Down Payment Assistance
Best Practices for Program Administration
In consultation with a working advisory group of city and county officials, lenders, Realtors® and housing nonprofits, the Minnesota Homeownership Center is proud to unveil a slate of down payment assistance (DPA) program administration best practices. The goal is to increase consumer access and enable more successful purchase transactions by promoting standardization and transparency.
Adopters
- City of Minneapolis – Community Planning and Economic Development (CPED)
- NeighborWorks Home Partners
- Project for Pride in Living (PPL)
Becoming an Adopter
Adoption of the down payment assistance program best practices is reserved for DPA program administrators committed to implementing and aligning current and future DPA programs with the best practices. Organizations interested in learning more about adoption should contact Brooke Walker at the Minnesota Homeownership Center.
Endorsers
- Asian Real Estate Association of America (AREAA) – Twin Cities
- Local Initiatives Support Corporation (LISC) – Twin Cities
- National Association of Hispanic Real Estate Professionals (NAHREP) – Twin Cities
- National Association of Real Estate Brokers (NAREB) – Twin Cities
Becoming an Endorser
Endorsement of the down payment assistance program best practices is reserved for key stakeholders in the homeownership industry. Endorsement demonstrates an organization’s support for the Best Practices, showing their commitment to standardization and transparency for the benefit of consumers. Endorsers can promote the Best Practices within their networks and the broader industry. Organizations and entities interested in learning more about endorsement should contact Brooke Walker at the Minnesota Homeownership Center.
Why Reform DPA?
- The barrier of insufficient savings for down payment and closing costs is formidable. Assistance is often technically available, but programs are typically fragmented, underfunded and inefficiently targeted.
- Current levels of funding do not support increased access to homeownership in a meaningful way.
- Our proposal would increase investment, improve targeting, ease access and facilitate standardization and transparency.
- It is anticipated that these practices will help reduce the state’s racial homeownership gap – one of the worst such gaps in the country.