Item Description:
title
Est Capital Project 1012259 in the 2026 Special Projects Budget (Fund 37); transfer $813,418 in budget authority from Capital Project 1011473 to Capital Project 1012259; close Capital Project 1011473
end
Resolution:
body
BE IT RESOLVED, that a new project CP 1012259: 2026 Affordable Rental & Home Ownership Contracts be established in the 2026 Hennepin County Housing and Redevelopment Authority (HCHRA) Fund 37 Special Projects Budget; that an appropriation of $813,418 be funded by an interfund transfer of HCHRA fund balance (Fund 32) through a transfer of budget authority from existing capital project 1011473: 2025 Affordable Rental & Home Ownership Contracts (Fund 37) for Agreement PR00004382 (Minnetonka Boulevard Redevelopment project, Resolution 22-HCHRA-0019); and that the Controller be authorized to transfer and disburse funds as directed; and
BE IT FURTHER RESOLVED, that project CP 1011473: 2025 Affordable Rental & Home Ownership Contracts (Fund 37) be closed.
end
Background:
In January 2022, staff issued a Request for Proposals (RFP) to support the development of affordable rental housing, and to create homeownership opportunities. A review panel consisting of subject matter experts from Hennepin County, the Minnesota Housing Finance Agency, and the Cities of Minneapolis, Eden Prairie, St. Louis Park, and Bloomington, reviewed the proposals. For homeownership, the review panel recommended five pandemic recovery awards to create 54 new affordable homeownership opportunities.
Several projects struggled to close by December 31, 2024, and were identified for 2025 funding under Capital Project 1011473: 2025 Affordable Rental & Home Ownership Contracts (Resolution 24-HCHRA-0037). The Minnetonka Boulevard project (Agreement PR00004382) in St. Louis Park has encountered additional challenges and will be unable to complete until December 31, 2026.
Staff recommend the transfer of $813,418 originally budgeted for the Minnetonka Boulev...
Click here for full text