Homeownership

Ownership Programs for Public Housing and Section 8

Homeownership Initiatives

Let MPHA help you realize your dream of homeownership.

The Minneapolis Public Housing Authority (MPHA) offers first time homebuyer education, training and mortgage readiness counseling to its public housing and Minneapolis Section 8 families.  Eligible families can participate in one of three homeownership initiatives.

PROGRAM CRITERIA

  1. Families must be first time homebuyers
  2. Families must be current MPHA Section 8 HCV participants or lease compliant MPHA public housing residents. Cannot have “ported-in” from another HRA’s jurisdiction.
  3. Have one or both adults employed full time for at least two years (except in the case of the elderly or disabled who must otherwise demonstrate sufficient and stable income to qualify for a mortgage loan to purchase in the current real estate market).
  4. Annual household income of at least $25,500.
  5. Must be willing to participate in MPHA required counseling and workshops.

Don’t let bad credit deter you.  Program participants will have up to two years to become mortgage ready through participation in Life Skills Counseling, Financial Literacy and budget workshops.

HOMEOWNERSHIP MADE EASY (HOME)

Once counseling and workshops are completed, you will be referred to MPHA’s first time   homebuyer consultant to complete your mortgage readiness goals.  When you are approved for the mortgage loan with a participant lender you may be eligible to receive up to $20,000 in secondary financing.  The financing is a 3% simple interest second mortgage.  After you close on your home, anywhere in the 7-county metro area, you pay a minimum $50 per month interest payment on this loan, in addition to your primary mortgage.  The principal balance is deferred until your first mortgage is paid off.  HOME program participants may purchase a single family home, duplex, condo or co-op anywhere in the 7-county metro area.

MTW SECTION 8 HOMEOWNERSHIP DEMONSTRATION (MOVING HOME)

Mortgage ready MPHA homeownership program candidates may receive monthly Section 8 mortgage assistance to help the family afford mortgage payments for up to ten (10) years.  Candidates are limited to purchasing in the City of Minneapolis.  No MPHA down payment assistance is available with Moving Home.

MTW PUBLIC HOUSING LEASE TO OWN

This program is currently limited to MPHA-owned two-bedroom public housing town homes in the Heritage Park Neighborhood of North Minneapolis.

Eligible public housing, Section 8 HCV participants, MPHA and City of Minneapolis employees receive a priority for these homes.  Candidates must be public housing eligible, have household income at or below 80% of AMI, and agree to actively participate in   counseling services, while leasing a select two-bedroom public housing town home in Heritage Park.  Candidates must demonstrate that they can qualify for an MPHA-approved mortgage loan within two years, and purchase the town home through MPHA’s MTW HOME or Moving Home program assistance within five years.  Selected participants will be enrolled in MPHA’s Family Self-Sufficiency Program, which may assist with down payment and closing costs when the family is able to purchase the home.  These units are new town houses, constructed in 2006.

MTW SAVING HOME

MPHA’s MTW Section 8 Foreclosure demonstration initiative (Saving Home) provides foreclosure prevention opportunities for: MPHA’s  homeownership program participants who have demonstrated they are in a hardship situation through no fault of their own, and as such are under threat of default on their mortgage loans or are in foreclosure and up to 10 North Minneapolis families who are referred by the designated foreclosure counseling agency for North Minneapolis.

INTERESTED IN ONE OF OUR HOMEOWNERSHIP INITIATIVES (HOME, MOVING HOME, MTW LEASE TO OWN OR SAVING HOME)?

Interested and apparently eligible families must complete and submit a MTW Homeownership application form, and Housing Counseling Agreement.  Information will be verified and credit reports will be pulled to determine mortgage readiness.  Apparently eligible applicants will be referred to MPHA’s non-profit partner to begin counseling workshops.

Your mortgage readiness, personal savings, and personal homeownership goals will ultimately determine which program you decide will work best for you and your family.

For more information about MPHA’s Moving To Work Homeownership Initiatives, please contact:

MINNEAPOLIS PUBLIC HOUSING AUTHORITY HOMEOWNERSHIP LINE

(612) 342-1482

Or use our Agency Contact Form