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02-21-23 Special HRA Agenda February 21, 2023 — 6:30 PM Council Chambers Hybrid Meeting 1.Approve Home Ownership Program for Equity (HOPE) Qualified Developers HRA SPECIAL MEETING AGENDA Housing and Redevelopment Authority meetings are being conducted in a hybrid format with in- person and remote options for attending, participating, and commenting. The public can make statements in this meeting during public comment sections. Remote Attendance/Comment Options: Members of the public may attend this meeting by watching on cable channel 16, streaming on CCXmedia.org, streaming via Webex, or by calling 1-415-655-0001 and entering access code 2467 006 5731. Members of the public wishing to address the Council remotely have two options: Via web stream - Stream via Webex and use the ‘raise hand’ feature during public comment sections. Via phone - Call 1-415-655-0001 and enter meeting code 2467 006 5731. Press *3 to raise your hand during public comment sections. Special Meeting Item(s): City of Golden Valley HRA Special Meeting February 21, 2023 — 6:30 PM 1 EXECUTIVE SUMMARY Community Development 763-512-2345 / 763-512-2344 (fax) Golden Valley Housing and Redevelopment Authority Meeting February 21, 2023 Agenda Item 1. Approve Home Ownership Program for Equity (HOPE) Qualified Developers Prepared By Cherie Shoquist, Housing and Economic Development Manager Summary The City Council approved the Public Land Disposition Ordinance on December 21, 2021. The Housing and Redevelopment Authority received and filed the City property inventory and recommendations on March 15, 2022. The HRA approved the Home Ownership Program for Equity (HOPE) Guidelines and Request for Qualifications (RFQ) on June 21, 2022. The HRA approved the HOPE 2022-2023 qualified developers August 16, 2022. The HOPE 2023-2024 RFQ was released on January 3, 2023 and an information session was held with interested developers on January 10, 2023. Qualifications were due on February 1, 2023. The HOPE RFQ included the following: Purpose: Provide affordable, owner-occupied, single family housing in Golden Valley. The City of Golden Valley plans to make up to 15 publicly owned properties available primarily for affordable single family or duplex development in the next few years. One property is suitable for a townhome development. Priority: Proposals from organizations that have demonstrated success in building relationships of trust with Black, Indigenous and people of color and in serving first generation homebuyers. The City of Golden Valley strongly supports the development of affordable housing in our city, throughout the Metro Area, and across the State. Given existing racial disparities in housing, providing both affordable rental and homeownership opportunity is not only vital to providing all individuals and families with housing choice, but also with access to stable housing that impacts their health, education, employment, and ability to build wealth. The suburban metro will benefit from the economic impact of providing the necessary supply of affordable housing in each of our communities and by providing affordable housing for all Black, Indigenous, people of color and lower income members of our communities. Developers provided the following information: Project Summary Applicant Contact Information Development Experience 2 Households Served Marketing, Outreach and Engagement Publicly Owned Land for Development Preference Required Documentation Example Development Pro Forma Example plans and design renderings Proposed methods to insure long term affordability and build wealth and equity Developers will provide the following required documentation prior to land sale approvals: Development Pro Forma Construction plans – floor plans/elevations/proposed lot layout BPO or Appraisal - Broker's price opinion that supports the sales price/completed project’s value Documentation of financing: Pre-approval letter from lender on letterhead, dated within 90 days Bank statements within 30 days Pending listing with amount of net sale proceeds expected Offer to Purchase The City received qualifications from developers interested in the following properties: 1611 Lilac Drive N 1131 Lilac Drive N 1211 Lilac Drive N 504 Lilac Drive N Greater Metropolitan Housing Corporation, Twin Cities Habitat for Humanity, and Magnolia Homes, LLC provided qualifications to construct single family homes in partnership with West Hennepin Community Land Trust on all four lots. Twin Cities Habitat for Humanity (Habitat) was established in 1985 by a Lutheran congregation in South Minneapolis. Since then, more than 1,500 families have partnered with Habitat to achieve affordable homeownership. Their mission is to bring people together to create, preserve, and promote affordable homeownership and advance racial equity in housing. Their vision is an equitable Twin Cities region where all families have access to the transformational power of homeownership. In recent years, Habitat homebuyers served are 80% Black, Indigenous and people of color. There are 14 existing Habitat homes in Golden Valley. Greater Metropolitan Housing Corporation (GMHC) has been providing affordable homeownership opportunities throughout the Twin Cities with a focus on quality, sustainability, and energy efficiency since 1970. GMHC has sold nearly 2,000 homes to low to moderate income homebuyers. GMHC’s mission is to preserve, improve and increase affordable housing for low and moderate income individuals and families, assist communities with housing revitalization as well as create and carry out demonstration projects. In recent years, GMHC homebuyers served are 70% Black, Indigenous and people of color. There are 15 existing GMHC homes in Golden Valley. Magnolia Homes, LLC, is a real estate development company focused on providing attainable missing middle housing solutions. Magnolia Homes, LLC was established in 2017 and has developed an average of 4 units per year. Magnolia Homes homebuyers are 100% Black/African American. The owner, J. Alex Frank, currently serves as the managing director for Magnolia Homes, LLC and Magnolia Residential 3 Properties, LLC, a real estate holding company operating in multiple states. He has been a real investor for over 25 years. Also, Mr. Frank is a former Minnesota Urban Land Institute (ULI) Real Estate Diversity Initiative (REDI) Program co-chairman – a program focused on increasing the number of women and minority real estate developers in the Twin Cities. He is a former board member for Greater Metropolitan Housing Corporation (GMHC). West Hennepin Community Land Trust – Homes Within Reach (HWR) is a non-profit community based organization that creates and preserve affordable homeownership opportunities for working households in suburban Hennepin County. Since 2001, HWR has helped over 200 workforce families earning less than 80% Area Median Income (AMI) become homeowners by acquiring, remodeling and selling properties through proven Community Land Trust practice (CLT) that: allows qualified clients to purchase the home and lease the land at a nominal fee and reduces the mortgage, down payment and closing costs. There are 5 existing HWR homes in Golden Valley. Homes Within Reach is available to partner with developers to serve homebuyers on all of the HOPE 2023-2024 properties. ORGANIZATION PROPERTIES SUMMARY EMV GMHC/HWR 1611 Lilac Drive (2x 2 units)a. Homeownership units: 6 $500,000 1131 Lilac Drive b. Square Feet: 1,200-1,800 504 Lilac Drive c. Bedrooms: 3 d. Bathrooms: 2 e. Garage Type: 2-car de/attached f. Amenities: MN Green Communities Criteria, Energy Efficient upgrades g. Construction timeline: summer/fall 2023 – early 2024 h. Sales Price Restrictions: HWR i. Household Income/ Percent of Area Median Income: 80% AMI (HWR homebuyer) TCHFH/HWR 1131 Lilac Dr (1 unit)a. Homeownership units: 4-7 $400,000 1611 Lilac Dr (2 x 2 units)b. Square Feet: 1400-1600 504 Lilac Dr (1 unit)c. Bedrooms: 3-5 1211 Lilac Dr (1 or 2 units)d. Bathrooms: 1.5-2 e. Garage Type: 2-car de/attached f. Amenities: MN Green Communities Criteria, Energy Efficient upgrades g. Construction timeline: 2024-2025 h. Sales Price Restrictions: HWR i. Household Income/ Percent of Area Median Income: 80% AMI, 60% AMI w HOME Funds 4 Magnolia Homes 1131 Lilac (2 Units)a. Homeownership units: 2 $720,000 b. Square Feet: 1,665 c. Bedrooms: 3 d. Bathrooms: 2.5 e. Garage Type: 1-car de/attached f. Amenities: Mid-grade finishes (e.g. 42” Maple cabinets, granite countertops, SS appliances, vinyl plank flooring), Zero Energy Ready rated g. Construction timeline: 5m h. Sales Price Restrictions: 80% AMI Land Trust Option i. Household Income/ Percent of Area Median Income: 80% AMI. ORGANIZATION PROPERTIES SUMMARY EMV The land sales and development agreements are expected to be considered by the HRA in May and June 2024, contingent on funding awards, in order for construction to begin in the early summer of 2024. The additional work needed to prepare the lots for development would likely take place in early 2024. Public hearings will be held as required and notice will be sent to surrounding properties. Staff recommends that the HRA consider qualifying the following builders and parcels, although work remains to prepare for development: 1611 Lilac Drive N: Greater Metropolitan Housing Corporation to develop 4 units; 2 duplexes 1131 Lilac Drive N: Magnolia Homes, LLC to develop a duplex 1211 Lilac Drive N: Twin Cities Habitat for Humanity to develop 1-2 units; either a single family home or a duplex 504 Lilac Drive N: Twin Cities Habitat for Humanity to develop 1 unit; a single family home Legal Considerations N/A Equity Considerations The Home Ownership Program for Equity advances the City's equity plan with a priority for proposals from organizations that have demonstrated success in building relationships of trust with Black, Indigenous and people of color and in serving first generation homebuyers. The City of Golden Valley strongly supports the development of affordable housing in our city, throughout the Metro Area, and across the State. Given existing racial disparities in housing, providing both affordable rental and homeownership opportunity is not only vital to providing all individuals and families with housing choice, but also with access to stable housing that impacts their health, education, employment, and ability to build wealth. The suburban metro will benefit from the economic impact of providing the necessary supply of affordable housing in each of our communities and by providing affordable housing for all Black, Indigenous, people of color and lower income members of our communities. 5 Recommended Action Motion to Adopt HRA Resolution No. 23-01 Approving Greater Metropolitan Housing Corporation as qualified developer of 1611 Lilac Drive North Motion to Adopt HRA Resolution No. 23-02 Approving Magnolia Homes, LLC as a qualified developer of 1131 Lilac Drive North Motion to Adopt HRA Resolution No. 23-03 Approving Twin Cities Habitat for Humanity as qualified developer of 1211 Lilac Drive North Motion to Adopt HRA Resolution No. 23-04 Approving Twin Cities Habitat for Humanity as qualified developer of 504 Lilac Drive North Supporting Documents Presentation - HOPE Qualifed Developers 2023-2024 HRA Res. 23-01 - HOPE 1611 Lilac HRA Res. 23-02 - HOPE 1131 Lilac HRA Res. 23-03 - HOPE 1211 Lilac HRA Res. 23-04 - HOPE 504 Lilac 6 Home Ownership Program for Equity 2023-2024 Housing and Redevelopment Authority Special Session February 21, 2023 Presented by Cherie Shoquist, Housing and Economic Development Manager Myles Campbell, Planner 7 The City of Golden Valley strongly supports the development of affordable housing in our city. Providing affordable homeownership opportunity is not only vital to providing all individuals and families with housing choice, but also with access to stable housing that impacts their health, education, employment, and ability to build wealth. 8 HOPE Priorities: •Homes affordable at 80% -115% of Area Median Income •Organizations that have demonstrated success in building relationships of trust with Black, Indigenous and people of color communities 9 HOPE Goals Golden Valley will provide a land write down to achieve the following goals: •Reduce racial disparity in homeownership •Build wealth •Provide long term affordability •Support Disadvantaged Business Enterprises (owned, operated, employed, contracted, subcontracted) 10 HOPE Goals # of Households Served: •race and ethnicity •at or below 60% of area median income •single headed •with a disability 11 HOPE Guidelines Selection Standards: •Project Feasibility •Organizational Capacity •Community Need •Land Trust •Restrictive Covenants 12 HOPE Funding Sources •City •Land Write Down •Title, Survey, Re/Plat, Re/Zone as applicable •Hennepin County •HOME Investment Partnerships •New Hennepin Homeownership Assistance Program •Metropolitan Council LHIA Affordable Homeownership Pilot •Minnesota Housing •Community Homeownership Impact Fund •Homeownership Program Loans 13 2023-2024 Properties 1611 Lilac Drive 1211 Lilac Drive 1131 Lilac Drive 504 Lilac Drive City Turnback properties and MNDOT properties conveyed to the City in 2017 14 15 1611 Lilac Drive •Greater Metropolitan Housing Corporation to develop 4 units; 2 duplexes •.68 Acres / 29,489 SQ FT •Off Highway 100, North of Golden Valley Road •Title, zoning, and platting will be done by the City 16 1211 Lilac Drive •Twin Cities Habitat for Humanity to develop 1-2 units; either a single family home or a duplex •.52 Acre / 22,628 SQ FT •Off Highway 100, South of Golden Valley Road •Steep slope, estimated 20 foot drop, may be water run off challenge, trees •Title, zoning, and platting will be done by the City 17 1131 Lilac Drive •Magnolia Homes, LLC to develop a duplex •.26 Acre / 11,216 SQ FT •Off Highway 100, near Luce Line Trail •Title, zoning, and platting will be done by the City 18 504 Lilac Drive •Twin Cities Habitat for Humanity to develop a single family home •.50 Acre / 21,612 SQ FT •Off Highway 100 and 55 •Title, zoning, and platting will be done by the City 19 Home Ownership Program for Equity 2023-2024 QUALIFIED DEVELOPERS 20 Homes Within Reach West Hennepin Community Land Trust –Homes Within Reach (HWR) is a non-profit community based organization that creates and preserve affordable homeownership opportunities for working households with less than 80% of area median income in suburban Hennepin County. There are 5 existing HWR homes in Golden Valley. Community Land Trust practice (CLT) that allows qualified clients to purchase the home and lease the land at a nominal fee and reduces the mortgage, down payment and closing costs. 21 Homes Within Reach Community Land Trust Model: •Initially establish a land trust sale price that is affordable to a qualifying family •For subsequent sales, the Community Land Trust resale formula requires that the seller sell the property for no more than what they purchased the structure for plus 35% of the appreciation of the structure •The land is permanently removed from the calculation of value •This allows the home to be perpetually affordable and allows the homeowner to build wealth 22 Twin Cities Habitat for Humanity Twin Cities Habitat for Humanity’s mission is to bring people together to create, preserve, and promote affordable homeownership and advance racial equity in housing. Their vision is an equitable Twin Cities region where all families have access to the transformational power of homeownership. There are 14 existing Habitat homes in Golden Valley. 23 Twin Cities Habitat for Humanity 24 Greater Metropolitan Housing Corporation Greater Metropolitan Housing Corporation’s (GMHC) mission is to preserve, improve and increase affordable housing for low and moderate income individuals and families, assist communities with housing revitalization as well as create and carry out demonstration projects. There are 15 existing GMHC homes in Golden Valley. 25 Greater Metropolitan Housing Corporation 26 MAGNOLIA HOMES, LLC Magnolia Homes, LLC, is a real estate development company focused on providing attainable missing middle housing solutions. Magnolia Homes, LLC was established in 2017. Magnolia Homes homebuyers are 100% Black/African American. The owner, J. Alex Frank, currently serves as the managing director for Magnolia Homes, LLC and Magnolia Residential Properties, LLC, a real estate holding company operating in multiple states. He is a former board member for Greater Metropolitan Housing Corporation (GMHC). 27 MAGNOLIA HOMES, LLC 28 29 HOPE 2023-2024 QUALIFIED DEVELOPERS Staff recommends that the HRA consider qualifying the following builders and parcels, although work remains to prepare for development: •1611 Lilac Drive N:Greater Metropolitan Housing Corporation to develop 4 units; 2 duplexes •1211 Lilac Drive N:Twin Cities Habitat for Humanity to develop 1-2 units; either a single family home or a duplex •1131 Lilac Drive N:Magnolia Homes, LLC to develop a duplex •504 Lilac Drive N:Twin Cities Habitat for Humanity to develop 1 unit; a single family home 30 Priority is given to proposals from organizations with demonstrated success in building relationships of trust with Black, Indigenous, and people of color and in serving first generation homebuyers. 31 BIPOC Homeowners Served MAGNOLIA HOMES, LCC 100% African American Homebuyers TWIN CITIES HABITAT FOR HUMANITY GREATER METROPOLITAN HOUSING CORPORATION •70% BIPOC Homebuyers •80-84% BIPOC Homebuyers Africian American 32% White 30% Hispanic 16% Asian 13% Multi- Racial/Other 9% No Data 0% Africian American 56% White 16% Hispanic 6% Asian 11% Multi- Racial/Other 7% No Data 4% 32 HOPE Timeline 2023-2024 33 QUESTIONS? THANK YOU Cherie Shoquist 763-593-3983 cshoquist@goldenvalleymn.gov www.goldenvalleymn.gov 34 HRA RESOLUTION NO. 23-01 A RESOLUTION APPROVING GREATER METROPOLITAN HOUSING CORPORATION AS QUALIFIED DEVELOPER OF 1611 LILAC DRIVE NORTH UNDER THE HOME OWNERSHIP PROGRAM FOR EQUITY WHEREAS, The purpose of the Home Ownership Program for Equity is to provide affordable, owner-occupied, single family housing in Golden Valley; and WHEREAS,The Housing and Redevelopment Authority of the City of Golden Valley strongly supports the development of affordable housing in our city; 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 Home Ownership Program for Equity recognizes that cities must also be more inclusive of Black Indigenous and People of Color populations by creating opportunities and resources for housing that are accessible at all affordability levels; and WHEREAS,Given existing racial disparities in housing, providing both affordable rental and homeownership opportunity is not only vital to providing all individuals and families with housing choice, but also with access to stable housing that impacts their health, education, employment, and ability to build wealth; and WHEREAS, Proposals from organizations that have demonstrated success in building relationships of trust with Black, Indigenous and People of Color populations and in serving first generation homebuyers are a priority of the Home Ownership Program for Equity; and WHEREAS,Proposals from organizations committed to serving homebuyers with annual incomes at 60% - 80% of Area Median Income as defined by Minnesota Housing Finance Agency’s Community Homeownership Impact Fund income limits for the 11 County Twin Cities Metro Area are a priority of the Home Ownership Program for Equity; and WHEREAS, dedicated publicly owned land for more affordable housing for homeownership is a valuable resource to meet our affordable housing goals; and WHEREAS,Greater Metropolitan Housing Corporation has proposed, in partnership with Homes Within Reach, to develop 4 units, 2 duplexes affordable at 60%-80% of Area Median Income, funding contingent, at 1611 Lilac Drive North (EXHIBIT A). 35 NOW, THEREFORE, BE IT RESOLVED BY THE HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF GOLDEN VALLEY that this Authority approves Greater Metropolitan Housing Corporation as qualified developer of a single family home affordable at 60%-80% of Area Median Income, funding contingent, at 1611 Lilac Drive North under the Home Ownership Program for Equity. Adopted by the Housing and Redevelopment Authority of Golden Valley, Minnesota this 21stday of February, 2023. Gillian Rosenquist, Chair ATTEST: Timothy J. Cruikshank, Executive Director 36 EXHIBIT A LEGAL DESCRIPTION 37 38 HRA RESOLUTION NO. 23-02 A RESOLUTION APPROVING MAGNOLIA HOMES, LLC FOR HUMANITY AS QUALIFIED DEVELOPER OF 1131 LILAC DRIVE NORTH UNDER THE HOME OWNERSHIP PROGRAM FOR EQUITY WHEREAS, The purpose of the Home Ownership Program for Equity is to provide affordable, owner-occupied, single family housing in Golden Valley; and WHEREAS,The Housing and Redevelopment Authority of the City of Golden Valley strongly supports the development of affordable housing in our city; 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 Home Ownership Program for Equity recognizes that cities must also be more inclusive of Black Indigenous and People of Color populations by creating opportunities and resources for housing that are accessible at all affordability levels; and WHEREAS,Given existing racial disparities in housing, providing both affordable rental and homeownership opportunity is not only vital to providing all individuals and families with housing choice, but also with access to stable housing that impacts their health, education, employment, and ability to build wealth; and WHEREAS, Proposals from organizations that have demonstrated success in building relationships of trust with Black, Indigenous and People of Color populations and in serving first generation homebuyers are a priority of the Home Ownership Program for Equity; and WHEREAS,Proposals from organizations committed to serving homebuyers with annual incomes at 60% - 80% of Area Median Income as defined by Minnesota Housing Finance Agency’s Community Homeownership Impact Fund income limits for the 11 County Twin Cities Metro Area are a priority of the Home Ownership Program for Equity; and WHEREAS, dedicated publicly owned land for more affordable housing for homeownership is a valuable resource to meet our affordable housing goals; and WHEREAS,Magnolia Homes, LLC, has proposed, in partnership with Homes Within Reach, to develop a single family home affordable at 60%-80% of Area Median Income, funding contingent, at 1131 Lilac Drive N (EXHIBIT A). 39 NOW, THEREFORE, BE IT RESOLVED BY THE HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF GOLDEN VALLEY that this Authority approves Magnolia Homes, LLC as qualified developer of either a single family home affordable at 60%-80% of Area Median Income, funding contingent, at 1605 Douglas Drive under the Home Ownership Program for Equity. Adopted by the Housing and Redevelopment Authority of Golden Valley, Minnesota this 21stday of February, 2023. Gillian Rosenquist, Chair ATTEST: Timothy J. Cruikshank, Executive Director 40 EXHIBIT A LEGAL DESCRIPTION 41 HRA RESOLUTION NO. 23-03 A RESOLUTION APPROVING TWIN CITIES HABITAT FOR HUMANITY AS QUALIFIED DEVELOPER OF 1211 LILAC DRIVE NORTH UNDER THE HOME OWNERSHIP PROGRAM FOR EQUITY WHEREAS, The purpose of the Home Ownership Program for Equity is to provide affordable, owner-occupied, single family housing in Golden Valley; and WHEREAS,The Housing and Redevelopment Authority of the City of Golden Valley strongly supports the development of affordable housing in our city; 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 Home Ownership Program for Equity recognizes that cities must also be more inclusive of Black Indigenous and People of Color populations by creating opportunities and resources for housing that are accessible at all affordability levels; and WHEREAS,Given existing racial disparities in housing, providing both affordable rental and homeownership opportunity is not only vital to providing all individuals and families with housing choice, but also with access to stable housing that impacts their health, education, employment, and ability to build wealth; and WHEREAS, Proposals from organizations that have demonstrated success in building relationships of trust with Black, Indigenous and People of Color populations and in serving first generation homebuyers are a priority of the Home Ownership Program for Equity; and WHEREAS,Proposals from organizations committed to serving homebuyers with annual incomes at 60% - 80% of Area Median Income as defined by Minnesota Housing Finance Agency’s Community Homeownership Impact Fund income limits for the 11 County Twin Cities Metro Area are a priority of the Home Ownership Program for Equity; and WHEREAS, dedicated publicly owned land for more affordable housing for homeownership is a valuable resource to meet our affordable housing goals; and WHEREAS,Twin Cities Habitat for Humanity has proposed, in partnership with Homes Within Reach, to develop a either a duplex or a single family home affordable at 60%-80% of Area Median Income, funding contingent, at 1211 Lilac Drive N (EXHIBIT A). 42 NOW, THEREFORE, BE IT RESOLVED BY THE HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF GOLDEN VALLEY that this Authority approves Twin Cities Habitat for Humanity as qualified developer of either a duplex or a single family home affordable at 60%-80% of Area Median Income, funding contingent, at 1605 Douglas Drive under the Home Ownership Program for Equity. Adopted by the Housing and Redevelopment Authority of Golden Valley, Minnesota this 21stday of February, 2023. Gillian Rosenquist, Chair ATTEST: Timothy J. Cruikshank, Executive Director 43 EXHIBIT A LEGAL DESCRIPTION 44 HRA RESOLUTION NO. 23-04 A RESOLUTION APPROVING TWIN CITIES HABITAT FOR HUMANITY AS QUALIFIED DEVELOPER OF 504 LILAC DRIVE NORTH UNDER THE HOME OWNERSHIP PROGRAM FOR EQUITY WHEREAS, The purpose of the Home Ownership Program for Equity is to provide affordable, owner-occupied, single family housing in Golden Valley; and WHEREAS,The Housing and Redevelopment Authority of the City of Golden Valley strongly supports the development of affordable housing in our city; 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 Home Ownership Program for Equity recognizes that cities must also be more inclusive of Black Indigenous and People of Color populations by creating opportunities and resources for housing that are accessible at all affordability levels; and WHEREAS,Given existing racial disparities in housing, providing both affordable rental and homeownership opportunity is not only vital to providing all individuals and families with housing choice, but also with access to stable housing that impacts their health, education, employment, and ability to build wealth; and WHEREAS, Proposals from organizations that have demonstrated success in building relationships of trust with Black, Indigenous and People of Color populations and in serving first generation homebuyers are a priority of the Home Ownership Program for Equity; and WHEREAS,Proposals from organizations committed to serving homebuyers with annual incomes at 60% - 80% of Area Median Income as defined by Minnesota Housing Finance Agency’s Community Homeownership Impact Fund income limits for the 11 County Twin Cities Metro Area are a priority of the Home Ownership Program for Equity; and WHEREAS, dedicated publicly owned land for more affordable housing for homeownership is a valuable resource to meet our affordable housing goals; and WHEREAS,Twin Cities Habitat for Humanity has proposed, in partnership with Homes Within Reach, to develop a single family home affordable at 60%- 80% of Area Median Income, funding contingent, at 504 Lilac Drive N (EXHIBIT A). 45 NOW, THEREFORE, BE IT RESOLVED BY THE HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF GOLDEN VALLEY that this Authority approves Twin Cities Habitat for Humanity as qualified developer of either a duplex or a single family home affordable at 60%-80% of Area Median Income, funding contingent, at 504 Lilac Avenue N under the Home Ownership Program for Equity. Adopted by the Housing and Redevelopment Authority of Golden Valley, Minnesota this 21stday of February, 2023. Gillian Rosenquist, Chair ATTEST: Timothy J. Cruikshank, Executive Director 46 EXHIBIT A LEGAL DESCRIPTION 47