What are CLCLT Developments?
Over the past several years, the CLCLT has begun building new construction and significantly rehabbing more homes in Minneapolis. CLCLT developments consist of single-family homes, duplexes, and Accessory Dwelling Unit (ADU) structures.
Multiple offers often 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 resale.
As of 2021, the CLCLT has developed and sold approximately 20 homes.
CLCLT Developed Homes Parameters
All homes are in Minneapolis and are typically single family homes, duplexes, or homes with Accessory Dwelling Unit (ADU) structures.
Homes available will be posted for sale on the CLCLT website and the City of Lakes Community Realty (CLCR) website.
Households must have household income of less than 80% AMI at time of closing.
Potential Homeowners need to complete CLCLT application, attend CLCLT orientation, and mortgage pre-approval through a lender who has a CLT-friendly mortgage product.
Potential Homeowners meets with attorney to review resale terms and CLCLT documents prior to closing.