Available
HOMES
COMING
Soon...
Over the next year, North Star Neighbors will be building homes in Thief River Falls and Red Lake Falls, while also providing opportunities to support market-rate purchases throughout the region.
Check out our Eligibility and Pre-Application pages to learn more about how you can become an NSN homeowner!
What is a
CLT?
A long-term solution for affordable home ownership opportunities in Northwest Minnesota.
Community land trusts create quality, affordable homeownership opportunities and preserve the affordability of homes for generations. CLTs accomplish this goal through new construction, acquisition and rehab of existing homes, or homebuyer-initiated purchase programs.
CLTs create quality affordable homeownership opportunities in two ways:
- Providing subsidy in the form 1st mortgage principal reduction, reducing the monthly payment burden to a level affordable to the first buyer, and;
2. Retaining ownership of the land on which the house is located, triggering a ground lease with a shared-equity resale formula. This allows the CLT to preserve the affordability of the home for generations.
