Nearly $500,000 in Minnesota Housing startup loan funds is available for Albert Lea and Freeborn County first-time homebuyers.

The funding was announced Tuesday via press release. Participants are offered fixed interest rates and down payment and closing cost loans of up to $15,000.

“Buyers can purchase homes in Albert Lea and Freeborn County that can cost up to $271,100,” the release states. “Income limits vary by location and household size, going up to $96,800.”

Interim Albert Lea Housing and Redevelopment Authority Executive Director Mark Sievert called the program “good.” He noted Freeborn County home buyers have spent all available program funding in prior years.

He said the program would assist in more than 30 home purchases this year in Freeborn County.

“It’s really going to help those people,” Sievert said.

He noted home buyers tend to stay in communities longer than renters, resulting in more long-term community stability.

Local program funding is part of more than $60 million across the state. 

Minnesota Housing, a state agency, provides access to safe and affordable housing, purchase refinance and home improvement loans and financing for affordable rental housing across the state, according to the release.

“Minnesota Housing’s affordable loans, combined with the support of the Albert Lea and Freeborn County Housing and Redevelopment Authority and local lenders, will help more families achieve homeownership,” said Minnesota Housing Commissioner Jennifer Ho in the release.

First-time buyers can contact participating Albert Lea and Freeborn County lenders to participate, the release states.