Minneapolis CityLiving ProgramHousing Loans for City of Minneapolis residents
The City of Minneapolis offers mortgage loans and two types of home improvement loans through its CityLiving Program, a joint effort between the City of Minneapolis and the City of Saint Paul. For more than 20 years the cities have worked together to create mortgage loan products which serve low- and moderate-income families. More than 10,000 people have purchased a home through the CityLiving program. For information on CityLiving, call 612-673-5282. The City also provides information about foreclosure prevention More» Minneapolis Mortgage Loans CityLiving loans offer homebuyers an opportunity to purchase Minneapolis homes at an interest rate that historically has ranked well below market rates. The City sells tax exempt mortgage revenue bonds, making the funds available to private lenders for low-interest mortgages. To apply for one of these loans, please contact a participating lender. The CityLiving program also offers Homebuyer Education Workshops at a low cost through the Home Ownership Center. The workshops provide first-time homebuyers comprehensive information to prepare them for home ownership. The workshops are offered in English, Spanish, Hmong and Cambodian. Bilingual counselors or interpreters are also available for other languages. Code Abatement Loans The City of Minneapolis offers interest-free loans for code abatements for households that are within 50 percent of the median income for this metropolitan area. The maximum loan amount is $20,000. The loan is repaid at the time the house is sold. To access these loans, contact Greater Metropolitan Housing Corporation at 612-378-7985. Home Repair Loans The City offers amortizing loans at 1 percent interest for home repairs. The Maximum term is 20 years. The maximum loan is $25,000. The maximum income to qualify for this loan is 80 percent of the median income for the metropolitan area. This loan can only be used to complete code repairs. To access these loans, contact Greater Metropolitan Housing Corporation at 612-378-7985. Updated April 21, 2009 |
