Over the past several years, MN Community Land Trusts have a history of leveraging State investments with other private and public funding to create over 1,000 permanently affordable homes for working families. The following MN Housing Finance Agency funds have been invested in CLTs:
In 2012, MN Community Land Trusts received $1.3 million in housing infrastructure bonds allowed Community Land Trusts to acquire land to develop 40 homes. In 2014, members of the MN Community Land Trust Coalition were awarded nearly $3 million (bond and challenge funds) by the MN Housing Finance Agency that will create nearly 100 affordable homeownership opportunities for workforce households with moderate incomes statewide.
Increased funding in 2015 would ensure the growth of the unique homeownership opportunities provided by MN CLTs. With this funding, CLTs statewide could produce more than 100 additional homeownership opportunities for working families during the next year.
The bottom line, CLTs offer affordable and stable housing opportunities to Minnesota’s working families and address the growing needs of emerging markets. The Coalition’s analysis of communities served by them indicate an additional 3,000 households could benefit from this unique ownership model. Additional state support would leverage public and private funds to assist another 3,000 working families become homeowners over the next decade.
Members of the Coalition continue to work with state and local government units as well as other lenders such as HOME, Community Development Block Grants, Hennepin County, Met Council, Greater Minnesota, local communities, and private funders.
The Minnesota Land Trust Coalition supports passage of the Homes for All Agenda.
The MNCLT Coalition coordinates, supports, and enhances the activities of Minnesota CLTs to provide permanently affordable access to homeownership for low-to-moderate income individuals and families.
The MNCLT Coalition envisions communities where low and moderate income people have opportunities to own homes.