If you spend any time with people who work in housing or real estate, you’ll hear certain ‘catch-phrases’ repeated over and over. One of the most pervasive phrases heard over the last couple of years is “All Real Estate is Local.” There’s a lot of truth in that statement… and it’s one of the reasons why the Minnesota Homeownership Center’s Homeownership Advisors Network is so successful at preparing homebuyers for successful homeownership.
The Homeownership Advisors Network is made up of almost 50 different community-based non-profit, governmental and tribal organizations throughout the state. The members are fully engaged in housing issues in their local communities and work on finding innovative ways to promote successful homeownership. Two members of our network, Community Neighborhood Housing Services in St. Paul and Neighborhood Housing Services of Minneapolis, who are also NeighborWorks America affiliates, have partnered with Wells Fargo to bring the NeighborhoodLIFT program to Minnesota.
The NeighborhoodLIFT program is a collaboration between Wells Fargo and NeighborWorks America designed to provide down payment assistance and homebuyer education programs to aid housing recovery in areas that have been heavily impacted by the foreclosure crisis. In Minnesota, this program includes a $9 million investment for down payment assistance grants and homebuyer education and counseling programs to help homebuyers achieve successful, sustainable homeownership in the cities of Minneapolis and St. Paul.
Minneapolis and St. Paul are two of about two dozen cities throughout the country that will benefit from a total investment of over $170 million that Wells Fargo has committed to the NeighborhoodLift program (also known as CityLIFT in other areas).
The new initiative was announced August 28 at a press conference at a home in North Minneapolis that has recently been remodeled by Neighborhood Housing Services of Minneapolis:
L-R Glennis Ter Wisscha (Neighborhood Housing Services of Minneapolis); Dave Kvamme (Wells Fargo); Jason Peterson (Community Neighborhood Housing Service) CLICK TO ENLARGE |
Recently Remodeled Home in North Minneapolis (Press Conference) CLICK TO ENLARGE |
The program will include a free event for potential homebuyers on Friday and Saturday, September 7th and 8th at the Minneapolis Convention Center, (Hall A) from 10am – 7pm. At the event, buyers who are interested in purchasing a home in either of the cities can work with a member of the Homeownership Advisors Network and other housing counselors to see if they qualify for any of the down payment grants available through the NeighborhoodLIFT program – up to $15,000 – even if they haven’t yet chosen a home. There will also be opportunities for buyers to preview featured homes for sale in Minneapolis and St. Paul neighborhoods. Consumers who would like more information about the homebuyer workshop or to register, visit www.neighborhoodlift.org.
Here’s some additional information about the NeighborhoodLIFT down payment assistance program:
- Grant amount up to $15,000 for down payment assistance for the purchase of a primary, owner-occupied residence in either Minneapolis or St. Paul (surrounding cities are not eligible).
- The grant has a 0% interest rate and is forgivable 20% each year for five years (after the fifth year of continued residence, the entire amount is forgiven).
- Household income cannot exceed 120% Area Median Income
- Purchaser does NOT have to be a first-time buyer
- Homebuyer education is REQUIRED (Home Stretch certificate is accepted if the course was taken prior to 8/28/2012. After 8/28/2012, the Home Stretch certificate must be issued by either Community NHS or Minneapolis NHS).
- This down payment assistance can be used with OTHER down-payment programs (speak with a Homeownership Advisor at Community NHS or Minneapolis NHS for more details)
- Most importantly: this down payment assistance can be granted REGARDLESS of who you choose to use as your primary lender (you do NOT have to have a first mortgage loan with Wells Fargo to qualify for the assistance).
No comments:
Post a Comment
This is a moderated blog. That means all comments will be reviewed before posting. In addition, we expect that participants will treat each other, as well as the Center, our Counseling Network and other partners, with respect. We will not post comments that contain vulgar or abusive language; personal attacks of any kind; any offensive terms; spam; are clearly “off topic” or that promote services or products. Comments that make unsupported accusations will also not be posted.