On May 26, the City of Minneapolis will launch a new housing program to help prospective homebuyers purchase homes in Minneapolis. The program is called Homeownership Opportunity Minneapolis (HOM) and provides up to $7,500 in down payment and closing cost assistance to eligible Minneapolis homebuyers. One of the goals of the program is to increase the participation of diverse households in homeownership.
The HOM program will be marketed through the “Own Your Future, Own Your Home” campaign in partnership with Minnesota Housing and Minnesota Homeownership Center. Through this campaign, homebuyers will be encouraged to see if they qualify for the City of Minneapolis HOM program, access affordable mortgage loans through Minnesota Housing, and get connected to free non-biased, non-profit housing experts to gain the tools, knowledge and confidence needed to own a home.
The City has contracted with several community-based organizations including: African Development Center, African Economic Development Solutions, Bii Gii Wiin, PRG/Emerge, Neighborhood Development Alliance, Lao Assistance Center, and the Greater Metropolitan Housing Corporation to provide community outreach and create cultural communications to reach diverse communities.