Existing Minneapolis property owners have the opportunity to create a legacy of perpetually affordable homeownership in Minneapolis through the City of Lakes Community Land Trust (CLCLT). Donate a home or land parcel and help the CLCLT create and retain perpetually affordable homes in the City of Minneapolis. By making a gift of residential property in the City of Minneapolis, the donation provides you with tax-benefits while leaving the legacy of perpetually affordable homeownership and stability for future generations of low-income households. Other gifts of non Minneapolis real estate or assets include undeveloped land, residential, commercial and personal property may also be gifted to the CLCLT. These gifts would be sold and proceeds would benefit the mission of the CLCLT.
Real Estate Gifts May Be Accepted in a Variety of Ways:
Direct donation of a home or vacant parcel in Minneapolis: Donor transfers the property to the CLCLT. The CLCLT will rehab or develop a residential home on the property. The home will become perpetually affordable through the CLCLT.
Discounted Sale: Donor sells the property to the CLCLT for less than its appraised fair market value and receives a charitable deduction for the difference between the value of the property and the sale price. The discounted sale must typically be less than 80% of the current appraised value.
Retained Life Estate (RLE): Donor transfers ownership to the CLCLT, but retains the right to live in the property for a specified period of time or accepts a remainder interest in the home through a RLE agreement.
Bequest: Donor bequeaths the property to the CLCLT in their will or revocable (living) trust. If a gift of real estate is encumbered by a mortgage or lien, CLCLT will request the donor pay off the debt prior to making the donation.
Option Bequest: Similar to the bequest, a donor may elect to provide an opportunity for the CLCLT to purchase their home at a discounted amount (% below some future appraised value) at time of their passing per the terms of the will or revocable (living) trust.
Life Income Gift: Donor transfers ownership of the property to fund a charitable remainder trust or charitable gift annuity.
Please consider this information as a starting point. With all charitable gifts, it is important to consult
with your attorney or financial advisor to ensure that you comply with state laws, receive maximum tax benefits, and that your wishes are accurately reflected in necessary legal documents.
Please note that our legal name is the “City of Lakes Community Land Trust.”
The City of Lakes Community Land Trust is a non-profit corporation, organized under section 501(c)3 of the Internal Revenue Code. Our federal identification number is 06-1665031.