Homes for the Future Announces Investment in the Preservation of 283 Homes in Minneapolis-Saint Paul and Plans to Launch in Atlanta
A new Grounded Solutions Network subsidiary is creating a pipeline of permanently affordable single-family homes.
Washington, D.C. – RealEstateRama – A portfolio of 283 single-family rental homes, dispersed across the Minneapolis-St. Paul region, is now under nonprofit control following a joint acquisition in late 2024 by Grounded Solutions Network’s Homes for the Future (HFTF) initiative and five other nonprofit organizations. HFTF invested $2 million in the $61 million purchase and leads the ownership group’s efforts to transition these homes and expand the number of community-controlled assets stewarded by nonprofit shared equity housing organizations.
“By bringing this previously for-profit, private equity investor-owned portfolio under nonprofit control, we have an opportunity to transition current tenants into home ownership and to rehab and sell the vacant homes at an affordable price to future families,” said Devin Culbertson, Vice President of Innovative Finance at Grounded Solutions Network. “We look forward to working with local Community Land Trusts (CLTs) to help expand their pipeline of shared equity homes by facilitating the acquisition of properties within this portfolio.”
Properties in the Twin Cities portfolio are concentrated in historically low-income communities of color, many of which are the fastest appreciating neighborhoods in the region. Homes in this portfolio may continue to be maintained as rentals or sold to the current tenants. When current tenants choose to move out, the homes will be sold, with priority given to nonprofit shared equity housing programs. The use of the shared equity housing model, such as a CLT, ensures ongoing affordable home prices upon each resale, even as property values rise.
Expanding Impact: Homes for the Future to Launch in Atlanta
Building on the momentum of HFTF’s first investment in Minneapolis-Saint Paul, HFTF will launch in Atlanta by the end of the year, preserving affordability for 75 single-family homes. This effort is supported by Housing Opportunity Bond financing from Invest Atlanta, alongside multiple private investors and CDFI lenders.
Typically, HFTF single family existing homes will be acquired and leased as affordable rentals for up to 10 years, before transitioning to become part of local nonprofit shared equity homeownership program portfolios, including Atlanta Land Trust — one of Atlanta’s largest CLTs with over 80 homes in its portfolio and 100 in development.
“We are thrilled to partner to expand permanently affordable homeownership opportunities in Atlanta by participating in Homes for the Future,” said Amanda Rhein, Executive Director of Atlanta Land Trust. “Grounded Solutions’ support will be instrumental in ensuring that Atlanta families can remain in their neighborhoods, build generational wealth, and strengthen our diverse communities.”
Scaling a Nationally Viable Solution
HFTF is uniquely designed to directly acquire single-family homes and place them in shared equity homeownership portfolios. The initiative’s goal is to reduce shared equity organizations’ reliance on public subsidy for home acquisition and rehabilitation, while directly expanding homeownership and wealth-building opportunities for communities throughout the country.
“Investing in community-aligned, accessible homeownership establishes the foundation for healthy, stable neighborhoods,” said Erika Brice, Investment Officer, Social Investment Practice, at the Kresge Foundation. “These investments also yield significant returns by providing essential infrastructure that fosters long-term economic resilience for both families and institutions.”
HFTF has been recognized as an innovative and scalable affordable housing solution by industry leaders such as Freddie Mac, Kresge Foundation, Wells Fargo Foundation, Enterprise Community Partners, Ivory Innovations, and the Community Preservation Corporation, and is viable in dozens of markets nationwide, with the potential to help thousands of homebuyers at risk of being priced out of homeownership.
Click here to learn more about Grounded Solutions Network’s Innovative Finance work and HFTF.
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Grounded Solutions Network is the nation’s premier nonprofit leader for housing solutions with lasting affordability, founded in 2016 through a merger of the National Community Land Trust Network and Cornerstone Partnership.
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