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Carver County Community Development Agency (CDA)

Home Ownership Assistance - Carver County Community Land Trust

Carver County Community Development Agency

705 N Walnut St, Chaska, MN, 55318

Distance: 523 Miles

(952) 448-7715 Ext: 2782

Website

https://www.carvercda.org/services/housing/homeownership-and-land-trust/community-land-trust

Service Details

Description

Home ownership program that offers financial assistance to make home purchases more affordable for those that meet eligibility requirements


Additional Information

Helps potential home buyers with low-to-moderate incomes purchase a home on property that is leased from the land trust through a long-term (99-year), renewable ground lease


How does it work?
* They acquire land that a new home is then built on, or acquires a home that is for sale in the community.
* An appraisal is conducted to set the fair market value of the house and land.
* The house is sold to a qualifying family, but the deed for the land is kept with the trust and leased for a nominal monthly fee.
* When the homeowner wishes to sell, a second appraisal is conducted to establish the new value of the house and land, this new value determines the new re-sale price.
* 75% of the appreciation in value stays with the land, where it serves to make the house affordable for the next buyer.


Features

  • Area Served by County
    • Carver County 
  • Specialization
    • Family 
    • People with low income 

Business Hours

8:00am - 4:30pm, Monday - Friday


Area Served

Carver County


Websites

Phone Numbers

Type Number Hours
Main (952) 448-7715

Last Update

12/2/2024

Other Locations

This provider does not offer this service at other locations.

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