The Minneapolis Advantage Program is designed to help potential buyers purchase a home in areas challenged by foreclosure and bring people back on the blocks. It offers 200 loans at $10,000 each that can be used to pay for closing costs, down payment, or even small repairs to the home.
Funding is limited and income eligibility requirements apply. Loans will be given on a first come, first serve basis (program started April 2, 2009) and are for purchasing homes in eligible neighborhoods (map). For more information, see the Frequently Asked Questions and the program guidelines.