Central: Deferred Down-Payment / Purchase Program
The Central Neighborhood has made resources available to help residents purchase properties in the Central Neighborhood. Other sources of funds, such as MHFA and CEE loans, may be used to supplement this program. Please call us at 612-335-5884 for complete details.
Any applications received within 4 weeks of loan closing may not be able to receive funding through this program.
- Maximum loan of $5,000 or up to $10,000 for vacant properties.
- 0% deferred.
- Closing costs apply.
- 10 year term, after 10 years the loan is 100% forgiven.
- Borrower(s) purchasing the home to occupy must register and complete pre-purchase Homebuyer Education Program prior to closing.
- Income limit is 80% of AMI based on household size and most recent tax return.
- Owner-occupied residential properties located in the Central Neighborhood.
- Vacant properties are eligible. Vacant property is defined as a property on Minneapolis' vacant/boarded structures, condemned or foreclosed and no longer occupied.
- 1-4 units.
- Individual condo and townhome owners and properties held in a trust are eligible.
The current terms and conditions stated, 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).