Minneapolis Mayor R.T. Rybak today announced that nearly one hundred people now call themselves “homeowners” thanks to a forgivable loan program to help re-populate foreclosed homes. The Minneapolis Advantage Program offers $10,000 loans for down payment and closing cost assistance towards the purchase of a foreclosed home in areas hit hard by foreclosures. The loans will be forgiven if the owner lives in the home for at least five years.
City leaders hope that the program will help solid homeowners to reclaim neighborhoods across the city that have suffered from high foreclosure rates. New homebuyers can be the key to fixing neighborhoods plagued by foreclosures by rehabilitating boarded-up homes in blighted neighborhoods.
“The Minneapolis Advantage Program allows us to invest in the economic sustainability and vitality of our neighborhoods," Rybak said. "This program has taken a positive step in getting vacant, foreclosed properties back to productive use."
The City launched the program with 50 loans in 2008. The effort was deemed a huge success, so the Mayor and City Council decided to fund another round of loans in the spring of 2009. This city funding leveraged a $1.5 million contribution to the program by the Federal Home Loan Bank of Des Moines Affordable Housing Program, allowing enough funding for 200 loans.
Funds for $10,000 loans are still available. Homebuyers must apply for a Minneapolis Advantage loan through their first mortgage lender. Loans will be given on a first come, first serve basis.
For more information and guidelines about the Minneapolis Advantage program go to www.ci.minneapolis.mn.us/cped/
Comments
Maybe is a way to help people with their debts. The problem is with the properties that are way more expensive than 10k. What's gonna be?
Cartman
usrepos.com
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