Single-Family Investor-Ownership Intervention Pilot Program

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.

© 2024 Land Bank Twin Cities, Inc.

2515 Wabash Avenue, Suite 150, Saint Paul, MN 55114

phone: 612-238-8210 | fax: 612-238-8219

info@landbanktwincities.org
Website Credits