Minneapolis Advantage Loan Program

The City of Minneapolis is tired of sitting back while foreclosures pockmark the visage of parts of their fair city. Fearing neighborhood degredation, they're trying to spur some of the kinds of redevelopment that city councils and neighborhood groups always love.

Basically, anything but rental conversions.

Thus enters the Minneapolis Advantage Loan Program, a downpayment and closing cost assistance program which offers $10,000 zero percent interest rate loans forgivable over five years to anyone buying a home in one of the city-defined eligible neighborhoods.

How does the city define an "eligible neighborhood?" It's actually quite objective and reasonable, much to our delight. Areas of the city which have been affected significantly by foreclosures, as expressed by a ratio of foreclosures compared to all properties, are the programs' focus. Click here for an excellent (but unsurprising) map.

For more information, check out some FAQ's and a general run-down.