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.

If your income is less than $97,080, you may qualify for the program. Details are available on the City’s Web site:

• Minneapolis Advantage Info Page
• Current City of Minneapolis Vacant or Boarded Residence list (pdf)
• Program Guidelines for incomes under $97,080 (pdf)
• Program Guidelines for incomes under $64,720 (pdf)

Or, call 612-378-7985 for further info.

Note: Please forward this to your friends who are home shopping and let them know about this great opportunity. This funding may be combined with other ANA housing initiatives for even greater leverage.

ANA’s Housing Committee has compiled a list of properties in foreclosure.

UPDATE: The StarTribune reports on the Minneapolis Advantage Program.