CityLiving housing loans
The CityLiving Home Program is a project jointly sponsored by the cities of Saint Paul and Minneapolis, Minnesota. It gives homebuyers a chance to buy, build or renovate a property with a below-market-rate mortgage loan. It is limited to first-time homebuyers whose income and property price are below the set limits, except if the house is within the target area specified by the city. Limits may be increased if the home to be purchased is in the target area, the household is is at least five persons, the loan includes improvement costs, or the property is currently vacant. Interest rates vary, depending on the Down Payment Assistance Grant, which can be up to 4% of the mortgage amount.