For many families, the biggest investment they’re ever going to make is their first home. They need to come up with the first down payment and many haven’t built up equity to that point. There is a long-running program that has helped put hundreds of Wright County residents into their first home that will start its next funding cycle next month.
For more than a decade, Wright County families who are first-time homebuyers have taken advantage of the Minnesota Cities Participation Program (MCPP), which is run through the Minnesota Housing Finance Agency and has a funding pool specifically allocated for first-time homebuyers.
The MCCP is a program that incorporates local lending institutions to assist residents in cities throughout the state to provide low-interest, fixed-rate loans that can assist in making their dreams of home ownership come true.
The program doesn’t get a lot of publicity because, in areas like Wright County, not only is the allocation completely utilized, the pool of money tends to get expended very quickly and isn’t available for more than a couple of months. The 2021 program begins January 16. In 2020, the program assisted 99 first-time homebuyers with almost $2 million in funding in the first-time homebuyers portion of the program.
At its December 15 meeting, the Wright County Board of Commissioners approved participation in the 2021 program, which will earmark approximately $2 million for the county’s allocation. Wright County Administrator Lee Kelly said that the hurdles younger families have in getting into a home of their own is often challenging and the MCPP is a way of assisting in the quest.
“I think it’s a nice opportunity for people to get that first house,” Kelly said. “This program helps them do that and we support that in Wright County. We’re a growing county and want to extend that opportunity to as many residents as we can.”
Wright County doesn’t directly work with the funds made available. The county board approves acceptance of the allocation and the MCPP works directly with local participating lenders to make those funds available to county residents. The county serves as a support agency to authorize the use of those funds.
To learn more about the program, go to the Minnesota Housing website at http://www.mnhousing.gov/sites/homebuyers/buy. To find participating lenders in your area, go the following web page and type in your zip code http://www.mnhousing.gov/sites/np/findalender