Pilot Program Goal

Land Bank Twin Cities, Inc. (LBTC), in partnership with the City of Minneapolis’ Community Planning and Economic Development (CPED) Department, is proud to announce the Single-Family Investor-Ownership Intervention (SFIOI) Pilot Program, which aims to disrupt the trend of investor ownership of one-unit properties and reduce racial disparities by creating homeownership opportunities for households below 80% AMI. This Pilot Program provides participating developers with 0% deferred loans for up to 75% of the purchase price of eligible properties in accordance with Minneapolis Homes Financing Program Guidelines.

 

Eligible Applicants

Participating developers must demonstrate a development team that includes a developer or general contractor with experience on a Minneapolis Homes supported project within the past three years.

Eligible Properties

Properties located in the City of Minneapolis that are vacant, investor-owned one-unit properties and are acquired by Land Bank Twin Cities, Inc., a nonprofit entity.

 

Eligible Funding

Participating developers will be eligible for the lessor of:

  1. 75% of the posted purchase price from LBTC to participating developer.
  2. Demonstrated project gap need up to the limits of the Minneapolis Homes: Financing subsidy limits.

 

Application Period

The application period is now closed.

Pilot Program Application & Resources

Questions?

Please direct all questions to Garrett Peterson, Program Manager, at gpeterson@landbanktwincities.org.