Home Buyers

Homes Within Reach is a nonprofit organization that creates affordable home ownership opportunities for working households in the western suburbs of Hennepin County. The organization purchases and rehabilitates homes, and then sells them to qualified low-to-moderate-income individuals and families. Using a Community Land Trust (CLT) model, the buyer only pays for the cost of the home, not the land. The CLT retains ownership of the land and leases it to the homeowner.

Since this program began in 2007, 19 homes have been rehabilitated and sold to eligible families in St. Louis Park.

The City of St. Louis Park provides down payment/closing cost assistance to first-time homebuyers or those who have not owned a home in the last three years for purchasing a home in St. Louis Park. Employees of St. Louis Park businesses may be eligible for additional funds to encourage them to live where they work.

The loan is a 0% interest deferred loan up to $15,000, not to exceed 5% of the purchase price. An additional $5,000 is available for employees of St. Louis Park businesses or renters who have been renting for six months or longer in St. Louis Park. Income restrictions apply.

Visit the Center for Energy and Environment's (CEE) website or call them at 612.335.5884 for complete details. The program is subject to the availability of funds. CEE removes the down payment assistance program from its website when funds are no longer available.

The City of St. Louis Park is offering an innovative program to help encourage home ownership for first-generation home buyers.

To be considered for the program, buyers must:

• Have never owned a home, and parents must never have owned a home
• Be a permanent resident of the United States
• Have a maximum household income at or below 80% of area median income (AMI)*
• Complete required financial and homeownership counseling and education

* Income limits are subject to change and based on availability.

Eligible properties

• Single-family house, townhome, condominium or duplex in the City of St. Louis Park
• Owner-occupied dwellings only

Loan terms

• 0% interest rate
• No monthly payments
• Loan forgiven at 5% per year over a 20-year owner occupancy period; if homeowner stops occupying the home during the 20-year occupancy period, portion of loan not forgiven must be repaid
• Borrower must contribute at least $1,000 to down payment or closing costs

Loan amount

• The maximum homebuyer deferred loan amount is based on the household’s income and purchase price of the home *
  • 25% of purchase price, $75,000 is the maximum amount of assistance for 50% AMI
  • 20% of purchase price, $60,000 is the maximum amount of assistance for 60% AMI
  • 15% of purchase price, $45,000 is the maximum amount of assistance for 80% AMI

The guidelines above are subject to change at any time without notice. Loan funds are subject to availability. Visit the Center for Energy and Environment's (CCE) website or call them at 612.335.5884 for complete details.

* Loan amounts are subject to change and based on availability.

Why this program?

It's recognized that historical and institutional racism has disproportionately created housing challenges and disparities for Black communities, as well as members of communities who do not identify as white, and other underserved low-income communities. Additionally, the income and education gap between households of color and white households has resulted in difficulty for Black and African American people and households of color to obtain mortgages, leading to subsequent ongoing housing stability issues.

This program is designed to address these historic injustices and inequities and to support inclusive and equitable communities by facilitating affordable homeownership and providing a means for wealth-building. The goal is to address housing disparities; build power in communities most impacted by housing challenges and disparities; pilot an innovative program to address housing challenges for Black communities as well as members of communities who don’t identify as white; and low-income communities.

Whether you want to buy your first home or your next or refinance, remodel or repair the one you're in, Minnesota Housing may have the affordable program that works for you. Learn more about how you can benefit from our programs at Minnesota Housing.