23-11 Approve Community Housing Impact Fund Application for HOPEDocuSign Envelope ID: E553FOCB-362A4ED6-8FAA-5D069375D546
HRA RESOLUTION NO.23-11
A RESOLUTION APPROVING THE COMMUNITY HOUSING IMPACT FUND
APPLICATION TO MINNESOTA HOUSING FOR THE HOME OWNERSHIP
PROGRAM FOR EQUITY (HOPE)
WHEREAS, the goal of the Minnesota Housing Community Housing Impact Fund
is to increase the supply of affordable, owner -occupied, single family housing, while
maintaining the safety and habitability of existing owner -occupied, single family homes
in communities throughout Minnesota.
WHEREAS, the Housing and Redevelopment Authority has elected to participate
in the competitive Request for Proposal Process of the Minnesota Housing Community
Housing Impact Fund to provide funding for affordable housing development; and
WHEREAS, the City established Public Land Disposition Policy and the HRA
established the Home Ownership Program for Equity to make City owned lots available
for affordable and equitable homeownership development by providing a land write
down and transfer for $1; 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
DocuSign Envelope ID: E553FOCB-362A-4ED6-8FAA-5DO69375D546
percent and are greater than the city and or region's homeownership rates for those
same groups; and
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 40 to 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 Community Housing Impact Fund 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 the Housing and Redevelopment Authority in and for the City of
Golden Valley supports the application to Minnesota Housing for Community Housing
Impact Fund funds for the Home Ownership Program for Equity.
Passed by the Housing and Redevelopment Authority of the City of Golden Valley,
Minnesota this 5t" day of July 2023.
D—Slgned by:
M . ) +,,-�
Maurice arris, HRA Chair
ATTEST:
D��ocuSplg4n/�en�d by:
V
TlQy . Cruikshank, Executive Director