PROJECT: Reclaim

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

• Fill out the PROJECT:Reclaim Process & Application Form
• Contact Mike at Urban Homeworks – 612-272-6682

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