Housing and Economic Development Programs

 

Home Buyers Assistance Program

The HAP program offers up to $3,000 of down payment, closing cost or housing rehabilitation assistance to first time homebuyers in the Lyndale Neighborhood.  There is no income limit with this program and buyers are allowed to use this funding to purchase single family homes, owner-occupied duplexes, condominiums and town homes.tiated Program (HIP)

 

Homebuyer Initiated Program (HIP)

The HIP program assists homebuyers in the Lyndale Neighborhood to find quality homes at an affordable price.  This program is a partnership of the Lyndale Neighborhood and the City of Lakes Community Land Trust (CLCLT). 

Participants in this program must have incomes at or below 60% of Metropolitan Median Income (MMI) and are provided funding to help them make the purchase of a home affordable and rehab the home if necessary.  Homes purchased in this program become a part of the Land Trust where the buyer becomes owner of the home, and the Land Trust, owner of the land beneath it.  This program assists low income buyers in obtaining a home that will be kept affordable for many years to come.

 

Low Interest Loan Programs

The Lyndale Neighborhood has made available NRP funds to provide low-interest and emergency deferred loans to residents of the Lyndale Neighborhood.  This program provides loans for single-family and rental property owners.  Up to $10,000 is allowed for single family loans and $30,000 for rental property loans depending on the number of units.  This program is administered by the Center for Energy and Environment (CEE).  To find out more about these programs, contact CEE at (612) 335-5884.

 

Commercial Matching Grant

This matching grant provides a one to one match of up to $5,000 for business owners in the Lyndale Neighborhood to do exterior repairs to their properties.  Most repairs are eligible except for luxury items.  Applicants are required to fill out an application accompanied by 2 or more bids from licensed contractors.

 

 

For more informtion on these programs contact Norma Pietz at 612.824.9402 ext 15