18-61 - 10-02 - Approve use of 2017 Affordable Housing Incentive Funds RESOLUTION NO. 18-61
RESOLUTION APPROVING USE OF 2017 HENNEPIN COUNTY AFFORDABLE
HOUSING INCENTIVE FUNDS (AHIF) BY HOMES WITHIN REACH
WHEREAS, the West Hennepin Affordable Housing Land Trust (WHAHLT) is a
community-based non-profit organization, doing business as Homes Within Reach, with a
mission to use the Community Land Trust model to create and preserve affordable
homeownership opportunities for families in suburban Hennepin County; and
WHEREAS, Homes Within Reach submitted a proposal for the use of Hennepin
County AHIF funds; and
WHEREAS, Homes Within Reach has also been approved for funding by the
Hennepin County Housing and Redevelopment Authority (HCHRA) for the acquisition,
rehabilitation, and sale of entry-level properties to income-qualified families and individuals;
and
WHEREAS, in Resolution No. 17-HCHRA-0020, HCHRA has approved the use of a
$200,000 AHIF loan for Homes Within Reach contingent upon the City of Golden Valley's
consent to the HCHRA's participation in the project; and
WHEREAS, the purchase of six homes by Homes Within Reach, of which some of
the homes will be located within Golden Valley and the rest within suburban Hennepin
County, will preserve the supply of affordable housing in the city by providing permanent
affordability; and
WHEREAS, the grant from HCHRA will complete the financing required for the
project to go forward.
NOW THEREFORE BE IT RESOLVED, by the City Council that the use of 2017
Hennepin County AHIF and participation of the HCHRA in the Homes Within Reach project
is hereby approved.
Adopted by the City Council of Golden Valley, Minnesota this 2nd day of October, 2018.
She and M. HarrV, Mayor
ATTEST:
Kristine A. Luedke, City Clerk