Edina Housing Foundation Proposal

Edina Housing Foundation Proposal

The Edina Housing Foundation (“Foundation”), an independent 501(c)3 nonprofit corporation, proposes buying the City of Edina owned median for $1.00 for the purpose of creating entry level ownership opportunities for households who either want to move to Edina or transition to homeownership from rental. Once the Foundation has site control, they would undergo the following process:

  • Request a vacation of the right of way on both sides of the City owned median.
  • Request a platting of the median with the vacated right of ways.
  • Submit a Request for Proposals to affordable single-family housing developers.
  • Select a developer with the best experience, capacity and demonstrated outcomes to fulfill to housing requirements for this Property.
  • Require house design to complement existing neighborhood.
  • Developer would hold a community meeting to gather input on proposed design.
  • The house will be sold to an income qualified homeowner: 80% to 120% of AMI (~$120,080)
  • Restrictions will be placed on the property to keep affordable for as long as legally possible.

The Edina Housing Foundation would like to explore splitting the lot to create two single family ownership opportunities. The lot is wide at over 102’ and according to housing developers is ample enough for two homes. One of the restrictions Edina has for the creation of affordable housing in strict land use regulations that call for large minimum lot sizes. This is an opportunity to ease those barriers that keep people out rather than welcoming people in.

The proposed development would be required to seek all required regulatory approvals from the Planning Commission and City Council.

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