City of Lakes Community Land Trust (CLCLT)
Home Ownership Assistance
1930 Glenwood Ave, Minneapolis, MN, 55405
Distance: 513 Miles
(612) 594-7150
https://www.clclt.org/home-buyers
Service Details
Description
Home ownership program that offers financial assistance to make home purchases more affordable for those that meet eligibility requirements
Additional Information
Provides affordable home ownership opportunities for low- and moderate-income families throughout Minneapolis.
Features
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Area Served by County
- Hennepin County
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Specialization
- Family
- People with low income
Eligibility
In order to qualify homebuyers must earn less than 80% of the area median income based on household size.
Area Served
City of Minneapolis
Websites
Phone Numbers
Type | Number | Hours |
---|---|---|
Main | (612) 594-7150 |
Last Update
3/7/2024
Other Locations
This provider does not offer this service at other locations.
Other Services or resources
This provider does not offer other services or resources at this location.
Taxonomy Terms Used: Clicking a taxonomy term from the list below launches a new search.
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BH-3500.3400-450Low Income Home Loans Definition
Programs outside of HUD that provide direct or guaranteed housing loans for low-income families who do not have sufficient resources to purchase a home for themselves and who could not otherwise secure credit for this purpose.
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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-3300.6500Poverty Level Definition
People whose annual income is within the federal poverty level guidelines which vary according to family size and are revised annually.