City of Lakes Community Land Trust

In 2023 the clclt had assisted another 25 new households achieve clclt homeownership in minneapolis, bringing the total number of homes in Trust to 377 via ground lease and deed restrictions. Construction on the clclt's two largest projects, the 628 (7-unit condominium complex) and harrison townhomes (17-units), began in earnest in 2023. Closings on individual units for both projects are scheduled to start in april 2024. Additionally, the clclt acquired twelve new properties through its homebuyer initiated program; eight homes through partnerships with other nonprofit developers; one through the african american Community Land Trust initiative; one through the seller-leveraged program; and one through project: sustained legacy. of all households served in 2023, 61% were from communities of color, and the average area median income was 50.44%.the rapid increase in mortgage interest rates and low housing stock was a significant factor in the number of households served in 2023. The clclt assisted six fewer households in 2023 when compared to 2022. Many clclt homebuyer initiated program (hip) buyers were unable to find quality homes at an affordable, sustainable monthly housing payment through the program. At the same time, the clclt was able to move forward on projects supported through the City of minneapolis' american rescue plan act (arpa) fund commitments. These projects will actualize affordable homeownership opportunities in 2024. In addition to the 377 homes in Trust at year-end 2023, the clclt also owns and maintains four rental properties, the clclt office building, and several additional properties under development in minneapolis. Each of these properties will remain perpetually affordable with no or very little additional affordability investment being needed again. As of year-end 2023 the clclt had also facilitated a total of 124 resales. It's important to note that no new public investments were needed to create affordability for the 124 resales due to the long-term affordability mechanism built into the Community Land Trust. The resales represent 124 low- and moderate-income households who were assisted into homeownership without the clclt needing to raise additional funds to keep the homes affordable despite rapidly rising home values in minneapolis and increasing interest rates nationally. Although construction costs stabilized slightly in 2023, the impact continues to be felt on construction projects. Even though public funders have begun to adjust their per unit affordability or development gap maximum subsidy levels, the clclt remains cautious about taking on development projects without ample gap resources or definitive permanent financing sources available to ensure the homes are priced affordably at time of completion.in 2023 the clclt sponsored over 28 clclt orientations. Continuing to provide virtual orientations has allowed the clclt to offer orientations without limiting the number of attendees due to space restrictions. Additionally, the clclt participated in seven Community events. Through these outreach opportunities, the clclt estimates it was able to inform over 1,500 Community members about Community Land Trust homeownership and the clclt's paths into homeownership. Additionally, the clclt continues to meet with homebuyers virtually, present to neighborhoods and social/human service providers, and other stakeholders about homebuyer opportunities in the Community and through the clclt way of homeownership. The clclt is currently staffed by 7.0 fte employees. Other items of significance to note for 2023: the clclt's long-time executive director transitioned out of the organization in june 2023 and a new executive director started at the end of june. Also, the clclt received its most substantial financial gift of $10,000,000 midway through the year.

City of Lakes Community realty (clcr), a Minnesota limited liabilty nonprofit company, was formed to facilitate Land Trust resales, purchases, and sell residential real estate on behalf of clclt, and to represent real estate transactions of partner organizations providing affordable home ownership. The activities are supported primarily from commissions on real estate sales.