The city of Albert Lea announced the availability of first-time homebuyer funds totaling more than $413,000.

Friday, May 11, 2001

The city of Albert Lea announced the availability of first-time homebuyer funds totaling more than $413,000.

Mayor Bob Haukoos said the program, funded by the Minnesota Housing Finance Agency (MHFA) through mortgage revenue bonds, is a good way to encourage young families to buy new or existing homes within the city.

&uot;It’s another tool we have to open up housing and attract working families to the city,&uot; Haukoos said.

With more and more seniors leaving their single family homes to move into assisted living and nursing care facilities, Haukoos said many nice homes are going on the market. New housing developments offer another option to first-time homebuyers, he said.

&uot;Housing has been an issue for Albert Lea for awhile now. That’s why we got into this program a few years ago,&uot; said Haukoos, adding that the city has provided almost $1.9 million in assistance since 1995.

According to the MHFA, the first-time homebuyer program has generous income limits. For example, a family of three can make $45,000 per year and still qualify for a below-market-rate loan. A family of eight can’t exceed an annual household income of $66,000. The program also offers assistance with down payments, closing costs and monthly payments.

The MHFA lists the maximum purchase price of qualifying homes at $77,540 for existing homes and $131,070 for new homes. The loans are available through five local lenders: Americana National Bank, Home Federal Savings Bank, Security Bank, Wells Fargo Home Mortgage and Wells Federal Bank.

&uot;I hope more people look to take advantage of this program,&uot; Haukoos said. &uot;The city is really behind it. We get more funding every year.&uot;

For more information about the first-time homebuyer assistance program, call the MHFA at 1-800-710-8871 or visit www.mhfa.state.mn.us.