply for HOM, contact one of the program administrators:
Minneapolis Homes: Financing Affordable Homes
The City finances affordable homes available for purchase through an annual application process. Contact the developer for more details about how to purchase available homes and assistance available for purchase. Homes currently under construction are listed here.
Information for Lender and Realtor Partners
First mortgage lenders and realtors may contact Ryan Nestingen (Ryan.Nestingen@minneapolismn.gov) for questions or product approval needs. Average production through programs listed below is 100 annually.
- Homeownership Opportunity Minneapolis
- Financing Affordability Gap: Guidelines, sample note, sample mortgage
- Perpetually Affordable Housing Land Trust Model
Learn more about Minneapolis Homes.