The Homeowner Assistance Fund works to reduce barriers to homeownership through capital funding and down payment assistance targeted to populations disproportionately impacted by systemic barriers to homeownership.
Donor Name: County of Hennepin
State: Minnesota
County: Hennepin County (MN)
Type of Grant: Grant
Deadline: 01/28/2025
Size of the Grant: $100,000 to $500,000
Grant Duration: Grant Duration Not Mentioned
Details:
Launched in 2023, the Hennepin Homeownership Assistance Fund (HHAF) supports the creation of homeownership opportunities through new construction, homebuyer assistance, and other activities. The RFP for HHAF includes a portion of this fund for capital to support the creation of new homeownership opportunities.
Funding Information
- Funds available through this RFP: $5 million
- Average estimated awards: $500K/project,$15K/unit.
Eligible Activities
Eligible activities include homeownership capital and homebuyer purchase assistance.
- Homeownership capital: acquisition of property, construction of new housing for permanent ownership, moderate or substantial rehabilitation of homeownership units, site improvements, and other reasonable and necessary expenses related to the development of affordable housing. Properties must be single family housing, which can include detached townhomes, condominiums, and manufactured units with lot. Ownership can include a fee simple title, a 99-year leasehold interest (Community Land Trust), or in a state recognized cooperative or mutual housing unit.
- Homebuyer purchase assistance: lending administration services on behalf of the County to provide financing to assist first-generation homebuyers in purchasing a home as their principal place of residence in Hennepin County.
Project Eligibility
Affordable homeownership projects are eligible for the Homeownership Assistance Fund. Developments anywhere within Hennepin County are eligible to receive funds; there are no geographic limitations. Projects must preserve or create single family homeownership opportunities with long-term affordability.
For more information, visit County of Hennepin.