A Minneapolis housing program offers $10,000 loans to new home buyers in the city, to help with down payments and closing costs when buying in certain neighborhoods.

Two hundred of the loans are available through Minneapolis Advantage. And they're forgivable after five years.

The program’s guidelines mean stable home buyers with an approved traditional, fixed-rate mortgage will be able to move into city neighborhoods, said Council President Barbara A. Johnson.

Fine print details:

• Purchasers must have an income of less than 120 percent of the area median income ($97,080) and the property must be the purchaser’s primary place of residence.

• Purchasers must receive a traditional (prime or A-rated), fixed-rate first-mortgage loan or purchase with cash.

• A loan of $10,000 at zero-percent interest is forgiven at the end of five years if the purchaser continues to occupy the home as a primary place of residence.

• The loan can be used as assistance with down payment, closing costs, and home repair costs.

• The property can be a single family dwelling or duplex within an eligible neighborhood.

• Two options, depending on income limits, are available:

1.For incomes below 80% area median income:

Purchase of a foreclosed home in the following neighborhoods: Bryant, Sheridan, Lind-Bohanon, Ventura Village, Whittier, Audubon Park, Holland, Phillips West, Cleveland, McKinley, Harrison, Powderhorn Park, Webber-Camden, Midtown Phillips, Folwell, Near North, Central, Willard-Hay, Jordan, Hawthorne, East Phillips, Beltrami.

2.For incomes below 120% area median income:

Purchase of a foreclosed home or a home on the City’s 249 vacant and boarded buildings list, OR a vacant home for at least 30 days in the following neighborhoods: Corcoran, Bottineau, Regina, Victory, Bryant, Sheridan, Lind-Bohanon, Ventura Village, Whittier, Audubon Park, Holland, Phillips West, Cleveland, McKinley, Harrison, Powderhorn Park, Webber-Camden, Midtown Phillips, Folwell, Near North, Central, Willard-Hay, Jordan, Hawthorne, East Phillips, Beltrami.

Home buyers must apply for a Minneapolis Advantage loan through their first-mortgage lender. Loans will be given on a first-come, first-served basis. For more information, call the Greater Metropolitan Housing Corporation at 612-588-3033.