1008 Park Street
MACLT Sales Price: $175,000
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MACLT sales price is $175,000 with up to $75,000 in down payment/closing cost subsidy available to qualified buyers, depending on income (details below).
We encourage any households that are pre-qualified for a mortgage of $100k or more to apply.
This recently renovated 4 Bed, 1 Bath home is the perfect house to make your homeownership dreams come true, just in time for the holidays!
How does MACLT and our subsidy work?
All buyers must earn under 120% area median income ($88,425 for an individual, $126,225 for a Family of 4). Buyers earning under 80% area median income can qualify for additional subsidy of up to $75,000, with the specific amount determined based on household income. 80% AMI is $58,950 for an individual, $84,150 for a family of 4. To avoid “over-subsidy,” all households must pay at least 20% of gross monthly income toward their mortgage payment, and other minimum debt payments (non-housing debts) cannot exceed 20% of gross monthly income. Additional eligibility information can be found on our Prospective Buyers page.
Submit your pre-application today by clicking the link at the bottom of this page.
Those who have submitted pre-applications will be the first to be notified when the full application is available for completion. MACLT will review full applications on a first come, first served basis and will respond with the information needed to proceed with determining eligibility. Final selection of homebuyer will be made on a "first ready, first served" basis, meaning the household chosen will be pre-qualified for a sufficient loan and will have provided all documentation necessary for MACLT to determine eligibility for our program and subsidy.
MACLT makes our homes affordable through a flat-rate, shared-equity resale formula. MACLT homeowners purchase the home’s structure and improvements to the property, while the CLT retains ownership of the land. MACLT homeowners agree to receive a 2.5% annual increase in the value of the home (see graphic). This allows MACLT to provide a fair return to its homeowners, while ensuring our homes can remain affordable from one household to the next.
MACLT homes are made affordable thanks to support from the US Department of HUD and the State of North Dakota, via the North Dakota Housing Finance Agency. Market-value of this home is approximately $230,000.
Working with a Realtor? MACLT will pay 3% commission to Buyer’s representative at closing.
Ready to pursue 1008 Park Street? Complete the application below, and submit to [email protected]. Applications will be reviewed and responded to in the order they are received. If you would prefer to submit your application in person, please contact Emily at (218) 791-4668 for instructions.
We encourage any households that are pre-qualified for a mortgage of $100k or more to apply.
This recently renovated 4 Bed, 1 Bath home is the perfect house to make your homeownership dreams come true, just in time for the holidays!
How does MACLT and our subsidy work?
All buyers must earn under 120% area median income ($88,425 for an individual, $126,225 for a Family of 4). Buyers earning under 80% area median income can qualify for additional subsidy of up to $75,000, with the specific amount determined based on household income. 80% AMI is $58,950 for an individual, $84,150 for a family of 4. To avoid “over-subsidy,” all households must pay at least 20% of gross monthly income toward their mortgage payment, and other minimum debt payments (non-housing debts) cannot exceed 20% of gross monthly income. Additional eligibility information can be found on our Prospective Buyers page.
Submit your pre-application today by clicking the link at the bottom of this page.
Those who have submitted pre-applications will be the first to be notified when the full application is available for completion. MACLT will review full applications on a first come, first served basis and will respond with the information needed to proceed with determining eligibility. Final selection of homebuyer will be made on a "first ready, first served" basis, meaning the household chosen will be pre-qualified for a sufficient loan and will have provided all documentation necessary for MACLT to determine eligibility for our program and subsidy.
MACLT makes our homes affordable through a flat-rate, shared-equity resale formula. MACLT homeowners purchase the home’s structure and improvements to the property, while the CLT retains ownership of the land. MACLT homeowners agree to receive a 2.5% annual increase in the value of the home (see graphic). This allows MACLT to provide a fair return to its homeowners, while ensuring our homes can remain affordable from one household to the next.
MACLT homes are made affordable thanks to support from the US Department of HUD and the State of North Dakota, via the North Dakota Housing Finance Agency. Market-value of this home is approximately $230,000.
Working with a Realtor? MACLT will pay 3% commission to Buyer’s representative at closing.
Ready to pursue 1008 Park Street? Complete the application below, and submit to [email protected]. Applications will be reviewed and responded to in the order they are received. If you would prefer to submit your application in person, please contact Emily at (218) 791-4668 for instructions.