Contract for Deed Homes Minnesota

Document Sample
Contract for Deed Homes Minnesota Powered By Docstoc
					Community Land Trusts

                 NIFA
  Annual Affordable Housing Conference
            January 28, 2009
    Community Land Trusts (CLTs)
        in the United States
• Over 240 Community Land Trusts Nationally
• Originated in the South
• Large growth, more established in NE
• Growing presence in NW and SW
• Regional Coalitions in NW, SE, and MN
• Vary greatly in scope and role in community
  served
• Early as a movement, then affordable housing,
  more recently as a municipal financing mechanism
             CLTs in Minnesota

• 10 CLTs in Minnesota
• Over 650 CLT homeowners in MN
• Urban, Suburban, and Rural
• Great diversity in how each CLT serves their
  community
• Recently incorporated, gained 501c3 status as the
  MN CLT Coalition
• Hired Executive Director in Fall 2008
• Focused on policy, best practices, data collection,
  furthering collective missions
    City of Lakes Community Land Trust

•   City of Minneapolis
•   Incorporated in 2002
•   First Household assisted in 2004
•   Staff of 2.5 FTEs
•   84 CLT homeowners, 5 resales to date
•   Single Family Homes, Townhomes, and Condos
•   Not a developer
•   25% Appraisal-Based Resale Formula
    CLCLT Programs in Mpls.

• Developer Partnerships
  – New Construction
  – Rehab
  – Foreclosure Related Rehabs
• Homebuyer Initiated Program (HIP)
  – Increasingly Foreclosed Homes
    CLCLT Applications in Mpls.

•   Habitat for Humanity Partnership
•   Project: Reclaim - Contract for Deed Program
•   SF Homes/Townhomes – Ground Lease
•   Condos – Deed Restriction
•   Mixed-use developments
•   Possible Duplexes, Rental, Commercial
    Applications in the future
Single Family Homes
Homebuyer Initiated Program (HIP)
     Single Family Homes
Townhomes and Condos
  Neighborhood Stabilization
   Program (NSP) Activities
• $58 Million to Minnesota
• Over $3 Million to Hennepin County
• $5.6 Million to Minneapolis (another $5.6 million
  from State level directed to Minneapolis)

• $450,000 for Buyer Initiated Program ($150,000
  pre-directed from NSP funds)
• $550,000 for Partner CDC Lease/Purchase (Contract
  for Deed) program “Project: Reclaim”

• City of Minneapolis looking to CLCLT for assistance,
  especially for 25% below 50% MMI solutions
            CLCLT Resales
5 CLCLT resales and another 2 for resale

•   2 homeowners moved out of state
•   1 growth in family/income
•   2 deceased
•   1 wasn’t a good fit
•   1 lateral move to HIP home
    CLCLT Homebuyer Process
        Required of every CLCLT buyer

•   Homebuyer Education Course (9 hours)
•   CLCLT Orientation (1 hour)
•   CLCLT application
•   Pre-approval from CLCLT approved lender
•   Attorney review (paid for by CLCLT)
•   Post-purchase events/trainings
              CLCLT Buyer Info Packet Available
Considerations in Starting a CLT

• Understanding scope, need, and financial
  support from a community
• The cost of starting and maintaining a CLT
• Public (municipal/government) support
• Lender, realtor, business support
• Ability to demonstrate a ROI to the
  community
• Housing is the easy part….
                    Contact Info

Jeff Washburne
Director, City of Lakes CLT
612-721-7556 x17
jeff@clclt.org
www.clclt.org

Burlington Associates in Community Development
www.burlingtonassociates.com

National CLT Network
www.cltnetwork.org

				
DOCUMENT INFO
Shared By:
Categories:
Stats:
views:14
posted:7/16/2010
language:English
pages:14
Description: Contract for Deed Homes Minnesota document sample