Item Description:
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2025 Homeownership Assistance Fund capital funding recommendations - Neg 5 agmts, 05/06/25-05/06/60, total combined NTE $1,000,000
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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 6, 2025 through May 6, 2060:
* PR00007290 with City of Lakes Community Land Trust for the Homebuyer Initiated Project, with a not to exceed amount of $250,000;
* PR00007291 with Urban Homeworks for the Northside Homes project, with a not to exceed amount of $150,000;
* PR00007292 with Magnolia Homes LLC, for the Russell/Lilac Dr project, with a not to exceed amount of $100,000;
* PR00007293 with Amani Construction, for the Queen Townhomes project, with a not to exceed amount of $300,000;
* PR00007294 with Twin Cities Habitat for Humanity Inc, for the Minnetonka Mills project, with a not to exceed amount of $200,000; 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 Fund 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 AHIF program, Supportive Housing Strategy, Home Investment Partnerships (HOME) program, and Homeownership Assistance Fund was released in December 2024. The RFP garnered eight homeownership applications requesting a total of $3,040,000. 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, and staff representing several Hennepin County cit...
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