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First Homes Community Land Trust

Administered by:

First Homes (Rochester Area Foundation)
· Nonprofit · Deferred Loan

Funding status: Active

How much assistance

Subsidized purchase price; First Homes typically reduces home cost by removing the land value from the price

First Homes owns the land and leases it to the buyer for 99 years. On resale, value appreciation is shared between the seller and the home itself, preserving affordability for the next income-qualified buyer.

Eligibility

  • Income limits:
    At or below 80% Area Median Income.
  • First-time buyer required: No
  • Geographic restrictions:
    Greater Rochester, Minnesota service area.
  • Homebuyer education required: Yes

How to Apply for First Homes Community Land Trust

Step 1: Contact First Homes to attend an orientation and get matched with a partner lender. Complete homebuyer education and counseling. Once approved, choose from First Homes' inventory of CLT homes as they become available.

Notes

First Homes has placed 300+ households into permanently affordable CLT homeownership in the Rochester area since 2000.

Cities Where This Program Is Available