G
wendolyn Stewart had long admired the house she passed on her daily walks. After renting it for a decade, she finally turned that dream into reality with the help of Land Bank Twin Cities.

    In the U.S., the average age of a first‑time homeowner has climbed to 40, the highest on record, according to the National Association of Realtors. In the Twin Cities, a single organization is working to level the playing field for communities that face extra hurdles to owning a home.

    “We step in to disrupt the inequities in the real estate market,” says Aarica Coleman, CEO of Land Bank Twin Cities. The bank acquires high‑demand properties across the metro, holds them, and then seeks developers who prioritize community benefit. “We focus on neighborhoods that have been historically disadvantaged or excluded because of race, income, or economic status,” Coleman adds.

    Recently, the bank had the chance to sell a Minneapolis rental from its portfolio and had the ideal buyer in mind. “I’ve been renting this place for ten years,” Gwendolyn Stewart, a first‑time buyer, recalls. “I always thought it was a beautiful house, and when it came up for rent, I applied and got it.” Yet, she never imagined she could purchase it. “It just wasn’t the right time,” she says.

    The Twin Cities metro exhibits one of the nation’s largest racial gaps in homeownership, with estimates showing a 51% difference between white and Black ownership. Black homeownership rates have declined over the past century, even falling below 1950s levels, Coleman notes.

    Land Bank connected Stewart, a Black resident, with a realtor who guided her through financial options and provided educational resources. “I took the first‑time homebuyer class,” she says. Initially struggling to secure a loan, her realtor, Seanne Thomas, found additional assistance. “We used the Advancing Black Home Ownership Community Fund for the down payment,” Thomas explains. “After 24 years in the business, this is the first time I’ve seen a long‑term tenant stay and not be displaced.”

    Coleman emphasizes that such purchases build generational wealth. “She can pass the property down if she chooses,” he says. Stewart shares, “I hope my kids appreciate this and keep it in the family. It’s a good investment.” More importantly, she can create lasting memories in the home she once only admired.

    The realization of her dream is now a tangible reality: a house she once admired, now owned.