There are a number of city-sponsored down payment and housing improvement assistance programs available right now, including the new foreclosed home programs in Minneapolis and Dakota County that Leslie talked about in a post last week and a new Bloomington home improvement program.
What is unique about St. Louis Park's new 'Live Where You Work' program is that it is an outright grant, repayable only if you sell within three years…available to homeowners who both work and buy in St. Louis Park. It is not limited to first-time homebuyers, age is not a factor, and it is not limited to foreclosed homes. Qualifying income limits are $97,000 for a family of four and $77,000 for a two-person household.
If at least one buyer works anywhere in the city, St. Louis Park is offering a grant of $2,500 to buy a home there. If it is a foreclosed property, they will chip in an additional $1,000. The grant can go toward a down payment, closing costs or other financing needs. Some banks are participating in the program by offering incentives, and employers are invited to contribute as well. For more information, see 'Live Where You Work' on their city website and/or contact St. Louis Park Housing Supervisor Michele Schnitker at 952-924-2571.
Check out what programs may be available in the city where you live or are planning to buy.
Sharlene Hensrud, RE/MAX Results – Email – St. Louis Park Realtor
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Thanks a lot blogger for such a nice and informative post about property buying .
🙂
Keep blogging
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