City of Lakes Community Land Trust Homebuyer Initiated Program (HIP)

City of Lakes Community Land Trust Homebuyer Initiated Program (HIP) is a shared-appreciation loan for homebuyers in Minneapolis, Minnesota, administered by City of Lakes Community Land Trust (CLCLT). The City of Lakes Community Land Trust Homebuyer Initiated Program (HIP) is a buyer-driven, shared-equity program that lets income-eligible buyers select a home in Minneapolis and purchase it with a CLCLT affordability investment, plus a post-purchase deferred-maintenance/rehab investment (up to about $20,000 per buyer). The CLCLT retains ownership of the land via a 99-year ground lease, keeping the home permanently affordable. Households must earn less than 80% AMI at closing and use a CLT-friendly mortgage. Affordability investment increases buying power. Buyer chooses the home. Up to ~$20,000 post-purchase rehab assistance. Permanently affordable via CLT ground lease. Funding comes from City of Minneapolis, Hennepin County, Metropolitan Council (LHIA), and other public/philanthropic affordable-housing funds.

City of Lakes Community Land Trust Homebuyer Initiated Program (HIP) is a shared-appreciation loan and is repaid under the terms set by City of Lakes Community Land Trust (CLCLT). Repayment is triggered by Community land trust shared-equity model: land owned by the trust under a 99-year ground lease; resale price restricted per the ground lease/resale formula rather than a conventional repayable DPA loan. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

City of Lakes Community Land Trust Homebuyer Initiated Program (HIP) is open to homebuyers who will live in the home as their primary residence. A homebuyer education course is required, through CLCLT pre-purchase education / orientation; attorney review of resale terms required prior to closing. Residency requirement: Home must be located in Minneapolis. Shared-equity Community Land Trust model (not a conventional cash DPA loan): assistance delivered as a purchase-price affordability investment with a 99-year ground lease and resale restriction. Specific affordability-investment dollar amounts vary by home and are not fixed on the program page (rehab investment up to ~$20,000). Verified ACTIVE on official CLCLT site as of June 2026.

City of Lakes Community Land Trust Homebuyer Initiated Program (HIP) limits household income to 80% of the area median income, which varies by county and household size. Household income must be less than 80% AMI at the time of CLCLT HIP closing (Minneapolis-St. Paul-Bloomington MSA). The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

City of Lakes Community Land Trust Homebuyer Initiated Program (HIP) can be used for Single Family and Duplex.

City of Lakes Community Land Trust Homebuyer Initiated Program (HIP) serves homebuyers purchasing in Minneapolis, Minnesota. Targeted neighborhoods: City of Minneapolis (citywide).

Applications for City of Lakes Community Land Trust Homebuyer Initiated Program (HIP) go through City of Lakes Community Land Trust (CLCLT), which publishes the current terms and the application steps on its own site. Funds are reserved through Buyer completes CLCLT application, attends orientation, obtains mortgage pre-approval through a CLT-friendly lender, then enrolls in HIP. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.