HRA RESO 24-02 - Accepting MN Housing Impact Fund GrantsHRA RESOLUTION NO. 24-02
RESOLUTION APPROVING COMMUNITY HOMEOWNERSHIP IMPACT FUND
AWARDS 12-2023-21 (SINGLE FAMILY), 12-2023-30 (DUPLEX), AND 12-2023-32
(ROWHOMES) FROM MINNESOTA HOUSING FOR THE HOMEOWNERSHIP
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; and
WHEREAS, the City established Public Land Disposition Policy and the HRA
established the Home Ownership Program for Equity (HOPE) to make City owned lots
available for affordable and equitable homeownership development by providing a land
write down and transfer for $1; and
WHEREAS, the Housing and Redevelopment Authority 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 Housing and Redevelopment sought funding in connection with
an application for Minnesota housing Community Housing Impact Fund in the total
amount of $3,526,000 for the development of single family, duplexes, and rowhomes
within the City of Golden Valley under the home Ownership Program for Equity; and
WHEREAS, HOPE will provide affordable homeownership opportunity to
homebuyers with incomes less that 80 percent of Area Median Income; and
WHEREAS, the Community Impact Fund funding will assist in filling the
development financing and construction costs gaps.
NOW THEREFORE, BE IT RESOLVED by the Housing and Redevelopment
Authority in and for the City of Golden Valley, Minnesota, that this Authority accepts the
Minnesota Housing Community Homeownership Impact Fund for the Home ownership
Program for Equity.
Passed by the Housing and Redevelopment Authority of the City of Golden Valley,
Minnesota this 18th day of June, 2024.
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Attested: Gillian Rosenquist, HRA Chair
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Noah Schuchman, Executive Director
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