Audubon Park is an eligible neighborhood under the Minneapolis Advantage program. The program offers a $10,000 deferred loan to buyers of foreclosed properties.

These are the properties in foreclosure in Audubon Park, as of March 20th, 2009:

The City of Minneapolis has created the Minneapolis Advantage Program, a loan program to help potential buyers purchase a foreclosed, vacant or boarded home in neighborhoods that have been the most highly impacted. This program offers $10,000 that can be used to pay for closing costs, down payment, or even small repairs to the home. This is a Five-year forgivable loan with 0% interest.

Audubon resident and Realtor, Terri Harder, is featured in a WCCO-TV report on improving conditions in the local housing market:

Mayor Rybak has announced an expansion of the Minneapolis Advantage program, which offers $10,000 grants to buyers of foreclosed homes. Audubon Park was not included in last year’s pilot version of the program. For 2009 our neighborhood has been elevated to eligible status.

BusinessWeek.com has identified Northeast Minneapolis as a great buying opportunity.

Like most neighborhoods, Audubon Park does have some problem properties. Thanks to the hard work of neighborhood volunteers, our number of problems will soon be reduced by one. 2632 Polk St. NE is set for demolition.

Colin Mullen, a brewer at Barley John’s Brewpub in New Brighton and Laura Fryberger, owner of the local event planning company, Flings Event Design, purchased their Arthur Street bungalow in the Audubon Park neighborhood in May 2008, just a few months before their scheduled wedding in September of 2008.

The couple rented one unit of a duplex on Buchanan Street for 3 years prior to the decision to buy in the neighborhood. Laura loves the feeling of community and connection to the Northeast arts scene. Colin likes the quick and convenient access to downtown, his workplace, and all necessary goods like Eastside Co-op and the Quarry businesses.

The Audubon Neighborhood Association is offering NRP funds to help people purchase and/or rehab multi-unit buildings in 2008.

Borrow up to $5,000 at 0% ($2,500 can be used for down payment assistance) to buy and/or make improvements to an owner-occupied 2-4 unit property in the Audubon Park neighborhood. This program has no income limits, and no monthly payments are required. Money will be distributed “first come, first served”, so apply now!

ANA’s loans are administered by the Center for Energy and Environment (CEE). Call Jim Hasnik of CEE at 612-335-5885, or email jhasnik@mncee.org for more info or to request an application.

Here are some of the multi-units currently for sale in Audubon Park neighborhood and their prices:

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