We have outlined 3 different credits or grants that are available to homebuyers:
- GMHF (Greater MN Housing Finance) Downpayment Assistance
- KLN Enterprises & HRA Employer Assistance Fund
- Perham HRA’s Employer Assistance Fund
GMHF (Greater MN Housing Finance) Downpayment Assistance
$2,500 at a glance:
- Available as downpayment assistance to families purchasing new or existing homes in Greater MN (rural or city).
- GMHF will match local downpayment assistance funds, up to $2,500 per homebuyer.
- Downpayment assistance funds are provided through an approved local sponsor, in this case, the City of Perham.
- The acquisition cost limit of the home may not exceed current GMHF limits ($131,000 in 2003).
- Current limits can be found at www.gmhf.com (GMHF Policies and Forms)
- To apply, contact HRA representative at City of Perham (218) 346-4582
KLN Enterprises & HRA’s Employer Assistance Fund
KLN has generously contributed to Perham’s HRA. KNL is providing $5,000 per package with the HRA providing an additional $2,000 for a total of $7,000
- How to qualify for KLN/HRA funds:
- Income Limits of $41,450-$68,650 based on family size
- Must be employed by KLN for at least one year.
- To apply, contact HRA representative at City of Perham (218) 346-4582
How Does It Work?
HRA/KLN Loan……..$7,000
GMHF Grant………….$2,500
KLN Employee ………$5,000 (1st-time homebuyer)
TIF …………………………$10,000 (approximately, if applies)
TOTAL…………………….$24,500
Arvig Enterprises & HRA’s Employer Assistance Fund
Arvig Enterprises has generously contributed to Perham’s HRA.Arvig is providing $1,000 per package with the HRA providing an additional $2,000 for a total of $3,000
- How to qualify for Arvig/HRA funds:
- Income Limits of $41,450-$68,650 based on family size
- Must be employed by business within the City of Perham for at least one year.
- To apply, contact HRA representative at City of Perham (218) 346-4582
How Does It Work?
HRA Loan…………….$3,000
GMHF Grant………..$2,500
TIF ……………………….$10,000 (approximately, if applies)
TOTAL………………….$15,500