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Date: August 26, 2024 Item: 10 <br />Presenter: Laura Oakden, Community Development Director <br />Section: Consent Agenda <br /> <br />Title: Hennepin County Housing and Redevelopment Authority Participation <br />request- Resolution 7483 <br /> <br /> <br />1.Purpose: <br />The City Council is being asked to adopt Resolution 7483 ro participate in Hennepin County <br />Housing and Redevelopment Authority for their Home Ownership Assistance program. <br />2.Background: <br />West Hennepin Affordable Housing Land Trust (WHAHLT), dba Homes Within Reach (HWR), is <br />a non-profit corporation that promotes affordable homeownership using the community land trust <br />concept. They purchase homes and address health and safety and energy efficiency rehab to the <br />home. By removing the cost of the land from the transaction and selling the home to a qualified <br />buyer the home becomes affordable. The homebuyer signs a 99 year ground lease which makes <br />our homes affordable in perpetuity. Our buyers must qualify for a conventional mortgage to <br />purchase their home. <br /> <br />HWR has received funding from Hennepin County Housing and Redevelopment Authority’s <br />Homeownership Assistance Program. One of the requirements for use of these funds in your City <br />is a approval of a city resolution. HWR utilizes these funds to provide affordable homeownership <br />opportunities in communities throughout suburban Hennepin County. The Funding is directly to <br />HWR and our responsibility to administer over a 30 year forgivable term. Homes With Reach can <br />also obtain additional funding via Met Council and MN Housing Finance Agency to make homes <br />affordable for families purchasing homes through . <br />3.Staff Recommendation: <br />Staff recommends the City Council adopt Resolution 7483 to allow participation with Hennepin <br />County Housing and Redevelopment Authority. <br />AGENDA ITEM <br /> <br /> <br /> <br /> <br /> <br />COUNCIL ACTION REQUESTED <br /> Adopt Hennepin County Housing and Redevelopment Authority Participation request- Resolution 7483 <br />Exhibits <br />City Resolution 7483 <br />57