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Home My WebLink About2013-06-04_WORK SESSIONAGENDA CITY COUNCIL WORK SESSION AND JOINT MEETING WITH EDINA HOUSING FOUNDATION CITY OF EDINA, MINNESOTA COMMUNITY ROOM JUNE 4, 2013 5:00 P.M. CALL TO ORDER II. ROLL CALL III. BOARDS AND COMMISSION - REVIEW OF VACANCIES IV. DISCUSSION: GRANDVIEW COMMUNITY ADVISORY TEAM V. EDINA HOUSING FOUNDATION VI. ADJOURNMENT The City of Edina wants all residents to be comfortable being part of the public process. If you need assistance in the way of hearing amplification, an interpreter, large -print documents or something else, please call 952- 927- 886172 hours in advance of the meeting. SCHEDULE OF UPCOMING MEETINGS /DATES /EVENTS Tues Jun 4 Joint Mtng with Edina Housing Foundation /BC Vacancies Tues Jun 4 Regular Meeting Tues Jun 18 Work Session —Joint Meeting with EEC Tues Jun 18 Regular Meeting Tues Jun 25 Special Meeting Tues Jul 2 CANCELLED REGULAR MEETING Thu Jul 4 INDEPENDENCE DAY HOLIDAY OBSERVED —City Hall Closed Thu Jul 4 INDEPENDENCE DAY PARADE Tues Jul 16 Joint Meeting With ETC /Living Streets ues Jul 16 Regular Meeting Mon Aug 5 Work Session — 2014 -2015 Proposed Work Plan & Budget Mon Aug 5 Regular Meeting Tues Aug 20 Work Session — Sports Dome Tues Aug 20 Regular Meeting 5:00 P.M. COMMUNITY ROOM 7:00 P.M. COUNCIL CHAMBERS 5:30 P.M. COMMUNITY ROOM 7:00 P.M. COUNCIL CHAMBERS 6:00 P.M. COUNCIL CHAMBERS 10:00 A.M. 5:30 P.M. COMMUNITY ROOM 7:00 P.M. COUNCIL CHAMBERS 5:30 P.M. COMMUNITY ROOM 7:00 P.M. COUNCIL CHAMBERS 5:30 P.M. COMMUNITY ROOM 7:00 P.M. COUNCIL CHAMBERS REPORT / RECOMM� :NDATION To: MAYOR & COUNCIL From: Debra Mangen City Clerk Date: dune 4, 2013 Subject: Boards and Commissions - Review of Vacancies Action Requested: Direct staff. La .� M jv� 4: �c P, 1,0 : Agenda Item #: Wk Session 111. Action Discussion El Information p Information / Background: The City has received three resignations from board members: Ross Davis — Heritage Preservation — term ending 2/1/2016 Meg Newal _ HRRC — term ending 2/1/20 15 Nancy Ott - Pinckaers — Edina Community Health - term ending 2-/1/20 15 In the past when vacancies arose, the Council considered making appointments from the most recent slate of applicants interviewed. In no candidate was still available, then applications were received, interviews conducted and the appointments made. To assist the Council in their discussion, I have prepared a listing of the persons most recently interviewed. Board or Commission Applicant Name Level of Interest Shown (1, 2, or 3) Arts & Culture Commission: Judith Harvey I Patrick Olson I Energy. & Environment Commission Dana Anderson I Chad Bell 2 Emily Boettge 2 David Curme 2 Bradley Hanson Shawn Oldham. I Alex Slichter 2 Steve Uhr 2 Edina Community Health Committee Tyler Armstrong I Kristen Conner William Glahn I Carol Mathie 1,2,3 City of Edina • 4801 W. 50th St. Edina, MN 55424 Ann Meagher I Alex Slichter 3 Construction Board of Appeals Bradley Hanson I Heritage Preservation Board - Agnes Kwanza Yu 2 Human Rights & Relations Commission Dana Anderson 2 Patrice Arseneault I Cathy Cozad Agnes Kwanza Yu I Ann • Meagher 2 Katie Meehan I Park Board 'Dana Anderson 3 Emily Boettge 3 Paul Cashin 3 Cathy Cozad 2 Brian Hedberg 3 Luke Hellier Ann Meagher 3 Raymond O'Connell Tim Walsh 3 'Marty Weber I Planning Commission Tyler Armstrong 3 Chad Bell I Paul. Cashin David Curme William Glahn 3 - Bradley Hanson 2 Brian Hedberg Luke Hellier 2 Doug Johnson I Lee McGrath I Steve Uhr 3 Tim Walsh I Transportation Commission Tyler Armstrong 2 Chad Bell 3 Emily Boettge I Paul Cashin 2 William Glahn 2 Brian Hedberg 2 Luke Hellier 3 Larry Olson I Tim Walsh 2 Board Of Appeals & Adjustments Alex Slichter I Steve Uhr I To: Mayor Hovland and City Council Members From: Bill Neuendorf / Economic Development Manager Date: June 4, 2013 Subject: Grandview Community Advisory Team Appointments Action Requested: Discussion regarding a slate of candidates to consider. w9� o� e \roRPOTU`��9 • Y con �aea Agenda Item #: Work Session IV. Action ❑ Discussion Information ❑ Information / Background: Based on the positive feedback received at the May 17, 2013 update, staff has continued to plan for the creation of a Community Advisory Team to help guide the redevelopment of the Grandview District. As of May 17, 2013, more than 20 residents have expressed interest in participating. A roster of candidates is attached. Time is of the essence in convening this Advisory Team. There is much work to do so that the implementation of the Grandview Development Framework can be accelerated. Attachments: Roster of Candidates with Addresses (dated May 30, 2013) City of Edina • 4801 W. 50th St • Edina, MN 55424 Grandview Community Advisory Team Roster of Interested Candidates (with Addresses) Categories of Membership (# of seats) Interested Candidates as of 5/17/13 Address Preference Commercial property owner within Grandview (1) Nancy Grazzini Olson Eden 100 building, 5100 Eden Ave. Darcy Winter Representing Jerry's Enterprises, 5125 Vernon Ave. Bill McReavy Washburn - McReavy funeral home, 5000 West 50th Business owner or manage, within Grandview (1) McReavy See above Colin Bredesen Patisserie Margo, 5133 Gus Young Ln Planning Commission, active members (2) Kevin Staunton 5277 Lochloy Dr x Michael Schroeder 7020 Kellogg Ave x Transportation Commission, active member (1) Jennifer Janovy 4016 Inglewood Ave x Park & Recreation representative (1) Sue Jacobson 5812 Vernon La x Neighborhood resident, (2) Tara Finn 5221 Richwood Dr Chris Rofidal 5037 56th St W Richard Borland 5004 Yvonne Ter Pat Olk 5315 Pinewood Tr Chris Walgren 5233 Richwood Dr Jimmy Bennett 5332 Interlachen Blvd Community resident, at large (2) Matt Goldstein 5908 Crescent Sandy Fox 580168th St W Bright Dornblaser 4630 Drexel Ave Andy Brown 5512 Park PI Thomas Raeuchle 4634 Bruce Ave Timothy Kuck 6316 Westwood Ct Mike Fischer 4512 Dunham Dr Lisa Diehl 5301 Ayrshire Blvd Larry Chestler 5117 Mirror Lakes Dr Sue Davison 6716 Galway Dr Updated May 30, 2013 i f�,�IN� SHELTERING OUR COMMUNITY i " \J V MEMORANDUM TO: Mayor and City Council FROM: Edina Housing Foundation Board of Directors SUBJECT: Affordable Housing in Edina 4801 WEST 50TH STREET EDINA, MINNESOTA 55424 952- 826 -0462 FAX: 952 -826 -0389 Item # V. City Council Work Session June 4, 2013 The attached is provided as background information in preparation for the upcoming work cn session this coming Tuesday, June 4 ,DIN4 u FOU'' S H E L T E R I N G O U R C O M M U N I T Y 4801 WEST 50TH STREET EDINA, MINNESOTA 55424 952- 826 -0462 FAX: 952 -826 -0389 The East Edina Housing Foundation (dba Edina Housing Foundation) is a non - profit 501(c)(3) corporation organized and operated to promote and undertake community development activities on a non - profit basis within the East Edina Housing Foundation neighborhood. The Foundation provides assistance to low /moderate income individuals, as well as non - profit developers or sponsors of low and moderate - income housing. Furthermore, the Foundation receives block grants or similar funds from the City, or other governmental agencies or subdivisions, including the HRA, and puts to productive use all such funds exclusively for the aforementioned purposes. HISTORY: The East Edina Housing Foundation (EEHF) was organized by the Edina HRA in 1985 to provide modest cost housing opportunities to persons of low and moderate incomes. Initially, second mortgages were offered to qualified buyers of the Edinborough condominium complex. Over time, the deferred loan program was expanded to include Centennial Lakes condominiums, and now, any owner - occupied housing in the EEHF neighborhood* is included. -VHERE DO THE FUNDS COME FROM ?: aitially, the funds to start the 2 na mortgage program came from TIF funds associated with the Edinborough development. The 2nd mortgage program has been very successful, with over 300 2 "d mortgages issued, each accruing 5% simple interest. As these 2 "d mortgages have been paid back, the Foundation has invested the funds, creating a source for future affordable housing offerings. MANAGEMENT: The EEHF has a 5 member Board of Directors who are appointed by the HRA and City Council. The Foundation has no employees. The City's Planning staff, as well as the City's Finance Director provide day -to- day and technical support for which the City is reimbursed. ACCOMPLISHMENTS: The Foundation has offered the following affordable housing funding opportunities to income /asset eligible homebuyers (must meet low or moderate income guidelines): 2 "d Mortgage Program — 2nd mortgages have been issued since 1985, accruing 5% simple interest. The term for these mortgages is the same as the first mortgage and must be paid back upon sale, or if the dwelling is no longer the primary residence. These mortgages are only subordinated to a new second if no cash is taken out. Twenty -two of the original 300 loans remain active. This program has been replaced by the Come Home 2 Edina second mortgage program. Come Home 2 Edina Program — This newest 2nd mortgage program has been crafted to meet the ,urrent requirements of the mortgage industry. • Maximum purchase price is $325,000 for an owner occupied single family, duplex, townhouse, or condominium. • The loan amount is calculated using the following two criteria: 1. The maximum loan shall not exceed 25% of the purchase price with a maximum loan of $60,000, and 2. The loan amount is also predicated upon the need of the borrower by requiring that they spend at least 25% of their gross household income on their first mortgage (to include PITI, association dues, etc.). After that determination, whatever the borrower would need would be what they would qualify for. • Borrower assets are limited to $50,000 (not including retirement funds); or $250,000 including retirement funds for borrowers age 65 and older. • Maximum household income = 1 -4 persons $84,000; 5 persons $90,800; 6+ persons $97,500 • The borrower may choose one of two loan options: 1. Pay monthly interest only (the same % as the first mortgage), with repayment of the principal amount when the house is sole, or upon maturity of the term. 2. Defer all payments until sale of home or the term maturity; than pay a % of the properties appreciation during the loan period (shared appreciation) plus the principal loan amount (Note — the shared appreciation paid shall never be more than had the borrower been paying 5% simple interest during the loan period.). Check out the website: www.comehome2edina.org In addition to the aforementioned programs, the Foundation has participated in the following funding opportunities: 1. Provided an interest free first mortgage to Mount Olivet Rolling Acres for the purchase of a single - family home in Edina to serve as a group home for up to 4 low /moderate income individuals. 2. Provided funds in the form of a loan/grant to assist in the restoration of 26 Section 8 units in Oak Glen of Edina, thus encouraging the owner to extend the Section 8 Contract for another 10 years. 3. Purchased 3 single - family homes which were being held for future inclusion in a potential multi- family residential development in the Valley View /Wooddale neighborhood that would have included an affordable element. The development never took place. The first home was torn down and is now maintained as a vacant lot. The second home was rented for a short period of time and has since been sold. The third home is currently rented to a single mother with 2 children in the Edina schools. 4. Purchased a foreclosed single family home which underwent extensive rehabilitation and was then resold. This home had been a concern to surrounding neighbors and the rehab revitalized the neighborhood. 5. Annually, the Foundation provides a grant to Senior Community Services' H.O.M.E. (Household and Outside Maintenance for the Elderly) program to fill the gap in their funding request that cannot be fully accommodated with the City's CDBG budget. *EEHF NEIGHBORHOOD — The EEHF neighborhood boundaries do not encompass the entire City of Edina. The IRS concluded that if the "neighborhood" included the entire city, the Foundation would not be able to function as a non - profit corporation, but rather would be considered a city function. The portion of the city not included is roughly the southwest corner; south of the Crosstown -62 Hwy. and west of Tracy Avenue extended to the southerly boundary of the city. See attached map. For further information, contact: Joyce Repya, Edina Planning Department 952/826 -0462 or j repyagEdinaMN. Gov 4 I EAST EDINA HOUSING FOUNDATION NEIGHBORHOOD CITY [I F EDINR hennepin count y,minnesota W78TH I -494 L� EAST EDINA HOUSING FOUNDATION BOARD OF DIRECTORS JAMES NELSON President 612/201 -7135 7790 Lochmere Terrace Edina, MN 55439 DOUGLAS MAYO Secretary /Treasurer 952/922 -0346 6041 Kellogg Avenue Edina, MN 55424 BERNARD G. RICE Vice President 612/341 -2464 4001 W. 49th Street Edina, MN 55424 JEFF HUGGETT Vice President 763/354 -5605 4008 Wood End Drive Edina, MN 55424 MARY KAY McNEE Vice President 952/590 -1227 5000 Halifax Avenue #301 Edina, MN 55424 ************************************************************* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * ** JOYCE REPYA City of Edina Senior Planner Provides Staff Support 952/826 -0462 JEROME GILLIGAN Foundation Attorney Dorsey & Whitney Law Firm 612/340 -3962 50 South 6th Street, Suite #1500 Minneapolis, MN 55402 -1498 2013 JOHN WALLIN City of Edina Finance Director Oversees Finances 952/826 -0410 Y X10 [:gym James W. Nelson, CRE EbcThard Advisoryy, LLC n CCS r„ ; P . jfzkk GGAL ESTATE .FvVI ti SO�S 81 South Ninth Street 4310. Mfsmcapolis, Minnesota 55402 Tel: (612) 333 -0006 Fay_ (612) 333"3540 e-mail: jnelsonte eberhardtadvisory.com Experience Jim has over 40 years of experience in real estate advisory servicos, finance And investment. His professional corer began at Eberhardt in 1965. He became President o.fDerhardt Company in 1976, and CEO in 1990. Eberhardt was acquired by CBREIMelody Capital Markets in 1999. In 2002, after concluding an employment contract, Mr. Nelson continued his real estate advisory practice as Eberhardt advisory, LLC through which he and his associates provide strategic planning and implementation services. to a variety of clients seeking real estate solutions. He attended Princeton University and graduated from the University of Minnesota with a BA in History. Affiliations Jiro was President of the Mortgage Hankers Association of America (MBA) in 1494 was the MBA's representative to the Capital Consortium for Commercial Mortgage Securitization in 1992 -3; served as Chairman of the Fannie Mae (FNMA) National Advisory Council in 1993 and in 1994 was presented with the Ronald F. McRoberts Award for Exemplary Industry Service from the Life Insurance Gompan y':Vtortgage and Real Estate Officers Council. He has received the Counselor of Real Estate (CRE) and the Certified Mortgage Banker (CM13) designations. fie serves on the Urban Land institute (ULI) Public- Private Patlsaership Council. Community & Currently, Mr- Nelson serves on the Boards of Lakewood Cemetery Association, Corporate Boards GEMI SA (a commercial mortgage nerving joint - venture. between GE Mortgage Capital and CBRFJMelody Capital Markets), Mortgage ]Bankers Association of .America, the Research Institute for Housing America (R1HA), and the Bast Edina Dousing Foundation. He was previously on the Boards of Voyageur Investment Funds, Knutson Mortgage Company, Williams Steel & Hardware Supply, Courage Center, Edina Housing and Redevelopment Authority, the hfinneapolis Downtown Council and the Minnesota. Chapter ofNA[CP. Representative Metropolitan. Sports Facilities Commission, Minneapolis Community Clients Development Agency, Minnesota orchestral Association, ATalker Art Center, Breck School, Episcopal Diocese of Minnesota, Cathodral Church of St. Marls, Minneapolis FoundatiorrlClarel Corporation, The 614 Company, STA Associates, PG1 Companies, :Protatek International, Dougherty Financial Croup, Allina Hospitals & Clinics, Minneapolis Public Library Board, Ryan Companies, Opus Northwest, Sioux Valley Health Systern and Wayzata Properties, LLC. BERNARD G. (JACK) RICE, JR. Jack Rice is President of The Rice Company which has specialized in commercial real estate brokerage and consulting since its inception in 1975. Previously, Rice was with Dayton Hudson Properties (1969- 1975), Eberhardt (1968 -1969) and Towle (1964 -1968) in various financing, sales, property management and land use capacities. Rice is active in brokerage and consulting to individuals, corporations and financial institutions. He also participates with partners in the ownership and management of apartment complexes and industrial buildings. Rice is a graduate or` the University of Minnesota. He is a Realtor and holds the C.R.E. designation. Rice is a former officer or board member of the Minnesota affiliates of NAIOP, Mortgage Bankers Association, Minnesota Land Use Committee and the Urban Council on Mobility. He has been a frequent speaker at the Realtors Institute, University of Minnesota, and trade associations such as NAIOP and NACORE. In 1986, Rice was asked to serve as Executive Director of the Downtown Development Task Force, a group of Minneapolis area businesses concerned about the future of downtown Minneapolis. The product of the Task Force was a "Vision of Downtown Minneapolis into the 21St Century ". Key recommendations of the report were in the areas of transportation, promotion, finance, and a call for a new management model for downtown Minneapolis utilizing a special services district. In 1994, Rice was named Chairman of the Steering Committee of Minneapolis Downtown 2010, the fifth generation of the Downtown. Minneapolis Plan, a joint. effort of the City of Minneapolis and the Downtown Council. Minneapolis Downtown 2010 was adopted by the Minneapolis City Council in October 1996 and published in November 1996. Rice is an active member of the community having served on many boards and., commissions dealing with education, local government, human services and major league baseball. He is the former Chairman of the Edina Park Board and served on the Edina City Council from 1988 to 1994.. He is the current�President of the East Edina Housing Foundation. Vitt, Mary Kay McNee 5000 Halifax Avenue South Unit 301 Edina, MN 55424 Tel: 952-920-9429 Cell: 612 -590 -1227 Residential Mortgage Originator for 20 years. Current Member of the Board of Directors for East Edina Housing Foundation. Work History January 2007 SENIOR LOAN OFFICER to Bell Mortgage present Minneapolis, MN Residential mortgage originator for Bell Mortgage, a 130 year - old mortgage company. Accredited to originate first -time home buyer programs and specializing in Government loans. November 1998 Vice - President, Sales Manager to Edina Realty Mortgage December 2006 Edina, MN 55435 Managed 15 -20 Loan Officers and their support staff. Responsible for training on products /programs /compliance P & L responsibility Increased production /profitability year over year for 8 years President and Leader's Club recipient for 8 years November 1990 Loan Officer to Edina Realty Mortgage November 1998 Edina, MN 55435 In -house loan officer for largest Real Estate Company in MN Specialized in first -time home buyer programs and Government loans Consistently ranked in the top 10 for production DOUGLAS MAYO EXPERIENCE 6041 Kellogg Avenue South Edina, Minnesota 55424 952.200.0599 President, DFM Real Estate Consulting LLC: March 2005 to present. Facilitating real estate development and finance for non - profit, affordable housing providers.. Director of Housinq Development, CommonBond Communities; September 1993 — October 2005: • Supervised staff responsible for development or acquisition of all new housing communities. • Negotiated site purchase and analyze feasibility of proposed housing developments and acquisitions. • Assembled development team and coordinated all development activities. • Negotiated financing terms and conditions, including sale of Section 42 housing tax credits. Significant Accomplishments: • Developed or acquired thirty -one properties containing over 1,850 affordable dwelling units. • Strengthened relationships with funders, municipalities and Housing and Redevelopment Authorities. Senior Asset Manager Towle / Heskin Partners; August 1992 - June 1993: Significant Accomplishments: • Administered a $230 Million portfolio of non - performing commercial real estate loans. • Managed sale of a $150 Million non - performing commercial real estate loan portfolio. Senior Credit Analyst and Oversight Manager, Federal Deposit Insurance Corporation; May, 1990 - August, 1992: Significant Accomplishments: • Directed management of 57 employees responsible for mortgage lending, consumer loans, loan administration, and servicing at savings and loan bank with $900 Million in assets. • Collected $110 Million on behalf of insolvent thrifts. Vice President Single Family Construction Lending Metropolitan Federal Bank :.January 1988 - April 1990: $110 Million annually in construction loans production. Vice President Commercial Mortgage Loans Rothschild Financial Corporation: October 1977 - December 1987: Originated $150 Million in commercial mortgage loans. EDUCATION B.A., Anthropology, University of Minnesota, Minneapolis M.A., International Affairs, Ohio University, Athens, Ohio Additional courses and seminars: Real estate finance, accounting, real estate law, banking and thrift laws and regulations, construction lending, urban planning, title insurance, hazardous waste, government housing programs (including Low Income Housing Tax Credits), management, leadership, and motivation. COMMUNITY ACTIVITIES Audubon Center of the North Woods (2005 — present): Board of Directors and treasurer Edina Housing Foundation (2006 to present): Board of Directors and aient City of Edina Affordable Housing Task Force (2005 — 2006): Chair Minnesota River Valley Audubon Chapter (1992 — 2002): President, vice - president, treasurer, and director. YMCA Camp Warren (1982 - 1990 and 2008 - present): Community Board of Management Affordable Housing Task Force (2000), Office of Planning, State of Minnesota Great Decisions discussion participant, Minnesota International Center (2003 — present) s Personal Profile Jeffrey R. Huggett Project Partner Jeff Huggett joined Dominium's Development and Acquisition group in August of 1997. His focus includes locating and closing new development, redevelopment and acquisition opportunities. Before joining Dominium, Mr. Huggett spent five' years developing and arranging financing for more than 500 units of affordable housing in three states. Mr. Huggett has also worked in asset management and workouts at Dain Corporation in Minneapolis, Minnesota where he was responsible for a $100 million portfolio located in nine cities throughout the Midwest and Southeast. Previously, Mr. Huggett worked with PaineWebber Properties, Inc., in Boston as Chief Operating Officer of eight public syndications and at Eberhardt Company in Minneapolis as a Commercial Mortgage Banker where he originated in excess of $100 million in financings and sales. Mr. Huggett received a Master of Science in May 1984 from the University of Wisconsin — Madison. He also holds an undergraduate degree from Wisconsin. Mr. Huggett is a licensed real estate broker in the state of Minnesota. EAST EDHNA HOUSHNG FOUNDATHON ----------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------ DBA EDINA HOUSING FOUNDATION A NOT FOR PROFIT 501.(C)(3) CORPORATION F'ro`cF��. "i"'T= ^tS"•4.Lgs -`+.• ,r,, ";�. bra' �M3 �•t u -sy 4,' ``.r+^•r"ry r.` �A.".F^°r �.�+' ��' t� ^�. � adfi�- �"i �• ;:� "��G, ,=i�.: ie �'� ,§ �:. �c; ;.� 'rf- `� z�;?� _ ±�t.� -a'°: ..f�..� t ...0 i�,e- :f,r,�f=+.r d?a,�'t'�_, "„5" bsiy�. .. ;�. 5<C �.Y; �.� zSo. .�,�'�i4�" -?+ a.— 'r"S.: }: •,r �* �r. "i'!'.� ti�j. �y.. .� ?r..s ':e�.w -x. 't'�.. �... � .r .. -+, �`." .'-..m �. .. 3�y _ (•y. �'� ).9.r Vii:: y�H 5 �- A. : • , a a .,V. z. r'*s, - -'1= �., '7 :a'r 'sT, r?•-, » Flo- "Aw .. g&..e: !•`�,,. x '�-. ; .;ra--•e`r„ �:':T 6 %iy:s y. ,rt - b$cr ?? r�'':3' c�'c �: '.yj .rfi .:q � :5 _ ' 3 '%P f �- 3''t ��s, �;, w� "7n ✓ r* , •v a'µ 8:.. `' j AI r,1yt;_� *' j �y . r` ig .• F:� ;� L;:a kv r "S t3h., d?.�, .s, ,.,ry 'S' r ;y.�, �„..,1•,� n � ��'�'� iF, �� 5� � q �� , a"f' � � � ,3 �� 1 � r a � i � °7 4 .r'�',`•y`'^i � �.r `^�•`- i¢ �:; -r `�.` .t - .: .�. c...'.�i'':ts ' -� lY, y •�' x ' a �;�.,� �t 'e,., t. L.d- •C'� sx, �s*aa� '� �..;;:,�- �^n'c'. ,r;.,.y', -:�..� .; -,;�r 6+1c;' r: ��, -, ,.,z=` "°_ -is'a�+ r%a- r"€ '�, a, f.� r.. :2.z,#r,if'�,+t ^�l J'�'�„>�,�. t�v ,;G, �1. .r+.`i '�"� sir - :.tR -. .i�v' _ '�, +y rS.4�.• -,.a�w .;,r ra,, `.=a .�,.�:��, -+� *+,� f.,.�f� �, ��„ ��.�� :•far t�``r��- � y�•',:�� '2�*�,{v < �v � �T��idw. r� :.r.a,�,�,`�.;�.��`�.'"�S -x �%.�,�`� - a "�° � �ra6,:a.: PROVIDE MODEST COST HOUSING OPPORTUNITIES FOR PERSONS OF LOW AND. MODERATE INCOMES PROVIDE. ASSISTANCE TO NON - PROFIT OR NO.T- 'FOR- PROFIT DEVELOPERS OR SPONSORS OF LOW AND MODERATE INCOME HOUSING, INCLUDING HOUSING FOR THE ELDERLY UNDER SECTION 202. . OF THE NATIONAL HO °USING ACT OF 1959 REC =EIVE BLOCK GRANTS OR SIMILAR FUNDS. FROM THE .CITY OR OTHER GOVERNMENTAL AGENCIES_ OR - SUBDIVISIONS, INCLUDING THE EDINA HRA, AND TO PUT TO PRODUCTIVE USE ALL OF SUCH FUNDS EXCLUSIVELY FOR AFFORDABLE HOUSING PURPOSES �. "z R � FUNDING INITIATNES ,�J ------------------------------------------------- 2ND MORTGAGES - EDINBOROUGH & CENTENNIAL LAKES MT. OLIVET ROLLING ACRES - MORTGAGE FOR SF GROUP HOME PURCHASED /REHABBED /SOLD 63oo ROLF (FORECLOSED HOME) PURCHASED 3 SF HOMES VALLEY VIEW & WOODDALE AREA OAK GLEN - GRANT TO FUND REHAB & PROTECT SEC. 8 STATUS EDINBOROUGH &CENTENNIAL LAKES ------- --------------------------------------- EDINBOROUGH CENTENNUL LAKES Ln FUNDING INITIATNES Loci -I mill 2ND MORTGAGES - EDINBOROUGH & CENTENNIAL LAKES MT. OLIVET ROLLING ACRES - MORTGAGE FOR SF GROUP HOME PURCHASED /REHABBED /SOLD 6300 ROLF (FORECLOSED HOME) PURCHASED 3 SF HOMES VALLEY VIEW & WOODDALE AREA OAK GLEN - GRANT TO FUND REHAB & PROTECT SEC. 8 STATUS Mt. Olivet Rolling Acres Group Home 6432SherwoodAvenue ,,,� First Mortgage ;� FUNDING INITIATNES -------------------------------------- 2ND MORTGAGES - EDINBOROUGH & CENTENNIAL LAKES MT. OLIVET ROLLING ACRES - MORTGAGE FOR SF GROUP HOME PURCHASED /REHABBED /SOLD 63oo ROLF (FORECLOSED HOME) PURCHASED 3 SF HOMES VALLEY VIEW & WOODDALE AREA OAK GLEN - GRANT TO FUND REHAB & PROTECT SEC. 8 STATUS 630o Rolf Avenue (Foreclosed Home) purchased /rehabbed /sold ------------- --- - - ----------------------------- -------------- . e� ��P FUNDING INITIATIVES 2ND MORTGAGES - EDINBOROUGH & CENTENNIAL LAKES MT. OLIVET ROLLING ACRES - MORTGAGE FOR SF GROUP HOME PURCHASED /REHABBED /SOLD 63oo ROLF (FORECLOSED HOME) PURCHASED 3 SF HOMES VALLEY VIEW & WOODDALE AREA OAK GLEN - GRANT TO FUND REHAB & PROTECT SEC. 8 STATUS OODDALE &VALLEY VIEW AREA L-A, r Wo oddale Avenue Kellogg Avenue FiTNDING INITIATIVES 2ND MORTGAGES - EDINBOROUGH & CENTENNIAL LAKES MT. OLIVET ROLLING ACRES - MORTGAGE FOR SF GROUP HOME PURCHASED /REHABBED /SOLD 63oo ROLF (FORECLOSED HOME) PURCHASED 3 SF HOMES VALLEY VIEW & WOODDALE AREA OAK GLEN - GRANT TO FUND REHAB & PROTECT SEC. 8 STATUS Oak Glen Townhomes Grant to fund rehab & preserve Section S status - -W . wnhouse pment ---------- 0 -------------------------------------------- 26 units Section S affordable STATIS'T'ICS 52 loans provided Totaling $2,669,500 o Avg. loan - $51,9i3 o Avg. Income - $49527 � Avg. Pur. Price - $209,302 Single Family 34 Condo Townhouses KI .5� koav) S; N dtl = l5- N E= I 7 .s W = 5 SE & - HOME EDINA iA/ ndkfortgage Program o til /,q11a I / W o Q MALONEY AVE O O v INTERLACHEN 0 Y J COUNTRY ❑ CLUD C3 INTERLACHEN DLVD R' W50TH HIGHLA#S C LvG� Et11NA �ZZ NORTH COUNTRY �y CLUD vy LJ > cP W 59TH r q D yf OUTHVIEW LA o 0 > > DE N ^ AV - W 058 R ° d oso •� dr 1ip ran LAKE,, � DLVD ❑ � lij � H L aK�F-0 a N O E'I✓ kd . l �d �%V L-ij H1/Y D • . �y WG6TH LAKE % W66TH0 Q {q�F" � •� ORNELI SQUTFIDALE E�'/ r 41 69Th ,p Y POTH Q W70TH R W In s W U •L Ce w R 1 4 /EY N[LL 1 v' �� LA I 3 PARIClA1JN AVE J to (//� ED dt M TEI IAl x U LAI DRAENAR GOLF COURSE FRED RICHA % �� o NILE EbINA L %D GOLF COURSE NSO F C K Q it USTRra 1177T11 W W78T 1 I O he Come Home 2 Edina second mortgage program is offered by-the I; Edina Housing Foundation, and not affiliated with the City of Edina. E THE CITY OF EDINA * SUPPORT CDBG FUNDING FOR H.O.M.E. LIVABLE COMMUNITY ACT (LCA) SCORES ELIGIBILITY FOR LCA GRANTS RECENT LCA GRANTS RECEIVED ISSUES ----------------------------------------------------------------------- CITY COUNCIL SUPPORT IS VITAL TO THE SUCCESS OF AFFORDABLE HOUSING PROJECTS EHF'S MISSION IS TO FACILITATE AFFORDABLE HOUSING EHF HAS THE FUNDS TO ASSIST WITH INCENTIVIZING AFFORDABLE HOUSING V.0 EHF WOULD LIKE TO PARTNER WITH THE CITY COUNCIL TO ENCOURAGE MORE AFFORDABLE HOUSING IN THE COMMUNITY