Saint Paul and Minneapolis CityLiving Program Revived
St. Paul Mayor Chris Coleman and Minneapolis Mayor R.T. Rybak have jointly announced $41 million in new funding for the CityLiving Program. CityLiving helps first time homebuyers purchase homes in either city.
The CityLiving Program offers below-market interest rates on mortgages as well as down payment and closing-cost assistance. In order to quality for the funding, homebuyers’ household income cannot exceed $92,290 and the purchase price for a single-family home can’t be greater than $276,870.
"We have an opportunity for people to invest, to get a good deal on an interest rate, get some assistance with a down payment, and get back into the cities," said Coleman. "It's a win-win for the potential homeowner, first-time homebuyer, and it's certainly a great thing for our neighborhoods to stabilize them."
In addition, each city has $500,000 available for assistance with down payments and closing costs.
The CityLiving program is funded through bonds sold by the cities. Though the CityLiving initiative has been around for 30 years, it was not available last year because the credit crunch prevented the cities from selling the necessary bonds.