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
(952) 448-7715 Ext: 2782
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
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Area Served by County
- Carver County
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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
10/9/2024
Other Locations
This provider does not offer this service at other locations.
Other Services or resources
Taxonomy Terms Used: Clicking a taxonomy term from the list below launches a new search.
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TB-3000.1500Community Land Trusts Definition
Housing development organizations that acquire and hold parcels of land, primarily for conveyance under long-term leases, but transfer ownership of structural improvements (residential and commercial buildings) on leased parcels as a way of creating and preserving affordable housing. The land leases are generally renewable and may be assignable to the heirs of the leaseholder, but have "limited equity" policies and formulas that restrict the resale price of the housing in order to maintain its long-term affordability. The trust may also retain a preemptive option to purchase improvements located on the land at a price determined by the formula. The objective of community land trusts is to provide homeownership opportunities for people who might otherwise be left out of the market and to preserve the long-term eligibility and accessibility of housing predominantly for very low income, low income and moderate income individuals and families.
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YL-3300.4500Low Income Definition
Individuals or families whose annual income is between 150 and 200% of poverty level for their family size.
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YL-3300.5000Middle Income Definition
Individuals or families whose annual income is greater than 200% of the poverty level for their family size.
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YL-3300.6500Poverty Level Definition
People whose annual income is within the federal poverty level guidelines which vary according to family size and are revised annually.