Amongst all the First Time Home Buyer Programs available in MN, the City Living program in the twin cities of Minneapolis and St. Paul is probably one of the most beneficial. With more and more people moving out to the suburbs for their perception of better schools, less crime, and more amenities, it’s important to remind people that living in the city isn’t all bad. That’s why this particular program is so important to the cities, at least in my mind.
In February 2010 the mayors of Minneapolis and St. Paul (R.T. Rybak and Chris Coleman respectively) announced that an additional 41 million dollars was being allocated to the CityLiving Program for 1st Time Home Buyers. The program offers buyers low interest rate mortgages and possible down payment and closing cost assistance.
As with all homebuyer programs there are certain guidelines and restrictions. This program is only available to first time homebuyers and their household income cannot be greater than $92,290. There is also a limit on the purchase price of the home, capped at $276,870 for a single-family home.
The CityLiving Program is not new to St. Paul and Minneapolis, but it is nice to see that even in the current economic climate money is being set aside for new home owners to purchase their first property.
