Columbia Park Down Payment Assistance Loan
Columbia Park neighborhood has designated City of Minneapolis NRP dollars for down payment assistance in the neighborhood.
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About the Loan
- 0% APR.
- No monthly payments.
- Loan amounts up to $5,000.
- 1-4 unit owner-occupied residential properties within the Columbia Park Neighborhood.
- Townhomes, condos, and properties held in a trust are eligible.
- To ensure funding we need a signed and executed purchase agreement and the application must be submitted at least four weeks prior to closing.
- 0% APR.
- Income limits apply.
- Closing costs apply.
- If the borrower sells, no longer occupies or transfers title of the property within 10 years of loan closing 100% of the loan is due. 100% of the loan is forgiven if the borrower owns and occupies the property for 10 years.
- Borrowers may have a maximum of two NRP loans out from any combination of the programs at any one time.
- These funds may only be used for down-payment or closing costs related to the purchase of the property.
The current loan terms and conditions stated, including interest rates, do not constitute a commitment to lend or an offer to enter into an agreement, and that such an offer may only be made pursuant to Minnesota Statutes, Section 47.206(3) and (4).