Columbia Park Down Payment Assistance Loan
Columbia Park neighborhood has designated City of Minneapolis NRP dollars for down payment assistance in the neighborhood.
NOTICE: To ensure funding we need a signed and executed purchase agreement and the application must be submitted at least FOUR WEEKS prior to closing.
The guidelines below are subject to change at any time without notice. Loan funds are subject to availability. Email or call for complete details.
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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.
- Funds are held in a non-interest bearing escrow account at CEE from loan closing until the work is completed and all final documentation is received.
- 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).