Site
Single-family house
3BR, 2.5BA, 1,688 sq. ft. finished living area
Located in South Minneapolis
Timeline
Loan closure: July 13, 2020
Construction complete: February 22, 2022
Home sold: March 29, 2020
Financials
Land Bank construction loan: $242,375
City of Minneapolis subsidy: $80,000
Total development costs: $413,993
Purchase price: $330,000
Partners
Developer: United Developers
City of Minneapolis: Minneapolis Homes Program
Outcome
Land Bank financing and the City of Minneapolis subsidy supported an emerging BIPOC developer in creating a new affordable home for a Black, first-time homeowner and their family of four, who had a household income of 93% of Area Median Income.
