Northern Homes CDC Community Land Trust Program

What is Northern Homes CDC Community Land Trust Program?

Northern Homes CDC Community Land Trust Program is down payment assistance for homebuyers in Boyne City, Michigan, administered by Northern Homes Community Development Corporation.

• The Northern Homes CDC Community Land Trust program offers an affordable, shared-equity path to homeownership across Northern Michigan. The Land Trust owns the land and the buyer purchases the house itself at a below-market price, entering a 99-year renewable ground lease with an annual lease fee. A resale formula keeps the home permanently affordable for future buyers while letting the homeowner build and capture a portion of equity. Northern Homes also provides HUD-certified homebuyer education and counseling.
• Below-market home purchase price (buy the home, not the land).
• Long-term affordability via resale formula.
• Build and capture a portion of home equity.
• Free/low-cost homebuyer education and HUD-certified counseling.
• Funding comes from Northern Homes CDC (land acquired and held by the Community Land Trust).

Do you have to pay it back?

Northern Homes CDC Community Land Trust Program is down payment assistance and is repaid under the terms set by Northern Homes Community Development Corporation.

• Repayment is triggered by On resale, a resale formula in the 99-year ground lease limits the seller's profit to keep the home permanently affordable; buyer captures a portion of appreciation.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Northern Homes CDC Community Land Trust Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

Northern Homes CDC Community Land Trust Program sets its income limit as follows: Open to low- and moderate-income homebuyers (income-qualified). Specific income limits by household size not published on the program page.

• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Northern Homes CDC Community Land Trust Program caps the purchase price as follows: Home purchased at a below-market price because the buyer does not purchase the land; specific price caps set per home.

• Eligible property types include Single Family.
• New construction is eligible.

Where does it apply?

Northern Homes CDC Community Land Trust Program serves buyers purchasing in Boyne City, Michigan.

How do you apply?

Applications for Northern Homes CDC Community Land Trust Program go through Northern Homes Community Development Corporation, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Northern Homes CDC HUD-certified / MSHDA LINKS housing counselors; eHomeAmerica online course.

2. 2

   Contact Northern Homes Community Development Corporation to reserve funds

   Funds are reserved through Inquiry/orientation through Northern Homes CDC; CLT homes offered as available., and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.