CLCLT Pathways to Homeownership

Homes for Sale and Developer Partnerships

CLCLT partners with builders and developers to create new homes and sell them to CLT homebuyers at below-market prices. This also includes the resale of existing CLCLT homes and solely-developed properties by the CLCLT. Homes can be single-family homes, duplexes, multi-generation homes, townhomes or condos and remain affordable for future limited-income buyers.

Homebuyer Initiated Program (HIP)

The CLCLT Homebuyer Initiated Program (HIP) helps families and individuals purchase and fix-up single-family homes and duplexes that are for sale in Minneapolis allowing buyers to choose homes and neighborhoods that meet their needs. HIP puts homeownership within the reach of low- to moderate-income households with the help of two grants:

  • Affordability Grant: The HIP Affordability Investment Grant gives participating households more purchasing power by reducing the amount of mortgage financing needed to purchase a home for sale on the open market in Minneapolis. CLCLT’s current affordability grant is up to $30,000 but no more than what a buyer can contribute to a transaction.
  • Rehab Grant: The HIP Rehab Grant provides up to $15,900 for participating households to use to fix up homes purchased through HIP.* Rehab funds can be used to address any mechanical, structural, and safety issues that a home has at the time of purchase. The rehab grant helps ensure that an expensive repair will not jeopardize the financial stability of the new homeowner in the first few years of homeownership. Examples of the eligible rehab include roof replacement, plumbing and electrical updates, lead abatement, storm window and door replacement, siding repair, etc.

The maximum CLCLT investment in any HIP home is $50,000.*

*When funding sources allow. Not applicable to CLCLT resales or partner developments.

PROJECT: Reclaim

Through a partnership with Urban Homeworks, Build Wealth Minnesota, and the CLCLT, PROJECT: Reclaim facilitates homeownership through a Contract for Deed program that includes a competitive housing payment and a credit enhancement plan (developed by the buyer and Build Wealth Minnesota). PROJECT: Reclaim homeowners use the credit enhancement plan to pay down existing debt and to address credit issues with the goal to refinance into a conventional mortgage within 2 to 4 years. PROJECT: Reclaim is designed specifically for buyers wanting to pursue homeownership who were denied a home mortgage as a result of credit and/or debt challenges.

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