Mayor R.T. Rybak and partners Federal Home Loan Bank of Des Moines (FHLB Des Moines) and Wells Fargo today announced $1.5 million in new funding from FHLB Des Moines which will be used to help homeowners in more than twenty neighborhoods with down payment and closing cost to purchase foreclosed properties in areas most affected by foreclosures.
Through FHLB Des Moines Affordable Housing Program (AHP), an additional $1 million is now available for home purchases in North Minneapolis and $500,000 in the Northeast and South Central areas of the City. Funds will help low income households (less than 80% of area median income) purchase foreclosed homes. The
homebuyers will also receive homebuyer and homeownership education through the
Minnesota Home Ownership Center.