The City of St. Louis Park has implemented several programs to encourage people who work in the city to be able to live in the city as well. These programs are designed to help employees find a home near their job, producing the benefits of reduced commuting time, and increasing a stronger feeling of community.
St. Louis Park (“SLP”) provides down payment and closing cost assistance to first time homeowners or individuals who haven’t owned a home on over 3 years. Features of the program include:
- Up to a $15,000 second mortgage at 0% interest
- The loan amount is “deferred” meaning there are no monthly payments required. But you must pay the loan back when you sell, refinance or no longer occupy the home as your primary residence
- Your gross household income must not exceed $104,900 for 1-2 people or $120,650 for 3 or more
- You can purchase a single-family home, townhome or condominium with a purchase price of no more than $340,000
- After 20 years of living in the home as your primary residence, the loan will be FORGIVEN! No repayment will be required!
- If you currently work or have been renting in SLP for 6 months or more an additional $5,000 may be available.
- Must attend a HomeStretch workshop totaling about 8 hours of classroom time. (Before you complain, $15,000 divided by 8 hours is an hourly wage rate of $1,875 – feeling better?)
Live Where You Work Homeownership Program
Grants may also be available to those who work in SLP to help them find a home within the city limits. Qualified home buyers, if purchasing a foreclosed house, may be eligible for an extra $1,000 grant. Grants do not have to be repaid.
Homes Within Reach
This organization purchase homes, renovates them and then resells the remodeled homes for much less than what it cost for the purchase and rehab of the homes. The goal is to create affordable housing in the western suburbs using a Community Land Trust model. Homes Within Reach sell the homes to low- to-moderate-income individuals and families. Within the Community Land Trust model, the buyer owns the home but not the land. The land is still owned by Homes Within Reach and the buyer will pay a small monthly rental for the land. When moving, you are required to sell the home to another low-to-moderate-income buyer and gain on the property sale will be shared between you and Homes Within Reach. Since the program began in 2007, Homes Within Reach has rehabbed and sold 19 homes to eligible buyers in St. Louis Park. While only a limited amount of homes are available every year, it is a terrific way to find affordable housing.
St. Louis Park is also an eligible community for the state-wide special financing programs as well as many niche specialty loan programs offered by different lenders. We work with many first-time home buyers and many different loan programs and are committed to help you find the best possible financing options for your situation.
(As a shameless plug and unrelated to this week’s blog) Please remember our 2nd annual client appreciation event, “Free Fall Photos” on October 2 from 11:00am-4:00pm. You get a free sitting in a fall setting done by a professional photographer and we’ll give you a FREE 8×10, suitable for framing! For more information and to sign up, please visit FREE FALL PHOTOS! .