I recently attended a Minneapolis meeting identifying a a Buy/Build/Rehab program Minneapolis is about to roll out in March giving home Buyers/Builders/Contractors incentive to buy the lots and vacant property that still exists throughout the city with the majority of opportunity in Camden and Near North neighborhoods. The city invited people to give input on how to go about doing this. The goals of this program are to do the following:
- Support city population growth by providing policy direction and financing of new infill housing production and higher density residential development
- Expand homeownership opportunities with particular focus on reducing the racial disparity rate in homeownership by providing incentive programs and enhancing homeownership outreach efforts
- Stabilize the City’s existing housing through rehabilitation that incorporates sustainability qualities to the design and construction
While I am excited about these goals, I am cautiously optimistic. I have dealt with the city/neighborhood incentive programs in the past and have not had the best experience. My most vivid memory is being in the middle of a transaction with a buyer utilizing funds from a neighborhood program that suddenly ran out of funds in the middle of our transaction. . . not helpful. I believe that the goals of this program are important and I am hoping for successful implementation. I will learn as much as I can about the program and how it works and will direct my buyers and the contractors I work with who would benefit to these programs with the understanding that the process may be rough but it would be worth it if things work out the way the program intends. The major hurtle to these programs is the funding/financing involved. The program is supposed to roll out in March of this year so in just a couple weeks! Be sure to contact me if you would like more specific info on this program!
