Olmsted County G.A.I.N. (GROWING AFFORDABLE INCLUSIVE NEIGHBORHOODS) PROGRAM

Growing Affordable Inclusive Neighborhoods Program Description

The Olmsted County Growing Affordable Inclusive Neighborhoods (GAIN) program provides a forgivable, 0% interest down payment assistance loan to households in Olmsted County. Completed applications will be processed and reviewed in the order they are received. Assistance through the GAIN program is dependent on the availability of funding.

Application Process

Buyers should apply for GAIN down payment assistance once they have a signed contract with a builder or have executed a purchase agreement for new construction. Eligibility will be determined upon receipt of the completed and signed GAIN application and all requested supporting documentation.

Eligible Households

Households eligible for the GAIN program must have a gross annual income of less than 80% of the area median income (AMI), as set by the U.S. Department of Housing and Urban Development (HUD), adjusted for household size. All sources of income must be reported for all household members even if they are not on the mortgage.

Eligible Properties

The property must be located within Olmsted County and be an owner-occupied homesteaded residence. Eligible properties include single-family homes, duplexes, modular, and manufactured homes. The anticipated cost to construct the residence must not exceed $300,000.

Application Requirements

Complete all pages of the application and provide the requested information for all household members that will consider the property their primary residence. The following is a list of required documents needed in order to determine program eligibility and guarantee funding.

• Completed GAIN program application
• Affidavit from the builder certifying construction costs to not exceed $300,000 or an executed purchase agreement for new construction
• Copies of 4 weeks of current paystubs and/or other proof of earned and unearned income for all household members over the age of 18