In a move to foster generational wealth and promote equity in homeownership, the City of Bloomington has highlighted resources aimed at easing the pathway to owning a home, particularly for first-generation buyers. According to a new announcement on the city's website, several programs are now available to assist residents in securing the keys to their own property.

Among the options detailed, the Minnesota Homeownership Center is providing free services and numerous resources tailored to assist potential homeowners in navigating the purchase process or preventing foreclosure. Alongside, the Hennepin County HRA Homebuyer Assistance Program is stepping in to help county residents with up to $30,000 of financial backing. This program, designed to foster homeownership, illustrates an active pursuit by the county to assist its residents financially.

Special attention is being paid to those who are navigating the real estate market's intricacies for the first time in their families. Two novel initiatives, the Forgivable First Generation Homebuyers Community Down Payment Assistance Fund, and Minnesota Housing’s First-Generation Homebuyer Loan Program, offer robust support in the form of forgivable assistance and deferred, interest-free loans. These initiatives underscore the commitment to leveling the playing field for those absent in the legacy of homeownership.

To be eligible for these programs is not to say one must come from a background replete with property deeds; rather, Bloomington extends eligibility to those who have seen a home lost due to foreclosure, besides the traditional first-gen homebuyer. With resources now more visible and accessible, the path to homeownership is a less daunting journey for those stepping onto it for the first time, according to details on the city's website.