Item Description:
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2024 Homeownership Assistance Program capital funding recommendations - Neg 5 agmts, 05/07/24-5/06/59, total combined NTE $1,245,000
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Resolution:
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BE IT RESOLVED that the Executive Director be authorized to negotiate these Agreements during the period May 7, 2024 through May 6, 2059:
? PR00006253 with City of Lakes Community Land Trust for the CLCLT Sheridan/4th Street North project, with a not to exceed amount of $250,000;
? PR00006254 with Amani Construction for the Queen Townhomes project, with a not to exceed amount of $200,000;
? PR00006252 with Trio Development Group, for the 14th Avenue Townhomes project, with a not to exceed amount of $375,000;
? PR00006255 with Amani Construction, for the Humboldt Triangles project, with a not to exceed amount of $300,000;
? PR00006256 with Magnolia Homes, for the Lowry Avenue project, with a not to exceed amount of $120,000; and
that following review and approval by the County Attorney's Office, the Chair be authorized to sign the agreements and related documents on behalf of the authority; and that the Controller be authorized to disburse funds as directed.
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Background:
The Homeownership Assistance Program was created by the Hennepin County Housing and Redevelopment Authority (HCHRA) Board of Commissioners (Resolution 21-HCHRA-0046) as part of the annual budget to create affordable, sustainable homeownership opportunities throughout Hennepin County.
A coordinated request for proposals (RFP) which included the Affordable Housing Incentive Fund (AHIF) program, Home Investment Partnerships (HOME) program, and Homeownership Assistance Program was released in January 2024. The RFP garnered nine homeownership applications requesting a total of $4.6 million. Proposals were reviewed by Housing and Economic Development staff for consistency with county priorities. Proposals were reviewed and ranked by a multiagency panel consisting of Hennepin County, Eden Prairie, Bloomington, Brookly...
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