Dakota Land Trust Program

Dakota Land Trust Program is down payment assistance for homebuyers in Rapid City, South Dakota, administered by NeighborWorks Dakota Home Resources. A community land trust model in which the Dakota Land Trust buys the land and the buyer purchases only the house, with a 99-year ground lease and a $25/month land lease payment, lowering purchase price and monthly housing cost. Buyer purchases only the home; DLT retains land via 99-year lease at $25/month, lowering purchase price and monthly payment.

Dakota Land Trust Program is down payment assistance and is repaid under the terms set by NeighborWorks Dakota Home Resources. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Dakota Land Trust Program is open to homebuyers who will live in the home as their primary residence. A homebuyer education course is required, through NeighborWorks Homebuyer Education (online or in person, free). Shared-equity/land-trust affordability mechanism (assistance_type=other), not cash DPA. Min credit/DTI not published.

Dakota Land Trust Program limits household income to 80% of the area median income, which varies by county and household size. Household income below 80% AMI: 1-person <$39,550; 2-person <$45,200; 3-person <$50,850; 4-person <$56,500. The limit applies to total household income, not only the borrower&rsquo;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.

Dakota Land Trust Program names veterans, active-duty service members, reservists and National Guard members, surviving spouses, American Indian and Alaska Native homebuyers, educators, law enforcement officers, firefighters, healthcare workers, homebuyers with disabilities, and first-generation homebuyers among the groups it serves. Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Dakota Land Trust Program serves homebuyers purchasing in Rapid City, South Dakota.

Applications for Dakota Land Trust Program go through NeighborWorks Dakota Home Resources, which publishes the current terms and the application steps on its own site. 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.