Edina hopes new program closes housing disparity gap

A new program in Edina aims to help close the housing disparity gap.

It’s called the First-Generation Homebuyer Program and it helps qualified buyers secure additional mortgage help.

The city says the program is open to those who have never bought a home and whose parents or guardians did not own their home.

"Housing costs are increasing and so whatever we can do to help make it more achievable is what we want to do," said Stephanie Hawkison, Edina’s affordable housing development manager. "Many people have benefitted from the equity their parents or grandparents have gained in their homes, and that has helped them with down payments when they want to go buy a home.For people who don’t have that in their family history, they have to start from scratch."

The First-Generation Homebuyer Program is an offshoot of the Come Home 2 Edina initiative and provides up to $75,000 in mortgage assistance. The money is from the nonprofit Edina Housing Foundation.