Details of the Community Land Trust program

The City of Lakes Community Land Trust (CLCLT) helps low- to moderate-income people buy homes with Affordability Grants in Minneapolis. The CLCLT partners with developers to build new homes to sell at below-market prices. It also rehabs foreclosed housing to sell to qualifying buyers. Families and individuals also can purchase a home they find on their own with a grant from the Homebuyer Initiated Program (HIP).

To qualify for the CLCLT program, you must earn less than 80 percent of the area median income.

The CLCLT owns the land, and the homeowner owns the house. If the homeowner decides to sell, a formula determines the home's resale price and the homeowner's equity at the time of sale. The CLCLT maintains ownership of land with each sale, keeping the homes affordable for current and future homeowners.

For information, go to www.clclt.org or call 612-594-7150.

Purchase price: $116,000.

Mortgage amount: $60,000.

CLCLT affordability grant: $56,000.

Minnesota Housing Closing Cost Assistance: $4,300.

Lindsey Towler's investment: $1,000 (earnest money).

Monthly payment: $557 (principal, interest, taxes and insurance).

Time it took: Approximately four months from date of application.