Learn about the custom mortgage product from Land Bank Twin Cities

RE-Seed
Growing Ownership and Cultivating Change
Rooted in Equity
RE-Seed is a groundbreaking initiative launched in Fall 2024 by PPL, in partnership with Land Bank Twin Cities and a group of public and philanthropic organizations. Its goal is simple but powerful: to give a new generation of developers—especially those who’ve been historically left out of real estate ownership—a chance to own and manage small-scale affordable housing. At the same time, it helps keep these homes affordable and strengthens neighborhoods across the Twin Cities.
How it Works
RE-Seed is built on the idea that communities thrive when they have a stake in their housing. PLL transfers its housing properties to emerging developers from underrepresented backgrounds.
To encourage long-term success, PPL provides hands-on support in areas like budgeting, property management, working with tenants, and understanding housing regulations.
What RE-Seed Offers
Property Improvement Funds
A $1.8 million fund for property improvements like roofs, windows, and heating systems
Special Mortgage
A special mortgage from Land Bank Twin Cities with a low interest rate and minimal down payment
Forgiveable Down Payment Assistance
$50,000 in forgivable down payment assistance per property from the GroundBreak Coalition’s Entrepreneurship Program
Equitable Transformation
Portfolio
9
41
83
RE-Seed in the Future
RE-Seed isn’t just about selling properties—it’s about changing the game. Phase 2 is already underway, with more homes being prepared for sale. In the coming years, PPL hopes to see other organizations adopt this model, helping build a more inclusive and resilient housing market across the Twin Cities and beyond
Next Steps
Pilot Project Sold

PPL piloted a program in 2023 as part of our equitable development efforts to create a community-focused, transformational strategy that collaborates with emerging developers to buy our small, scattered-site properties.
“College House” in South Minneapolis was our first successful sale. The first of many to come, this tri-plex property was sold at a below-market price, with the buyer enjoying down payment assistance, a reserve pool to help cover unexpected costs to maintain each of the units, and property management consulting.
The property was improved before the sale, all in an effort to build the capacity of emerging developers, which, in turn, returns true community assets to community members. The newly named “RE-Seed” program is expected to launch to grow capacity and assets in full, in the fall of 2024.