North Star Neighbors, a community land trust (CLT), is building homes in the small, rural community of Thief River Falls, Minn., on two lots it purchased from MMCDC.
CLT homebuyers purchase the structure and improvements, while North Star Neighbors (NSN) retains ownership of the land. This, combined with CLT homeowners’ commitment to keep the home affordable for future NSN buyers through a shared-equity resale formula, allows NSN to sell to CLT buyers at prices well below market value.
The homes, a two-bedroom and a four-bedroom, blend in well with MMCDC-developed homes in the neighborhood.
Comparable homes are being built in Red Lake Falls.
