Both the House and Senate passed their omnibus housing finance bills and will be negotiating a final bill in conference committee over the next couple weeks.
Included in both bills is funding for a new “First-Generation Homebuyers Down Payment Assistance Fund” pilot program, an initiative brought forward by a diverse coalition of groups led by Minnesota Realtors®, the Minnesota Homeownership Center and Twin Cities Habitat for Humanity.
This initiative aims to remove barriers facing homebuyers with limited savings and reduce the racial homeownership gap by creating a new statewide “First-Generation Homebuyers Down Payment Assistance Fund.” The generous appropriations included in both House and Senate versions of the omnibus housing finance bill mark a huge step forward in achieving the goal of helping thousands of first-generation homebuyers realize the dream of homeownership and reduce Minnesota’s racial homeownership gap, which is the fifth largest disparity in the nation.
The House bill (HF 2335) includes $150 million for this program and the Senate bill (HF 2335-1st UE) includes $100 million.
This Call For Action ends on May 8. Act today to tell Minnesota Legislators how important this initiative is for first-generation homebuyers in Minnesota.