Minnesota’s new $150M homeowner assistance program could help residents buy their first home

ST. PAUL, Minn. (GRAY) – A new program has launched for first-generation Minnesota homebuyers, aiming to close the gap for residents whose families have never owned a home.

The $150 million program was passed in 2023 and recently became available. It offers up to $35,000 for eligible recipients and is available for up to 1,500 families on a first-come-first-served basis.

The program also allows those whose parents were foreclosed on to apply.

“If you or your parent or guardian never owned a home or lost it due to foreclosure, you may be eligible for this program,” said Sen. Clare Oumou Verbeten (DFL-St. Paul).

Authors believe the new program will close a large gap in the first-time homebuying market. According to data from the US Census Bureau, a large gap exists in home ownership between white families and Black families.

“Our state has one of the largest racial homeownership gaps in the country and while homeownership rates for white Minnesotans is about 77%, it’s only 29% for Black Minnesotans,” said Oumou Verbeten, citing statistics.

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