Lease-to-Own Program

MPHA’s Lease-to-Own Program Waiting List is currently OPEN

Minneapolis Public Housing Authority’s Moving To Work, Lease-to-Own Program is an initiative that permits qualifying families (1 to 4 person households) to rent a 2-bedroom new construction townhome with the commitment to purchase within five years.

This initiative helps qualifying families save money, while renting one of the new construction 2-bedroom townhomes located in the Heritage Park Neighborhood in North Minneapolis. When accepted to the program, MPHA will save a portion of the family’s rent each month to use as a down payment when they buy the townhome. Participants must meet public housing eligibility criteria, be willing to enter into a Low Rent Public Housing/Lease-To-Own Lease Agreement and to identify goals to qualify for conventional or FHA financing to purchase within a five-year time frame.

MPHA is accepting pre-applications for this initiative on a first come, first served basis. The waiting list will close once the Townhomes are rented but may be reopened if vacancies occur.

This pre-application process does not permit access to any other MPHA affordable housing program.

Each Pre-applicant Family must meet the Minimum Criteria to be eligible for the Lease-to-Own Program and meet all requirements for admission to MPHA’s low income public housing program. If the Pre-applicant Family does not meet the Minimum criteria, MPHA will not accept the pre-application. Also, MPHA may not accept an incomplete or unsigned pre-application.

Minimum Criteria

To meet the Minimum Criteria the Pre-applicant Family must:

• Have one to four family members for these 2-bedroom townhome units;
• Be a first time homebuyer;
• Have an income of $25,500/year;
• Have reasonable credit;
• Be currently employed and continuously employed at the firm or doing the same or similar work for the previous two year period. This requirement may be waived for an elderly or disabled applicant who has sufficient income to qualify for purchasing financing;
• Be able to pay minimum rent and utilities in the amount of $869/month; and
• Have the capacity to qualify for financing and to purchase the townhome within five years.

If you do not meet the minimum criteria for participation, your pre-application will not be accepted. MPHA may reject an incomplete or unsigned pre-application.

 

Pre-Application

Click Here to Download the Lease-to-Own Pre-Application

(revised FY 2013 Income Limits effective December 11th, 2012)

To request a pre-application packet by mail, call the Lease-to-Own hotline
and leave your name, address, and telephone number.

*If you are unable to download or print the pre-application linked above, please call (612) 342-1229 and leave your name, full address, and telephone number to receive a pre-application packet by mail.

Download Lease-to-Own Brochure with Floor Plans