Next week the city of Minneapolis will be begin offer no-interest loans of up to $20,000 to homeowners in neighborhoods hard-hit by the foreclosure crisis. That includes Shingle Creek, Lind-Bohanon, Webber-Camden, Cleveland, Folwell, McKinley, Jordan, Hawthorne, Willard-Hay, Harrison and Near North on the city's northside and Central and Bryant neighborhoods on the southside.
The loans are part of the city's Rehab Support Program, which has a total of $750,000 available to homeowners in those neighborhoods where foreclosures represent at least 10 percent of the housing stock. There are some income restriction on borrowers and the money must be paid back if the house is sold. Applications will be taken starting April 25. Details are available here.
