Don’t be quick to assume you can’t afford a new home in St. Louis Park. The city offers assistance to both first-time and first-generation buyers.

First-time buyers assistance

Down payment and closing cost assistance is offered to first-time home buyers or those who have not owned a home in the last three years.

The city provides zero-percent interest deferred loans 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 to encourage people to live where they work. Income restrictions apply.

Visit the homeownership page for more information.

First-generation ownership assistance

Many families have used home ownership as a key way to build generational wealth and stability, but historical and institutional racism has disproportionately created housing challenges and disparities for under-served, low-income communities. The income and education gaps between households of color and white households has also prevented people of color from obtaining mortgages, which further reduces the chance at home ownership and the critical investment opportunity it creates, causing a negative feedback loop.

The city’s first-generation home ownership program is designed to help break that cycle and treat housing as not only a public good, but a human right. To be considered for the program, the buyer must have never owned a home, and their parents must have never owned a home. Income restrictions apply.

For more information, visit the homeownership page or contact Marney Olson at 952.924.2196 or email molson@stlouisparkmn.gov.

Note: Programs are subject to changes in funding availability