Near North/Willard-Hay Homebuyer Entry Cost Assistance

Near North/Willard-Hay Homebuyer Entry Cost Assistance is a deferred second loan for homebuyers in Minneapolis, Minnesota. Near North/Willard-Hay Homebuyer Entry Cost Assistance is a neighborhood-targeted DPA loan administered by NeighborWorks Home Partners in partnership with the Northside Residents Redevelopment Council (NRRC). Up to $10,000 as a 0% interest deferred second-mortgage loan supports first-time buyers purchasing in the Near North or Willard-Hay neighborhoods of North Minneapolis. Funded jointly by NRRC and the City of Minneapolis CPED. Repayable on early exit (sale, refinance with cash-out, transfer, or loss of owner-occupancy). Reported out of funds as of late 2023; verify status with NWHP. Up to $10,000 in down payment and closing-cost assistance as a 0% interest deferred second-mortgage loan, available for buyers purchasing in the Near North or Willard-Hay neighborhoods of North Minneapolis. Funds may be used for down payment, closing costs, or principal reduction to reach an affordable monthly payment. Note: per April 2026 NWHP page, program reported out of funds since 11/3/2023. check funding status before applying. Funding comes from Local Government, CPED, NRRC, and HRA.

Near North/Willard-Hay Homebuyer Entry Cost Assistance offers up to $10,000 in assistance. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Near North/Willard-Hay Homebuyer Entry Cost Assistance is forgiven after 7 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Due in full at sale, transfer of title, refinance with cash-out, or loss of owner-occupancy. The assistance is recorded in 2 position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Near North/Willard-Hay Homebuyer Entry Cost Assistance is open to homebuyers who will live in the home as their primary residence. On credit, the program states: Per first-mortgage lender. A homebuyer education course is required, through Minnesota Homeownership Center / Framework / HUD-approved counseling agency. Residency requirement: Property must be located in Near North or Willard-Hay neighborhoods of North Minneapolis and used as borrower's principal residence. Citizenship or immigration status: U.S. citizen or qualified non-citizen per first-mortgage rules. Property must be located in the Near North or Willard-Hay neighborhoods of North Minneapolis. First-time buyer required. Buyer must complete approved homebuyer education. Income limits typically follow Minneapolis Homes Access tiers when funded by City sources, or NRRC neighborhood priorities when funded by NRRC. Funded jointly by NRRC and CPED.

Near North/Willard-Hay Homebuyer Entry Cost Assistance sets its income limit as follows: Income limits per Minneapolis CPED / NRRC guidelines; typically aligned with 80% HUD AMI for Minneapolis-St. Paul-Bloomington MSA. The limit applies to total household income, not only the borrower’s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Near North/Willard-Hay Homebuyer Entry Cost Assistance caps the purchase price as follows: No fixed program cap; subject to first-mortgage product limits. Eligible property types include Single-family detached, Duplex, Townhome, and Condominium. New construction is eligible. Manufactured homes are not eligible.

Near North/Willard-Hay Homebuyer Entry Cost Assistance serves homebuyers purchasing in Minneapolis, Minnesota. The program targets specific areas: Near North and Willard-Hay neighborhoods of North Minneapolis (Hennepin County), MN.

Applications for Near North/Willard-Hay Homebuyer Entry Cost Assistance go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through First-come, first-served via NWHP intake; subject to fund availability. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.