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From the Minneapolis St Paul Business Journal:
Tuesday, February 9, 2010, 2:57pm CST | Modified: Tuesday, February 9, 2010, 3:03pm
Rybak, Coleman announce $41M for first-time homebuyers
Minneapolis / St. Paul Business Journal
Minneapolis Mayor R.T. Rybak and St. Paul Mayor Chris Coleman on Monday announced $41 million in new funding for first-time homebuyers to purchase homes in both cities.
The funding comes available through the CityLiving Program, which offers below-market interest rates on mortgages as well as downpayment and closing-cost assistance. CityLiving Program is part of the HFA Initiative, a program which Fannie Mae and Freddie Mac have purchased bonds under an agreement with the Treasury and the Federal Housing Finance Agency.
In order to quality for the funding, homebuyers' household income cannot exceed $92,290 and the purchase price (for a single-family home) can't be greater than $276,870.
"More people owning homes in Minneapolis and Saint Paul means more prosperity, more civic engagement and more vitality in our Minnesota's core cities - and that's good for everyone," said Minneapolis Mayor R.T. Rybak in a statement. "For nearly 30 years, Minneapolis and Saint Paul have worked together through the CityLiving program to help 30,000 first-time homebuyers enjoy the benefits of city life."
In addition, each city has $500,000 available for assistance with downpayments and closing costs.
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