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Powderhorn Park Neighborhood Association
821 E 35th Street
Minneapolis, MN 55407
(612) 722-4817

City of Lakes Community Land Trust Readies a Powderhorn Home for Sale

Great 3 BR, 1.5 Bath, attached garage, totally rehabbed home available
through the City of Lakes Community Land Trust.  1715 E 37th Street

In the current mortgage market, it’s not easy to buy a house, especially for a credit approved low-income buyer. Tax Forfeited to Affordable Housing Program properties are rehabilitated for resale to the City of Lakes Community Land Trust (CLCLT), which then sells them low-income buyers at an affordable price. Through the CLCLT, the homes are not only affordable today, but will remain perpetually affordable for future generations of low-income buyers if the homeowner ever decides to sell.

The mission of the CLCLT is to provide and foster stewardship of perpetually affordable home ownership opportunities for low- and moderate-income families throughout Minneapolis and is achieved through three major objectives, including: assisting households that otherwise would never be able to purchase a home responsibly in having the ability to do so; ensuring that, if and when the homeowner(s) decide to sell, the CLCLT is there to keep the home(s) affordable for other income-qualified households; and provide support necessary for CLCLT homeowners be successful in homeownership.  To date, the CLCLT has assisted 130 families in achieve homeownership in the city of Minneapolis.

*The actual fair market sales price of this home is anticipated to be $174,900  The City of Lakes Community Land Trust (CLCLT) affordability investment in this property is up to $60,000 (buyer must qualify affordability investment from the CLCLT).  This affordable home opportunity is only available for households earning less than 80% of Metro Median Income (income limits below).  Affordability investments for this home provided by Hennepin County and MN Housing.

Affordable home purchase is subject to both income and resale restrictions associated with the CLCLT.  It is anticipated there will be multiple interested buyers for this property.  The CLCLT will utilize its buyer selection process listed in the CLCLT Homebuyer Manual to select the buyer (the Homebuyer Manual can be found on the www.CLCLT.org website).  To qualify for the buyer selection process, interested buyers will need to complete the following by December 31, 2011:

1.) submit a purchase offer on the home;
2.) complete the CLCLT application;
3.) attend a CLCLT orientation;
4.) attend (or show evidence of registration for) Homestretch homebuyer education session; and
5.) gain pre-approval from CLT eligible mortgage lender.

Home rehabilitation will be completed by January 31, 2012.  All purchase offers should list a move-in date of February 1, 2012 or later.

Household Size

1

2

3

4

5

Income Level

$44,950

$51,400

$57,800

$64,200

$69,350

Learn more at www.CLCLT.org or call 612-721-7556 x27.

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