We believe that justice, at a core level, is an economic issue. Urban Homeworks is working to develop creative ideas so that people have access to the financial benefits of homeownership. Partnerships with supportive partners ensure that low- to moderate-income families are equipped to succeed. All Urban Homeworks houses are developed and kept perpetually affordable through a partnership with the City of Lakes Community Land Trust*. Urban Homeworks currently offers two different homeownership options:

PROJECT: Reclaim

These homes are sold through a 3% contract-for-deed program intended to give homeowners the time and financial space they need to become fundable through a conventional mortgage product. Of the 3% contract, 2% is placed into a reserve account to be used as a down payment at the time of refinance. Additionally, each family agrees to a corrective action plan to address credit enhancement and a number of preparation items, increasing their understanding and readiness for homeownership. Due to current market conditions and tightened financing guidelines, many families on the margins are forced out of the market. Project:Reclaim provides an opportunity to families whose income qualifies, but who struggle with credit challenges.

Land Trust

Unlike Project:Reclaim, these homeownership opportunities are sold with conventional mortgages. Financing is obtained through traditional lending sources at fixed market interest rate for a 30-year term.

Current Properties For Sale

For more information, contact Mike Spicer, Community Outreach Director at 612-272-6682.

1522 Irving Ave N, Minneapolis, MN 55411 (land trust)

Current Price: $137,900

Features:

• 3 Bedrooms
• 1 ½ Baths
• 1,512 Square Feet
• Two-Car Garage
• Five Star Plus Energy Efficiency Rating
• Brand-new build
• Open floor Plan
• Homeowner can expand to 5 bed, 2 ½ bath

* City of Lakes Community Land Trust

The development of this high-quality housing is sold in partnership with the City of Lakes Community Land Trust on a conventional mortgage. Subsidies provided to make new and renovated homes permanently affordable to a family at or below 80% of the metro median income. The homes are high-efficiency, using quality materials. Great attention is given to the quality of life for the family, as well as the ongoing expense of operating a home. Partnering with the land trust ensures that each home will be affordable in perpetuity to low to moderate income families.