Not to be outdone by either the federal government’s $8000 first time home buyer tax credit, nor the state of California’s $10,000 new home buyer tax credit, later this month the cities of Minneapolis and St Paul will unveil a plan providing $8 million worth of federal tax credits to first time home buyers who purchase homes in either city.
St Paul’s Housing and Redevelopment Authority went a step further on Wednesday, however, when they offered “heroes”, such as teachers, fire fighters, veterans, EMTs, paramedics, health care workers and certain public sector employees up to $15,000 in down-payment assistance, closing costs or reduced principal.
St Paul will spend $500,000 to provide loans to approximately 33 heroes.
Loans provided through the program would have a 0 percent interest rate, and no periodic payments. Rather, the loan would be paid back when the property is sold or the homeowner moves out.
It gets better yet. Loans would be completely forgiven if the buyer lives in the home as their main residence for more than 10 years.
Sounds like a nice way to say “thanks” to people who do so much for us.