Learn about the custom mortgage product from Land Bank Twin Cities
FOR EMERGING DEVELOPERS
Partner with PPL
Small properties are the ‘seed’ to growth
PPL is extending an opportunity to emerging developers to help grow a real estate portfolio, assets and equity through our RE-Seed program for PPL’s small unit properties. These properties are important community and neighborhood assets that need to be preserved. A key goal of RE-Seed is to help prepare aspiring developers to successfully own and manage these affordable housing assets into the future.
How It Works
PPL is preparing our small unit properties to ensure a stable investment opportunity for potential buyers. Properties ready for sale will be periodically issued through a Request for Qualifications and application process. Each round, PPL and partners will provide technical assistance to developers to prepare for transactions. Lessons learned will be shared with systems partners and through policy discussions.
Portfolio
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.
Contact PPL
Learn More About This Equity-Driven Strategy:
