Reposted with permission of Minnesota Realtors
During the week of May 8, the Minnesota House and Senate passed the “First-Generation Homebuyers Down Payment Assistance Fund” program, which was included in the final version of the omnibus housing finance bill (HF 2335). On Monday, May 15, Governor Walz signed HF 2335 into law.
This pilot program was brought forward by a diverse coalition of groups led by Minnesota Realtors® (MNR), the Minnesota Homeownership Center (the Center), and Twin Cities Habitat for Humanity.
“The passage of this pilot program is an accomplishment years in the making,” said Emily Green, 2023 president of MNR. “Recognizing the need to close our state’s racial homeownership gap—the fifth largest disparity in the nation—MNR and the Center began collaborating to explore solutions back in 2020.”
MNR and the Center commissioned a study that revealed lack of sufficient capital for a down payment was a key barrier to homeownership. Realizing the scope of the problem, MNR and the Center sought other partners, and enlisted Twin Cities Habitat for Humanity. From there, more groups joined the fold and soon a coalition was advocating for passage of the “First-Generation Homebuyers Down Payment Assistance Fund” at the Capitol.
Read the full article here: https://www.mnrealtor.com/blogs/mnr-news1/2023/05/17/first-generation-homebuyers-down-payment-assistanc
