CLCLT Sale Price: $185,000*
The actual fair market sales price of this home is $275,000 (based on a December 2019 appraisal). The City of Lakes Community Land Trust (CLCLT) affordability investment in this property is $90,000. This home is made available through the CLCLT to households earning less than 80% of Area Median Income (income limits below). Affordable home purchase is subject to both income and resale restrictions through the CLCLT Ground Lease. Prior to purchase, interested homebuyers will need to:
- Complete the CLCLT application;
- Attend a CLCLT orientation;
- Attend a Home Stretch homebuyer education session; and
- Gain pre-approval from CLT-eligible mortgage lender.
Current Income Limits:
Household Size 1 2 3 4 5
Income Limit $52,850 $60,400 $67,950 $75,500 $81,550
Home must be sold to owner-occupant. Learn more at clclt.org or call 612.594.7145.
In August 2017, the City of Lakes Community Land Trust (CLCLT) acquired 210 West 46th Street. The foreclosed property had been vacant for several months; however, the CLCLT saw the opportunity to create, in partnership with Kingfield Neighborhood Association, a long-term affordable home in the southwest area of Minneapolis, which is increasingly difficult to achieve.
Fast forward two years, and rehab is now complete on the home. Structural issues with the foundation have been addressed; the kitchen and bathroom were reconfigured to facilitate better use of space; original wood floors were repaired and refinished; and a carport was constructed. Through the CLCLT, the home will be sold to an owner-occupant earning 80% or less of Area Median Income and will remain affordable long-term through the community land trust resale process.
Refinished hardwood floors
Kitchen features maple cabinets, stainless steel appliances and vinyl plank flooring
Bathrooms feature ceramic tile floors and shower surround, maple cabinets
All new mechanicals, roof and windows