City Council Meeting Date: April 16, 2024
To: Mayor and City Council
City Administrator
From: Jake Reilly, Community Development Director
Title
Consider Resolution Authorizing Submittal of an Application to Minnesota Housing for a deferred, forgivable, no-interest loan to develop workforce housing at 1000 Division Street
Body
Action Requested:
The Northfield City Council Approves a Resolution authorizing an application to Minnesota Housing for a deferred, forgivable, no-interest loan to develop workforce housing at 1000 Division Street with community partners.
Summary Report:
Minnesota Housing recently announced the availability of up to $39 million in deferred funding, which is all the biennial funding available for 2023/2024 for the Workforce Housing Development Program. This competitive funding program targets small to medium-sized cities, communities or areas in Greater Minnesota with rental workforce housing needs. Funding is available to build market rate residential rental properties in communities with proven job growth and demand for workforce rental housing. Communities are required to secure funds that match one dollar for every two dollars in funding offered through this program.
These funds will be administered through a Request for Proposals (RFP) process. Applications are due April 30, 2024 at noon. Community Development staff was approached by Rebound Partners and Community Action Center staff in April to participate in the application. The application must be submitted by an Eligible Recipient. Northfield is an Eligible Recipient.
An Eligible Recipient is one of the following Eligible Project Areas:
* A home rule charter or statutory city with a population exceeding 500 located outside of a Metropolitan County.
* A community that has a combined population of 1,500 residents located within 15 miles of a home rule charter or statutory city located outside a Metropolitan County.
* An area located outside of a Metropolitan County that se...
Click here for full text