The Perfect House at the Perfect Price
Vicky Richardson has three kids and staffs the front desk at Sabathani Community Center in Minneapolis. She’s spent most of her life in the city, but for just over a year had rented a home in Edina through the housing program of Third Way Network, until she found out her unit would no longer be available. Third Way connected her with some resources for finding a new place, and the City of Lakes Community Land Trust (CLCLT) was one of them.
Through the CLCLT’s Homebuyer Initiated Program (HIP), Vicky found and purchased a house in northeast Minneapolis. The house had been in foreclosure and was in great shape. Vicky was clearly thrilled. “It’s the perfect house,” she said. It has four bedrooms, a finished basement, and lots of outdoor space, and it’s on a quiet street.”
As a renter, Vicky paid $950 a month— manageable, but a stretch. Now, her monthly house payment is $572. “And my son keeps saying, ‘We own a house!’” The process of purchasing the house, she said, “couldn’t have gone any smoother.” Vicky and her family moved into their new home in 2009, and they look to the future: “We’re going to be really happy here for a long time.”
Contributed by City of Lakes Community Land Trust.