Lt. Gov. Flanagan announces $150M in first-generation homebuyer loans

Lt. Governor Peggy Flanagan on Monday announced $150 million in down payment assistance loans for first-generation homebuyers.

She was joined by several state senators and representatives, Minnesota Realtors Association Vice President Paul Eger and first-generation homebuyer Phillip Ward.

The funds, passed in 2023, will help about 4,500 homebuyers across the state purchase their first home. The bill was authored by State Senator for district 66 Clare Oumou Verbeten.

“All Minnesotans deserve a path to owning their own home,” she said. “But unfortunately our state has one of the largest racial homeownership gaps in the country.”

The state officials encouraged those interested in getting a loan to take a homebuyer class or to reach out to a home ownership counselor or lender to determine which program would fit them best.

Those who are eligible could receive up to $35,000 in financial assistance.

More information on the programs can be found here and here.