22-013 (02-02) HOMES Within Reach (HWR) Hennepin County 2022 Home Investment Partnership Program
February 3, 2021
Re: Application for 2022 HOME Investment Partnerships Program
To Selection Committee Members,
I am writing in support of the application by Home Within Reach (HWR), to Hennepin
County for HOME funds to assist them in providing affordable home ownership
opportunities within our community and others. At its meeting on February 2, 2022, the
Golden Valley City Council expressed its support for HWR’s application and directed that
a letter of support be drafted for the organization. A copy of the resolution for that
meeting has been included with this letter.
HWR has been a long-standing member of the community here in Golden Valley, having
purchased and renovated multiple properties for affordable home ownership. The
organization offers these unique home ownership opportunities through the land trust
model, which is an excellent means for providing long-term and sustainable
homeownership to individuals and families who might otherwise not be able to
purchase a home on their own. In 2021, eleven households purchased a home within
the land trust, and these households had an average income of 52% AMI.
Since 2020, the Twin Cities housing market has grown increasingly expensive, and this is
true especially in Golden Valley. Just between 2020 and 2021, the City saw its median
sales price for homes jump from $367k to $390k (based on data from Minneapolis Area
Realtors). In 2021, HWR was unable to purchase any homes within Golden Valley to add
to its existing portfolio, due to a combination of increased sale price and the amount of
competition on those homes they could make offers on.
Consistent funding is critical to the work of HWR, in order to purchase and rehabilitate
homes both in our City and the County. While the City is exploring opportunities to
partner directly with HWR in the future, HOME funds this year could be leveraged by the
organization to work in areas where home prices are higher. Golden Valley is pleased to
work with HWR and hopes the Selection Committee will consider their request.
Sincerely,
On behalf of the Golden Valley Mayor and City Council,
Tim Cruikshank
City Manager
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