ProPublicaFeb 13, 2024

After Seeing Controversial Contract-for-Deed #Home Sales Affect Constituents, #Minnesota Lawmakers Propose #Reforms
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The state legislators said the home deals had harmed members of the #Somali community in and around the Twin Cities. Some buyers have lost their #homes.

#Housing #RealEstate #Minneapolis #News

https://www.propublica.org/article/minnesota-lawmakers-propose-contract-for-deed-home-sales-reform?utm_source=mastodon&utm_medium=social&utm_campaign=mastodon-post

After Seeing Controversial Contract-for-Deed Home Sales Affect Constituents, Minnesota Lawmakers Propose Reforms

The state legislators said the home deals had harmed members of the Somali community in and around the Twin Cities. Some buyers have lost their homes.

ProPublica
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Read our 2022 investigation with
Sahan Journal into how these risky home sales have affected Minnesota's Somali community:
https://www.propublica.org/article/how-contracts-for-deed-put-families-at-financial-risk
Real Estate Investors Sold Somali Families on a Fast Track to Homeownership in Minnesota. The Buyers Risk Losing Everything.

For Somali Muslim families in Minnesota, a contract for deed seems like an easier path to homeownership. But predatory practices and poor regulation can make it a financial trap rather than a good deal.

ProPublica
Feb 13, 2024 at 6:23pmWeb