CLCLT Homebuyer Initiated Program (HIP) is an open market program that provides a grant for homebuyers to affordably purchase a home of their choice in Minneapolis and bring it into the Land Trust.

 

Once a buyer completes the necessary pre-purchase education and application steps with the CLCLT, they then can be enrolled in the program. HIP aligns buyers with an affordability investment and a commitment for a post-purchase deferred maintenance and/or rehab investment (currently up to approximately $20,000 in rehab assistance per buyer). HIP allows the buyer to leverage their mortgage with the affordability investment to be able to buy a home that previously would have been out of reach.

 

After the homeowner purchases the home through the CLCLT, the CLCLT will work with the homeowner to develop a scope of work and hire contractors to address deferred maintenance and rehab items on the home.

 

As of 2021, the CLCLT has assisted over 180 households purchase homes through HIP.

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HIP Parameters

• Homes must be in Minneapolis.

• Homes must be single-family homes or duplexes.

• Households must have household income of less than 80% AMI at time of CLCLT HIP closing.

• through a lender who has a CLT-friendly mortgage product approval

• Homeowner would need to complete CLCLT application, attend CLCLT orientation, and mortgage pre-approval

• Homeowner meets with attorney to review resale terms and CLCLT documents prior to closing.