CLCLT Partnership Developments
What are CLCLT Partnership Developments?
The CLCLT partners with numerous for- and non-profit developers who build new construction homes or significantly rehab homes in Minneapolis. The homes are constructed or rehabbed by the partner organizations and sold to buyers with a significant price reduction through the CLCLT.
Homes developed through partnership developments to date include single family homes, townhomes, and condos. Multiple offers often occur on the sale of partner-developed homes and a selection process is utilized to determine the buyer.
Once sold into the CLCLT, the homes are subject to CLCLT income and resale restrictions at resale.
As of 2021, over 100 homeowners have purchased CLCLT partnership developed homes.
Partnership Development Home Parameters
All homes are in Minneapolis and may be single family homes, duplexes, townhomes or condos.
Homes available will be posted for sale on the CLCLT website, partner developer website(s), and 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.