What are CLCLT Resales?
Homeowners who previously purchased homes through the CLCLT are ready to move on and decide to list their homes for sale. These resales now consist of single-family homes, duplexes, homes with Accessory Dwelling Unit (ADU) structures, townhome units, and condo units.
Depending on when the home entered the CLCLT, the resale price may be significantly below market value. Often, multiple offers occur on the sale of CLCLT-developed homes and a selection process is utilized to determine the buyer.
Once sold to buyers, the homes are subject to CLCLT income and resale restrictions at a subsequent resale.
As of 2021, the CLCLT has facilitated over 110 successful resales.
CLCLT Resale Parameters
All homes are in Minneapolis and may consist of single family homes, duplexes, or homes with Accessory Dwelling Unit (ADU) structures, townhome units or condo units.
Homes available will be posted for sale on the CLCLT website and/or the City of Lakes Community Realty (CLCR) website and/or other Realtor websites.
Households must have household income of less than 80% AMI at time of closing.
Homeowner would need to complete CLCLT application, attend CLCLT orientation, and mortgage pre-approval through a lender who has a CLT-friendly mortgage product.
Homeowner meets with attorney to review resale terms and CLCLT documents prior to closing.