MARSHALL — People buying homes in Marshall may be able to get assistance with making a down payment through an initiative by Minnesota Housing. This week, the Marshall Economic Development Authority announced that Marshall is being included in the Minnesota City Participation Program.

Through the MCPP, Marshall has been allocated about $273,000 to support eligible homebuyers.

“It’s another tool in the tool box,” said Marshall EDA Director Lauren Deutz. “The goal of the program is to help more people get into housing.”

Deutz said the Marshall EDA applied to be part of the statewide MCPP, and received an allocation of $273,070 for this year. Marshall will need to reapply annually to continue being part of the program, she said.

“The EDA continues to focus on strengthening Marshall’s housing market as a critical component of economic growth,” said EDA Director, Lauren Deutz. “By partnering with Minnesota Housing, we are highlighting a home ownership resource to our residents that they might not have known otherwise.”

Deutz said the EDA applied to the MCPP after seeing “quite a few” other Minnesota cities also participating in the program. One example was the city of New Ulm, she said.

Through the MCPP, qualified homebuyers can receive assistance that can be used toward upfront costs of purchasing a home. The program partners with cities and lenders to offer fixed-rate mortgage financing, along with options for down payment and closing cost assistance. Helping with those costs can help make home ownership more attainable for area residents, Deutz said.

The MCPP assistance is available to both first-time and repeat homebuyers. However, there are eligibility requirements, the EDA said. The houses being bought must also be located within Marshall city limits.

Homebuyers interested in the program can connect with participating lenders, or learn more about eligibility and application steps from the Minnesota Housing website.

More information on Minnesota Housing’s homeownership programs, and a directory of participating lenders, is available online at https://www.mnhousing.gov/home/homeownership/buy-home-refinance.