Project:Reclaim is a homeownership program in response to boarded, condemned or foreclosed properties and restores them with the efforts of trainees and volunteers. It makes these houses available to low- to moderate-income families on a low-interest contract for deed. The homebuyers commit to correcting credit issues and reducing consumer debt. This effort gives families desiring homeownership the financial space and time to improve their stability and become able to conventionally finance a home. When families can move from renting to owning, they not only have a place to call home, but also become even more engaged in the life of their community. They now control the destiny of their housing.

Project:Reclaim is a homeownership tool to equip and support households to successfully own quality, revitalized homes.

The goal of Project:Reclaim is to facilitate successful homeownership that helps create a healthy and vibrant community. It is designated for households that have been declined a regular mortgage due to credit challenges. This program creates an opportunity for people to affordably own a home and participate in a credit enhancement program and debt reduction. Project: Reclaim minimizes the homebuyer’s exposure to financial risks and real estate speculation. Click here to see the PROJECT: Reclaim brochure.

Highlights of Project: Reclaim

  • 3% Interest rate
  • Monthly payment will be approximately equal to a 6.5% conventional mortgage
  • Home values range between $100,000 and $150,000
  • 2% Reserve account established for the homeowner to use for approved purposes
  • Rehabilitated home with great attention to detail and stringent construction standards
  • Buyer support through mandatory credit enhancement program
  • Contract for Deed with an initial term up to 24 months

Determine your eligibility for Project:Reclaim

  • You plan to purchase a home in Minneapolis
  • Household income greater than $30,000 annually
  • Household income is less than the following amounts based on
    • 1 Person $44,800
    • 2 People $51,200
    • 3 People $57,600
    • 4 People $64,000
    • 5 People $66,400
    • 6 People $71,350
    • 7 People $76,250
    • 8 People $81,200
  • You do not qualify for a conventional mortgage
  • You need a credit enhancement program to minimize debt and increase credit score within the terms of the contract period

To Apply