Homes Within Reach Program

Homes Within Reach Program is down payment assistance for homebuyers in Minnetonka, Minnesota. Community Land Trust (CLT) homeownership program. Buyer owns home; HWR owns land via 99-yr ground lease. Resale formula caps appreciation. West/SW Hennepin County. 80% AMI ($72,950-$106,000). 640 FICO. Homes Within Reach (HWR) is a Community Land Trust (CLT) operated by West Hennepin Affordable Housing Land Trust. Buyers purchase the home structure outright using their own first mortgage, while HWR retains ownership of the underlying land via a 99-year ground lease (typical CLT model). The CLT subsidy effectively buys down the cost of the home by $100,000 - $200,000 (subsidizing typical buyer pricing into 60-80% of comparable market value), making homeownership accessible to households at 80% AMI Minneapolis-St. Paul MSA. The structure carries a resale formula that limits the buyer's appreciation share at resale (typically 25% of market appreciation accrues to the seller. 75% remains in the land-trust subsidy for future affordable buyers) - shared-appreciation by design. Coverage: West and Southwest Hennepin County suburbs (Minnetonka, Plymouth, Hopkins, St. Louis Park, Maple Grove, Eden Prairie, Wayzata). Funding comes from Local Government, State, HOME, CDBG, and Foundation.

Homes Within Reach Program is down payment assistance and is repaid under the terms set by the administering agency. Repayment is triggered by CLT subsidy is embedded in land ownership - not a separate repayable loan. At resale, the home structure is sold to the next income-qualified CLT buyer at the resale-formula price (limited appreciation per HWR formula) and CLT subsidy passes to the next buyer. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Homes Within Reach Program is open to homebuyers who will live in the home as their primary residence. On credit, the program states: 640 minimum FICO per first-mortgage product overlay. A homebuyer education course is required, through Homes Within Reach in-house CLT-specific homebuyer education plus HUD-approved counselor referral (NeighborWorks Home Partners, Three Rivers Community Action). CLT-specific 8-hour education includes ground-lease orientation, resale-formula training, and stewardship requirements. Residency requirement: Property must be HWR portfolio home in West/SW Hennepin County (Minnetonka, Plymouth, Hopkins, St. Louis Park, Maple Grove, Eden Prairie, Wayzata). Citizenship or immigration status: U.S. citizen, permanent resident, or qualifying non-permanent resident alien per first-mortgage product overlays. COMMUNITY LAND TRUST (CLT) PROGRAM - buyer purchases home structure only, leases land via 99-year ground lease from HWR. Income at or below 80% AMI Minneapolis-St. Paul MSA: $72,950 (1-person) up to $106,000 (4+ person). Must use Fannie Mae CLT-eligible first-mortgage product (or FHA-CLT eligible). 640 minimum FICO. Must complete HWR's CLT-specific homebuyer education (covers ground-lease, resale formula, stewardship). $1,000 minimum borrower contribution. RESALE FORMULA: appreciation at resale is restricted - buyer typically receives 25% of market appreciation; 75% remains in CLT subsidy. Property must remain primary residence; no rental beyond limited HWR-approved hardship circumstances. Property must be one of HWR's portfolio homes in West/SW Hennepin County (Minnetonka, Plymouth, Hopkins, St. Louis Park, Maple Grove, Eden Prairie, Wayzata).

Homes Within Reach Program limits household income to 80% of the area median income, which varies by county and household size. 80% AMI Minneapolis-St. Paul MSA: $72,950 (1-person) up to $106,000 (4+ person). 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.

Homes Within Reach Program caps the purchase price as follows: Variable - HWR home portfolio prices range $200,000-$320,000 (typical) for buyer's portion; underlying land remains in CLT. Eligible property types include HWR portfolio single-family detached homes and townhomes in West/SW Hennepin County. CLT structure - 99-year ground lease. New construction is eligible. Manufactured homes are not eligible.

Homes Within Reach Program serves homebuyers purchasing in Minnetonka, Minnesota. The program targets specific areas: HWR's portfolio homes are concentrated in West/SW Hennepin County suburbs - Minnetonka, Plymouth, Hopkins, St. Louis Park, Maple Grove, Eden Prairie, Wayzata.

Applications for Homes Within Reach Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through HWR portfolio match - buyer applies to HWR, completes CLT education, then is matched to an available HWR home as inventory permits. 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.