5103 7th Ave North
GFCLT Sales Price: $225,000 + up to $75,000 in subsidy to qualified buyers
We encourage any households that are pre-qualified for a mortgage of $150k or more to apply.
Market value of this home is approximately $280,000
This 3 Bed, 2 Bath home was built in 1998, just west of UND. GFCLT is currently finishing up light rehab, including refreshing the kitchen with all new appliances! 5103 isn’t just a starter home, it could make a great forever home!
How does GFCLT and our subsidy work?
All buyers must earn under 120% area median income (currently $87,675 for an individual, $125,175 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 $58,450 for an individual, $83,450 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.
GFCLT makes our homes affordable through a shared-equity resale formula. GFCLT homeowners purchase the home’s structure and improvements to the property, while the CLT retains ownership of the land. CLT homeowners agree to share appreciation with the CLT when they sell in the future, allowing GFCLT to keep our homes affordable from one homeowner to the next. GFCLT homeowners receive approximately 25% of their homes appreciation at resale, plus all of the mortgage principal they’ve paid down during ownership.
GFCLT 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 $280,000.
Working with a Realtor? GFCLT will pay 3% commission to Buyer’s representative at closing.
How does GFCLT and our subsidy work?
All buyers must earn under 120% area median income (currently $87,675 for an individual, $125,175 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 $58,450 for an individual, $83,450 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.
GFCLT makes our homes affordable through a shared-equity resale formula. GFCLT homeowners purchase the home’s structure and improvements to the property, while the CLT retains ownership of the land. CLT homeowners agree to share appreciation with the CLT when they sell in the future, allowing GFCLT to keep our homes affordable from one homeowner to the next. GFCLT homeowners receive approximately 25% of their homes appreciation at resale, plus all of the mortgage principal they’ve paid down during ownership.
GFCLT 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 $280,000.
Working with a Realtor? GFCLT will pay 3% commission to Buyer’s representative at closing.
Click here for the Fillable PDF Application for 5103 7th Avenue North
If you are having trouble with this file, please e-mail [email protected] or call (218) 791-4668 and we will provide an alternative option.
Applications will be reviewed in the order that they are received. GFCLT will then respond with a list of verification materials needed to complete the eligibility process. GFCLT will enter into a purchase agreement on a "first ready, first served" basis with the first household that is determined eligible for GFCLT programming AND is eligible for financing through a CLT-participating lender.
