Lt. Gov. Flanagan Announces $150 Million in Loans for New Home Buyers

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

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 District 66 State Senator Clare Oumou Verbeten.

“Every Minnesotan deserves the opportunity to own a home,” she said. “But unfortunately, our state has one of the largest racial gaps in homeownership in the country.”

State officials encouraged people interested in obtaining a loan to take a homeownership course or contact a homeownership counselor or lender to determine which program would be best for them.

Eligible individuals could receive up to $35,000 in financial assistance.

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