Purchase price: $189,000.
Mortgage: $129,000; 30-year fixed-rate.
Monthly payment: $1,077 ( principal, interest, taxes and insurance).
Grant: $40,000 from the City of Lakes Community Land Trust (CLCLT) Home-buyer Initiated Program (HIP).
Deferred loan: $20,000 from the HOME program, a public and private sector partnership including Thompson Associates, the Family Housing Fund and the Minneapolis Public Housing Authority, which provides home-buyer education, counseling and funding for secondary mortgage financing.
Homeowner investment: $3,000 for closing costs.
WHAT IS CLCLT?
City of Lakes Community Land Trust creates affordable homeownership opportunities through housing grants that are subject to deed and resale restrictions. Staci Horwitz, project director, said that CLCLT has helped 65 low- to moderate-income buyers purchase land trust properties since 2004.
To learn more, visit www.clclt.org or call 612-721-7556, ext. 18.
To find Home Stretch first-time home-buyer workshops in your area, visit the Minnesota Homeownership Center at www.hocmn.org or call 651-659-9336.
