Edina, Minn., Oct. 27, 2021 – In partnership with the Edina Housing Foundation, the City of Edina next month will offer a new program to help close the housing disparity gap. The First-Generation Homebuyer Program goes into effect Monday, Nov. 1, providing additional mortgage assistance to qualified buyers.
“Minnesota ranks one of the worst in the nation for the disparity between homeownership by White households and BIPOC households,” said Affordable Housing Development Manager Stephanie Hawkinson. “The Foundation hopes the new program will help make the dream of homeownership and the ability to gain wealth through owning a home more achievable to households that have been historically excluded.”
The First-Generation Homebuyer Program is open to individuals and families who have never purchased a home before, and whose parents or guardians also did not own their home. Condominiums, townhouses and single-family houses are eligible for the program, with a purchase cap of $425,000. Maximum income restrictions apply, with a one- or two-person household capped at $103,400, while a household of three or more limited to annual income of $118,900.
An augmentation to the existing Come Home 2 Edina second mortgage program, the First-Generation Homebuyer Program provides an additional $15,000 third mortgage at 0 percent interest. The note is forgivable at a rate of $1,000 per year of ownership, and completely forgiven after 15 years following purchase.
For more information, visit EdinaMN.gov/AffordableHousing or contact Hawkinson at SHawkinson@EdinaMN.gov or 952-833-9578.