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St. Louis Park Down Payment Assistance Deferred Loan (First-Time Homebuyer)

St. Louis Park Down Payment Assistance Deferred Loan (First-Time Homebuyer) is a forgivable loan for homebuyers in St. Louis Park, Minnesota, administered by City of St. Louis Park HRA, administered by Center for Energy and Environment (CEE).

Last verified Source: City of St. Louis Park HRA, administered by Center for Energy and Environment (CEE)
Check if this fits me Official program site ↗

The program asks for

  • First-time homebuyer — the program sets its own definition
  • The home is occupied as a primary residence
  • A completed homebuyer education course, through Home Stretch workshop or other HUD-approved homebuyer counseling
  • Residency: Property in St. Louis Park; additional funds for employees of SLP businesses
  • Citizenship or immigration status: U.S. citizens or permanent legal residents with a Social Security number
  • Application at least four weeks before closing. Cannot be layered with the SLP First Generation DPA. Spanish-language assistance: 612-335-5856.
  • A home inside St. Louis Park city limits

It doesn’t cover

  • Households above 115% of area median income
  • Homes outside St. Louis Park

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

Income limit

115% of Hennepin County’s area median income

HUD sets the area median income each year. The limit changes with household size, so a family of five has a higher limit than a single homebuyer.

$131,500
Area median income, 4-person household (HUD, 2026)
Income limits in Minnesota

How to apply

  1. Take a homebuyer education course

    Required by the program, through Home Stretch workshop or other HUD-approved homebuyer counseling.

  2. Contact City of St. Louis Park HRA, administered by Center for Energy and Environment (CEE) to reserve funds

    Funds are reserved through Signed purchase agreement and application at least four weeks prior to closing, and are subject to availability.

  3. Work with a lender who handles the program

    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.

Questions about this program

What is St. Louis Park Down Payment Assistance Deferred Loan (First-Time Homebuyer)?

St. Louis Park Down Payment Assistance Deferred Loan (First-Time Homebuyer) is a forgivable loan for homebuyers in St. Louis Park, Minnesota, administered by City of St. Louis Park HRA, administered by Center for Energy and Environment (CEE). The City of St. Louis Park HRA, through CEE, provides 0% interest deferred down payment/closing-cost assistance to first-time homebuyers in St. Louis Park. Base loan up to $15,000 (not to exceed 5% of purchase price), with an additional $5,000 for employees of SLP businesses. Forgiven 100% after 20 years; if sold/transferred/no longer owner-occupied before then, the full amount is due. 0% interest. No monthly payments. Up to $15,000 (+$5,000 SLP employees). 100% forgiven after 20 years.

How much assistance does it provide?

St. Louis Park Down Payment Assistance Deferred Loan (First-Time Homebuyer) offers up to $20,000 in assistance. Award tiers: Base up to $15,000 (not to exceed 5% of purchase price); additional $5,000 for employees of St. Louis Park businesses. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — City of St. Louis Park HRA, administered by Center for Energy and Environment (CEE) determines any individual award.

Do you have to pay it back?

St. Louis Park Down Payment Assistance Deferred Loan (First-Time Homebuyer) is forgiven after 20 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by If sold, transferred, or no longer owner-occupied, 100% due; otherwise forgiven after 20 years. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

St. Louis Park Down Payment Assistance Deferred Loan (First-Time Homebuyer) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. A homebuyer education course is required, through Home Stretch workshop or other HUD-approved homebuyer counseling. Residency requirement: Property in St. Louis Park; additional funds for employees of SLP businesses. Citizenship or immigration status: U.S. citizens or permanent legal residents with a Social Security number. Application at least four weeks before closing. Cannot be layered with the SLP First Generation DPA. Spanish-language assistance: 612-335-5856.

What are the income limits?

St. Louis Park Down Payment Assistance Deferred Loan (First-Time Homebuyer) limits household income to 115% of the area median income, which varies by county and household size. 100% AMI for households of 2 or fewer; 115% AMI for households of 3 or more. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

St. Louis Park Down Payment Assistance Deferred Loan (First-Time Homebuyer) can be used for Single Family, Townhouse, and Condo.

Where does it apply?

St. Louis Park Down Payment Assistance Deferred Loan (First-Time Homebuyer) serves homebuyers purchasing in St. Louis Park, Minnesota.

How do you apply?

Applications for St. Louis Park Down Payment Assistance Deferred Loan (First-Time Homebuyer) go through City of St. Louis Park HRA, administered by Center for Energy and Environment (CEE), which publishes the current terms and the application steps on its own site. Funds are reserved through Signed purchase agreement and application at least four weeks prior to closing. 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.

Also for St. Louis Park homebuyers

Whether two programs can be combined is up to each agency. Ask before you apply.

All 76 programs for St. Louis Park

Program terms are set by City of St. Louis Park HRA, administered by Center for Energy and Environment (CEE) and can change; confirm on the official site before you apply.