Mayor R.T. Rybak approved funding, adopted by the City Council, for the Minneapolis Advantage program on Friday, Feb. 20. The funding for the program will go to help rebuild the housing market in key neighborhoods (see map) with high levels of mortgage foreclosures. The new funding, which amounts to $2 million will generate 200 loans for eligible and qualified buyers for the purchase of homes in specific targeted neighborhoods of the City.
The successful program was piloted last year and new funding by the City and Federal Home Loan Bank of Des Moines will fund loans of $10,000 each at zero-percent interest. Applications will be accepted beginning April 2, 2009.
Complete details and guidelines on the City’s Minneapolis Advantage site. Home buyers must apply for a Minneapolis Advantage loan through their first mortgage lender. Loans will be given on a first come, first serve basis. The Minneapolis Advantage program has effectively encouraged people to buy homes in communities stressed by foreclosures (see results of 2008 Minneapolis Advantage pilot program).
For more information about the loan program call Greater Metropolitan Housing Corporation at 612-588-3033.
Questions about purchasing in:
- North Minneapolis, call 612-588-3033
- Northeast Minneapolis, call 612-378-7985
- South Minneapolis, call 612-378-7985
Questions about purchasing in:
- North Minneapolis, call 612-588-3033
- Northeast Minneapolis, call 612-378-7985
- South Minneapolis, call 612-378-7985
Feb. 20, 2008