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. No minimum income is required, however, buyers must be able to obtain financing for the CLCLT purchase price. Homes can be single-family homes, duplexes, multi-generation homes, townhomes or condos and remain affordable for future limited-income buyers. Visit our “Application Process” page for details on how to apply.

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 $40,000 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 $55,900. There is no minimum income requirement, however, buyer’s must be able to qualify for a conventional loan with a CLCLT partner lender/loan officer. Visit our “Application Process” page for a list of our partner lenders and other application requirements.

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

 



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