Homes Within Reach
Home Ownership Assistance
5100 Thimsen Ave, Ste 120, Minnetonka, MN, 55345
(952) 401-7071
info@homeswithinreach.org
https://homeswithinreach.org/wp
Service Details
Description
Home ownership program that offers financial assistance to make home purchases more affordable for those that meet eligibility requirements
Additional Information
A project that sells homes and leases the land they are on to make them affordable.
A Community Land Trust (CLT) owns the land. The homebuyer purchases only the house and goes into an agreement with the CLT for the use of the land.
Features
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Area Served by County
- Hennepin County
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Specialization
- Family
- Individuals with criminal histories accepted
- People with low income
Eligibility
To qualify:
* Plan to purchase a home in a suburban Hennepin County
* Plan to live in the home
* Have a stable source of income within limits
* Are at least 21 years of age
* Are a citizen or legal resident of the United States
Application Instructions
To apply, fill out a pre-application package
Fees
There are application and home purchase fees
Area Served
Cities of Maple Grove, Brooklyn Park, New Hope, Golden Valley, St. Louis Park, Minnetonka, Wayzata, Bloomington, Deephaven, Eden Prairie, Edina, Richfield
Websites
Phone Numbers
| Type | Number | Hours |
|---|---|---|
| Main | (952) 401-7071 |
Last Update
3/25/2024
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-7000.8100-400Low Cost for Sale Homes/Housing Units Definition
Programs that offer homes or housing units including condominiums and apartments at lower than current real estate prices for individuals and families who wish to purchase housing and qualify on the basis of income. Also included are properties that are available under lease-purchase arrangements.
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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.
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YM-2780Homebuyers Definition
People who are in the process of purchasing a home.