Minneapolis city officials will gather this morning to promote a program that encourages people to buy foreclosed homes in certain parts of the city.
City officials say so far nearly 100 homebuyers have purchased property with the Minneapolis Advantage Program. It provides $10,000 forgivable loans to people who buy foreclosed homes in sections of the city hit hardest by the foreclosure crisis.
The loan can be used to pay for closing costs, down payment or home repairs. And the loan doesn't have to be paid back as long as the homeowner stays at least five years. The program targets low to middle income people. Applicants do not have to be first time homebuyers to qualify for a loan.