22-100 (11-01) Approve LHIA Affordable Homeownership Pilot Application for HOPE
RESOLUTION NO. 22-100
A RESOLUTION APPROVING THE LOCAL HOUSING INCENTIVES
ACCOUNT (LHIA) AFFORDABLE HOMEOWNERSHIP PILOT APPLICATION
TO THE METROPOLITAN COUNCIL FOR THE HOME OWNERSHIP
PROGRAM FOR EQUITY (HOPE)
WHEREAS, the City has elected to participate in the Local Housing Incentives
program established by the Metropolitan Livable Communities Act (LCA) as well
as partnered with the Metropolitan Council to establish a set of goals for
affordable and lifecycle housing; and
WHEREAS, the City established the Home Ownership Program for Equity to
make City owned lots available for affordable and equitable homeownership
development; and
WHEREAS, HOPE prioritizes organizations that have demonstrated success in
building relationships of trust with Black, Indigenous and people of color and in
serving first generation homebuyers and other underrepresented homebuyers;
and
WHEREAS, systemic racism in housing occurs today – Black, Indigenous, and
other communities of color continue to face discrimination and lack of access to
affordable housing and home ownership; and
WHEREAS, the City has higher racial disparities in homeownership than the
regional average; and
WHEREAS, the share of single-family housing stock in the City (72 percent) and
the share of owner-occupied housing stock (74 percent) is higher than the
regional average; and
WHEREAS, the City has an average home sale price ($566,347) higher than
what is affordable to a household earning 80 percent of Area Median Income
($355,600); and
WHEREAS, the affordable housing need in the 51 to 80 percent of Area Median
Income level (116 units) is more than half of the total affordable housing need
(222 units); and
WHEREAS, the qualified developers have a demonstrated record of serving
Black, Indigenous, and/or other households of color in homeownership at rates at
70-80 percent and are greater than the city and or region’s homeownership rates
for those same groups; and
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WHEREAS, the qualified developers have a current waiting list consisting of 80
percent Black, Indigenous, or other households of color and are at levels that are
greater to the city population; and
WHEREAS, the project team includes a lender, realtor, or other homebuyer-
facing team member that is reflective of the Black, Indigenous, or other
households of color that have disparate homeownership rates in the region; and
WHEREAS, the marketing efforts for sale of the homes affirmatively further fair
housing; and
WHEREAS, HOPE will provide affordable homeownership opportunity to
homebuyers with incomes less that 80 percent of Area Median Income; and
WHEREAS, HOPE homes will remain affordable upon resale for ninety-nine
years; and
WHEREAS, HOPE addresses a need specific to our community to provide
affordable and equitable homeownership opportunity on City owned vacant lots;
and
WHEREAS, the LHIA Affordable Homeownership Pilot funding would assist in
filling the development financing and construction costs gaps.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
GOLDEN VALLEY that this Council supports the Local Housing Incentives
Account Affordable Homeownership Pilot application to the Metropolitan Council
for the Home Ownership Program for Equity.
Adopted by the City Council of Golden Valley, Minnesota this 1st day of
November 2022.
____________________________
Shepard M. Harris, Mayor
ATTEST:
_______________________
Theresa Schyma, City Clerk
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