Program to help Minneapolis homebuyers is in troubleby Brandt Williams, Minnesota Public Radio
St. Paul, Minn. — Later this morning, Minneapolis city council members are expected to vote on a loan program designed to entice homebuyers into some of the city's most troubled neighborhoods. But not before they tinker with it a little bit first.
Originally, the Minneapolis Advantage program would provide 10 thousand dollars for down payment assistance on any home in one of 18 city neighborhoods. The areas were identified as having the highest concentration of boarded and vacant homes.
But the program has undergone some changes, and is likely to see more before the council votes on it.
Some council members thought the plan was too broad to be effective. So they added some restrictions. The money will only be available to pay for fix-up costs. And loans will only go to people buying homes in foreclosure, or that are boarded and vacant or have been a rental property.
Council members say more amendments to the Minneapolis Advantage are possible before a final vote.