Forgivable Down Payment Assistance is here!
First Generation home buyers (you and your parent(s) or legal guardian(s) must never have owned a home before, or lost one to foreclosure) may be eleigble for one of the two First Gen DPA:
· Minnesota Housing First Gen Homebuyer Program-the loan amount is up to $35,000, 50% of the loan amount is forgiven in 10 years and the remaining in 20 years if you continue to reside in the home.
· First Generation Homebuyers Community DPA Fund loan amount is up to 10% of the loan amount up to $32,000. It is forgiven 20% each year for 5 years.
First Time Homebuyers buying a home in Hennepin County may be eligble for a forgivable loan of up to $20,000 (depending on income and loan amount).
Foundational Black Americans—Black or African American Minnesotans who are descendants of enslaved Africans in the United States may qualify for the Advancing Black Homeownership Program. This is a unique loan product from TC Habitat for Humanity, with forgivable Down Payment Assistance program of up to $50,000, as well as underwriting criteria and interest rates aimed at supporting sustainable homeownership.
North Minneapolis Residents who are first time homebuyers may be eligible for Urban Homeworks Homeownership Access Fund, a $20,000 grant to serve current or past North Minneapolis residents seeking to purchase a home in North Minneapolis. You must be a first time homebuyer currently living in specific North Minneapolis neighborhoods or displaced from North Minneapolis to qualify.
Programs are subject to available funding and additional eligibility requirements. Contact NRRC Fi to enroll in our Free Homeownership Counseling program to learn more! Homeownership@NRRCFi.org. 612-345-5565.
Homeownership May be Closer Than You Think!
Homeownership is a big goal. Achieving it takes time, support and faith in yourself. The path and time it takes is different for everyone, but with patience and persistence you can lay a foundation of building assets and success for you and your family!
How Do I Start?
Sign up for Homeownership Counseling with NRRC! We will help you assess your current ability to purchase a home based on income, credit history and savings/down payment assistance. If there are financial issues you need to work on, we will help you do so.
Email Homeownership@NRRCFi.org
Call 612-345-5565, or
Complete our intake form and we’ll contact you to schedule an appointment
Affordable Homes in North Minneapolis
New and Rehabbed Homes are available to qualified* low-income buyers through:
• City of Lakes Community Land Trust
Low-cost bank accounts
NRRC Financial can help you open a low cost savings or checking account-even if you've had an account closed by a bank in the past. Making regular, on-time payments from your bank account for things like rent and utilities may also help you qualify for first time homebuyer mortgages.
Savings accounts may be opened with as little as $25, there is no monthly balance, and no monthly service fees.
Checking accounts may be opened with as little as $25, there is a $3 monthly fee, but no overdraft fees!
Contact CristinB@NRRCFi.org to schedule an online appointment.
NRRC Financial’s mission is to provide innovative, flexible financial products to support and maintain affordable housing, encourage community development and to meet the credit needs of low income and underserved residents of the Near North and Willard Hay neighborhoods in Minneapolis.
Your support ensures we have the resources to meet the credit needs of low income and underserved residents in our community. NRRC Financial is a 501(c)(3) non-profit corporation. NRRC Financial solicits donations from Minnesota residents and businesses.
