Live Where You Work Homeownership Program

This program is aimed at employees of St. Louis Park based-businesses with a grant towards the purchase of a home near their place of work. The city will provide a grant of up to $2,500 for each available employee, while employers are encouraged to contribute a matching or lesser amount. The employee needs to obtain a mortgage from a participating lender. The grant can be used to finance the down payment, gap financing, or closing costs.

This program is aimed at giving employees a home close to their job, which in turn will increase employee loyalty, morale, retention, punctuality based on home to work proximity, as well as creates a positive building experience between employee and employer.

This program is meant to encourage shorter commutes, revitalize neighborhoods and make home ownership more affordable. Considering that, this is an opportunity for foreclosed St. Louis Park properties to be occupied by homeowners. Qualified buyers looking at foreclosed properties would be eligible for an extra $1,000 grant.

Homes Within Reach

Homes Within Reach is a nonprofit organization that creates affordable home ownership opportunities for working households in the western suburbs of Hennepin County. The organization purchases and rehabilitates homes and then sells them to qualified low-to-moderate-income individuals and families. Using a Community Land Trust (CLT) model, the buyer only pays for the cost of the home, not the land. The CLT retains ownership of the land, leasing it to the homeowner.