Homebuyer program targets high foreclosure areas

Minneapolis Advantage accepting applications April 2

WHITTIER — A home loan program targeting Minneapolis neighborhoods with high mortgage foreclosure rates will begin accepting applications April 2.

Whittier was the only Southwest neighborhood enrolled in the Minneapolis Advantage program, which offers $10,000 loans at zero-percent interest to qualified homebuyers. The loan will be forgiven at the end of five years if the home remains the purchaser’s primary place of residence.

The $2 million program will fund 200 home loans awarded on a first-come, first-served basis. The loans can be used for a down payment, closing costs or home repairs.

A pilot of Minneapolis Advantage in 2008 awarded 50 grants to interested homebuyers.

More information on the program, eligible neighborhoods and income guidelines for applicants can be found on the city’s website.

More information also is available by calling the Greater Metropolitan Housing Corporation at 588-3033. Those with questions about purchasing in Whittier, specifically, should call 378-7985.