New Homeownership Program Launches in Minneapolis
The city of Minneapolis has launched the Homeownership Opportunity Minneapolis (HOM) program. This new housing program will be used to help increase the number of homeowners in the city of Minneapolis. HOM plans to offer $840,000 in affordability assistance, and will spend $100,000 in outreach efforts. The program is expected to help 125 families in 2015.
"We’re trying to build trust in these communities and regain homeownership as a good, stable investment for families in the city,” said Cherie Shoquist, a principal project coordinator for the city.’
The program aims to increase minority homeownership within the city of Minneapolis, and decrease the racial disparity gap in homeownership. Statistically Minneapolis has one of the highest racial disparity gaps when it comes to homeownership in the country, and the program hopes to fix that.
"Having a stable place to live and raise a family is a goal that every Minneapolis resident should have the opportunity to achieve,” said Mayor Betsy Hodges. "The City’s new Homeownership Opportunity Minneapolis program will help make that possible, especially for diverse households.”
Through the HOM program homebuyers can receive up to $7,500 in down payment and closing cost expenses if eligible. The program funds can be used towards the purchase of a single-family home, townhouse, duplex, or condo. Eligibility for the program is based on income. To learn more about the program visit here.
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