One Roof Community Housing
Home Ownership Assistance - Down Payment and Closing Cost Assistance
12 E 4th St, Duluth, MN, 55805
Distance: 516 Miles
(218) 727-5372
info@1roofhousing.org
https://1roofhousing.org/homebuyers/downpayment-assistance/purchase-assistance-loans
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 down payment and closing cost assistance for income eligible households purchasing within the Duluth city limits.
Community Land Trust helps provide access to land and housing to people who might otherwise not have access. The program allows lower-income home buyers to purchase Land Trust homes at a low price. In exchange for this assistance, One Roof maintains ownership of the land, which homeowners lease for a small fee.
Features
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Area Served by County
- St. Louis County
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Specialization
- Family
- People with low income
Application Instructions
An application is available online.
For more information, please call (218) 727-5372
Business Hours
8:00am - 4:30pm, Monday - Thursday
Area Served
Primarily serves residents of Duluth
Websites
Phone Numbers
Type | Number | Hours |
---|---|---|
Main | (218) 727-5372 |
Last Update
6/14/2024
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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BH-3500.3500Housing Down Payment Loans/Grants Definition
Programs that provide cash grants or loans for people who want to purchase or build a home and need all or a portion of the amount that is required to make a down payment on the home or property. Included are conventional loans, deferred loans (in which payments are deferred until the home is sold) and forgivable loans (in which all or a part of the loan is forgiven if the borrower resides in the home for a specified period of time).
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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.