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PROJECT: Reclaim

Geographic Service Area: 
Minneapolis
Program Details: 
Available on specific homes rehabbed by Urban Homeworks
Contract for Deed Program
Must be a first time home buyer

PROJECT: Reclaim is a home ownership program created by Urban Homeworks. The goal of the program is to facilitate successful home ownership—helping to create healthy, vibrant, and sustaining communities.

Through PROJECT: Reclaim, we equip and support people who have been declined a conventional home mortgage due to credit challenges and create an opportunity for them to affordably own a home. Households will participate in a credit enhancement program and debt reduction, and the homebuyer’s exposure to financial risks and real estate speculation will be minimized.

Highlights of PROJECT: Reclaim

  • 3% Interest rate
  • Monthly payment will be approximately equal to a 6.5% conventional mortgage
  • Home values range between $100,000 and $150,000
  • 2% Reserve account established for the homeowner to use for approved purposes
  • Rehabilitated home with great attention to detail and stringent construction standards
  • Buyer support through mandatory credit enhancement program
  • Contract for Deed with an initial term up to 24 months

Determine your eligibility for PROJECT:Reclaim

  • You plan to purchase a home in Minneapolis
  • Household income greater than $30,000 annually
  • Household income is less than the following amounts based on:

1 Person $43,050
2 People $49,200
3 People $55,350
4 People $61,500
5 People $66,400
6 People $71,350
7 People $76,250
8 People $81,200

  • You do not qualify for a conventional mortgage
  • You need a credit enhancement program to minimize debt and increase credit score within the terms of the contract period

To Apply

For more information
Contact Urban Homeworks or call Mike Spicer at 612-272-6682.