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Hennepin County > Work with Hennepin County > Homeownership Assistance Fund

Homeownership Assistance Fund

The homeownership assistance fund works to reduce barriers to homeownership through capital funding and down payment assistance targeted to populations disproportionately impacted by systemic barriers to homeownership.

Hennepin County’s homebuyer assistance fund

Hennepin County residents can now qualify for assistance to purchase their first home. NeighborWorks Home Partners, the fund administrator, provides financing for down payments and other costs to assist buyers interested in purchasing a home to have as their principal place of residence. This fund launched in April 2024 and is ongoing.

Interested homebuyers can find more information at NeighborWorks, or by contacting NeighborWorks at hello@nwhomepartners.org or 651-292-8710.

 

housing@hennepin.us

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Background

In 2020, the Hennepin County Housing and Redevelopment Authority (HCHRA) piloted a direct homebuyer assistance program with a goal to reduce homeownership disparities. This pilot helped 20 Hennepin County residents purchase their first home, 85% of whom identified as African American. The pilot was administered by a housing nonprofit. 

To complement this program, the HCHRA commissioned a study with the University of Minnesota’s Center for Urban and Regional Affairs (CURA) to better understand the barriers and goals of Hennepin County’s BIPOC residents concerning homeownership. In partnership with Pillsbury United Communities, CURA found the need for a multi-pronged and coordinated approach to reducing barriers to homeownership, including increasing income for BIPOC renters so they can reliably afford homeownership, as well as targeting new strategies to facilitate homeownership for BIPOC renters with incomes above 50% AMI.  

Barriers to Homeownership for BIPOC Individuals in Hennepin County (PDF, 1MB)

In 2021, the County Board authorized $46,000,000 in one-time pandemic recovery funding for equitable housing recovery strategies. This includes $3.3 million for homebuyer assistance programs targeting populations disproportionately impacted by the COVID-19 public health emergency. With this additional funding, the HRA financed three times more homeownership units in 2022 than in previous years. 

Finally, in 2023, the HCHRA launched its first designated fund for homeownership assistance, constituting its largest annual investment in homeownership. The goal of this program is to facilitate homebuying – through capital funding or down payment assistance – for populations disproportionately impacted by systemic barriers to homeownership. The findings from the 2022 study, together with the lessons from the pilot, are the basis for the new homeownership program. 

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