Community Housing Development Organization (CHDO)

Minnesota Urban and Rural Homesteading Program (MURL)

The HRA has 3 homes that have been sold under a Contract for Deed with no down payment and a loan payment equal to 25% of the buyers monthly adjusted gross income. If homes revert back to the HRA they are advertised to attract eligible buyers.

    1. To offer homeownership opportunities to first-time homebuyers that are “at risk.”

    2. Assist in the stabilization of declining neighborhoods.

    • The acquisition is from the HRA on a Contract For Deed with a 0% down payment and 0% interest loan for a maximum of 30 years.

    • Monthly payment includes only the principal, plus escrowed taxes and homeowners Insurance.

    • Monthly payment is 25% of the buyer’s monthly adjusted gross income.

  • A first-time “at risk” homebuyer is an individual and/or his or her spouse who have not owned a home during the three-year period before the purchase of a home under the program except if one or more of the following apply:

    • Homeless

    • On public assistance

    • Unable to afford homeownership without this program

    • An at risk homebuyer lacks the ability to meet mortgage industry underwriting standards for traditional mortgage financing.

First Time Homebuyers (FTH)

Community Revitalization Fund (Down Payment Assistance)