081924 HRA AgendaR E G U LAR H O U S IN G AN D R E D E V E LO P ME N T AU TH O R ITY ME E TIN G
R IC H F IE L D MU N IC IPAL C E N TE R, C O U N C IL C H AMB E R S
AU G U S T 19, 2024
7:00 P M
C all to Order
Open F orum
E ach speaker is to keep their comment period to three minutes to allow sufficient time for others. C omments
are to be an opportunity to address the H R A . P lease refer to the H R A agenda and minutes web page for
additional ways to submit comments. C all into the open forum by dialing 1-415-655-0001 U se webinar access
code: 2631 553 4069 and password: 1234.
Approval of the Minutes
A pproval of the minutes of the 1) Regular Housing and Redevelopment A uthority meeting of June 17, 2024; and 2) the
S pecial Housing and Redevelopment A uthority meeting of July 9, 2024.
P R E S E N TATIO N S
1.HRA B udget P resentation
AG E N D A APPR O VAL
2.A pproval of the A genda
3.Consent Calendar contains several separate items which are acted upon by the H R A in one motion.
Once the Consent Calendar has been approved, the individual items and recommended actions have
also been approved. No further H R A action on these items is necessary. However, any H R A
Commissioner may request that an item be removed from the Consent Calendar and placed on the
regular agenda for H R A discussion and action. All items listed on the Consent Calendar are
recommended for approval.
A .C onsideration of the approval of revisions to the F irst Time Homebuyer P rogram Guidelines.
S taff Report No. 15
4.C onsideration of items, if any, removed from C onsent C alendar
R E S O L U T IO N S
5.C onsider resolutions approving proposed 2025 P roposed Housing and Redevelopment A uthority B udget and
Tax L evy and 2024 Revised Housing and Redevelopment A uthority B udget.
S taff Report No. 16
H R A D IS C U S S IO N ITE MS
6.HRA D iscussion Items
E X E C U T IV E D IR E C TO R R E P O R T
7.E xecutive D irector's Report
C LAIMS
8.C laims
9.A djournment
Auxiliary aids for individuals with disabilities are available upon request. Requests must be made at least 96
hours in advance to the City Clerk at 612-861-9739.
HOUSING AND REDEVELOPMENT
AUTHORITY MEETING MINUTES
Richfield, Minnesota
Regular Meeting
June 17, 2024
CALL TO ORDER
Acting Chair Hanson called the meeting to order at 7:00 p.m. in the Council Chambers.
HRA Members
Present:
Gordon Hanson, Acting Chair; Sean Hayford Oleary; John Young
and Mary Supple
HRA Members
Absent:
Erin Vrieze Daniels
Staff Present:
Others Present:
Melissa Poehlman, Executive Director; Julie Urban, Assistant
Community Development Director; Jan Youngquist, Economic
Development Manager; and LaTonia DuBois, Administrative
Assistant.
Johnny Opara, JO Companies; Erik Bjorum, Pope Architects
OPEN FORUM
Acting Chair Hanson gave instructions on how to participate in the open forum. No one
spoke.
APPROVAL OF THE MINUTES
M/Supple, S/Hayford Oleary to approve the minutes of the Housing and Redevelopment
Authority meeting of May 20, 2024.
Motion carried: 4-0
ITEM #1 APPROVAL OF THE AGENDA
M/Young, S/Hayford Oleary to approve the agenda.
Motion carried: 4-0
HRA Meeting Minutes -2-June 17, 2024
ITEM #2 CONSIDERATION OF A PRELIMINARY DEVELOPMENT AGREEMENT WITH JO
COMPANIES, LLC FOR THE DEVELOPMENT OF 40 UNITS OF AFFORDABLE
HOUSING AT 6501-25 PENN AVENUE SOUTH.
Assistant Community Development Director Urban presented the report.
Commissioner Young inquired about the process for implementation of the project.
Assistant Community Development Director Urban explained the next steps if the
Agreement was approved. Urban informed the commission about public meetings the developer
is having with the community.
Commissioner Young inquired about style guides; Urban explained.
Executive Director Poehlman explained design requirements in the zoning code.
Commissioner Young inquired about the financing gap, Urban explained the financing
process and how the gap is determined.
Commissioner Hayford Oleary inquired about the funding amount and land cost.
Urban explained why a tax increment district would not be created for this development.
Commissioner Hayford Oleary inquired about how land value affects the HRA, Urban
explained the cost of development. Commissioner Hayford Oleary Inquired about landscape
buffers for parking.
Commissioner Supple inquired about which units would be accessible. Urban explained
the desire for a mix of unit sizes, it has not been decided or discussed yet, but that would be a
desired outcome of the HRA.
Commissioner Hanson inquired about an environmental study and how it could affect
funding. Urban explained studies that had taken place and that major contamination had not
been discovered and informed the commission about resources available.
Commissioner Hanson inquired about the lack of space for landscaping.
The developers expressed plans to find solutions for the lack of space available for
landscaping, and that community outreach would take place.
The developers explained the reasoning for will be looking further into landscaping and
parking design.
M/Hayford Oleary, S/Supple to adopt a resolution approving the execution and
delivery of a Preliminary Development Agreement with JO Companies, LLC for the
development of 40 units of affordable housing on Housing and Redevelopment Authority-
owned property located at 6501-6525 Penn Avenue South.
Motion carried: 4-0
HRA Meeting Minutes -3-June 17, 2024
Commissioner Hanson stated that he supported the development, but expressed concern
for the lack of commercial space, and the community’s desire for commercial space on Penn
Avenue.
Commissioner Hayford Oleary spoke about the design of the project.
ITEM #3
CONSIDERATION OF THE ADOPTION OF A RESOLUTION APPROVING AN
EXTENSION OF THE AMENDED AND RESTATED CONTRACT FOR
PRIVATE DEVELOPMENT WITH 101 E 66TH ST LLC RELATED TO THE
CONSTRUCTION OF AN 80-UNIT MIXED USE PROJECT AT 101 -
66TH STREET EAST.
Economic Development Manager Youngquist presented the report.
Commissioner Supple inquired about starting the project over and how quickly
new land use approvals could occur again. Youngquist explained the difficulties that
would occur if the item was not approved.
Executive Director Poehlman explained the current expiration date would not
allow time for the district to remain.
M/Young, S/Supple to adopt a resolution approving an extension of the Amended
and Restated Contract for Private Development with 101 E 66th ST LLC.
Motion carried: 4-0
ITEM #4 HRA DISCUSSION ITEMS
Commissioner Supple asked for an update on HRA owned land near the underpass.
Youngquist provided an update on the Veledrome proposal.
ITEM #5 EXECUTIVE DIRECTOR’S REPORT
None.
ITEM #6 CLAIMS
M/Supple, S/Hayford Oleary that the following claims be approved:
HRA Meeting Minutes -4-June 17, 2024
U.S. BANK 6/17/2024
HRA Checks: #37056 - 37076 $57,150.02
Section 8 Checks: #135851 - 135929 $204,297.13
TOTAL $261,447.15
Motion carried: 4-0
ITEM #9 ADJOURNMENT
The meeting was adjourned by unanimous consent at 7:46 p.m.
Date Approved: August 19, 2024
Gordon Hanson
HRA Acting Chair
LaTonia DuBois Melissa Poehlman
Administrative Assistant Executive Director
HOUSING AND REDEVELOPMENT
AUTHORITY MEETING MINUTES
Richfield, Minnesota
Special Meeting
July 9, 2024
CALL TO ORDER
Chair Vrieze Daniels called the meeting to order at 5:30 p.m. in the Council Chambers.
HRA Members
Present:
Gordon Hanson, Acting Chair; Sean Hayford Oleary; Mary
Supple; and John Young
HRA Members
Absent
Erin Vrieze Daniels
Staff Present: Melissa Poehlman, Executive Director
Others Present: Johnny Opara, JO Companies
ITEM #1 APPROVAL OF THE AGENDA
M/Hayford Oleary, S/Supple to approve the agenda.
Motion carried: 4-0
ITEM #2 CONSIDERATION OF AN AMENDED PRELIMINARY DEVELOPMENT
AGREEMENT WITH JO COMPANIES, LLC FOR THE
DEVELOPMENT OF 40 UNITS OF AFFORDABLE HOUSING AT 6501-25
PENN AVENUE SOUTH.
Executive Director Poehlman presented the report.
Commissioner Young expressed concerns about having land value information prior to
approving developments in the future.
Commissioner Hayford Oleary offered support for the request and seconded
Commissioner Young’s concerns.
Commissioner Supple spoke about members of the public’s concerns with pedestrian
safety and encouraged solutions and the desire for greenspace on the property.
HRA Meeting Minutes -2-July 9, 2024
Commissioner Hanson spoke of the desire for a playground on the property.
M/Hayford Oleary, S/Supple to adopt a resolution approving the execution and delivery of
an amended Preliminary Development Agreement with JO Companies, LLC for the development
of 40 units of affordable housing on Housing and Redevelopment Authority-owned property
located at 6501-25 Penn Avenue South.
Motion carried: 4-0
ITEM #3 ADJOURNMENT
The meeting was adjourned by unanimous consent at 5:38 p.m.
Date Approved: August 19, 2024
Gordon Hanson
Acting HRA Chair
LaTonia DuBois Melissa Poehlman
Administrative Assistant Executive Director
2024R-2025 HRA BUDGET
Role of the HRA
Mission
To assist in keeping the residential and commercial areas of the City
vital, maintaining property values, and serving the diverse housing and
economic needs of homeowners, renters, and the business community.
Areas of Focus
•Housing Assistance
•Rental Housing Support
•Housing Improvement and New Construction
•Redevelopment Planning, Administration, Marketing, and Project
Management
HRA Staff
The HRA pays at least 50% of the salary of 10 employees.
Executive Director, Melissa Poehlman
Assistant Director, Julie Urban
Economic Development Manager, Jan Youngquist
Housing Specialists, Celeste McDermott & Hilary Lovelace
Multifamily Housing Administrator, Lynnette Chambers
Multifamily Housing Assistant, Michelle Luna
Section 8 Technician, Talisa Parson
Administrative Assistant, LaTonia DuBois
Accountant, Colleen Thornburg
2024R/2025 HRA Budget
•As usual, major fluctuations year-to-year based on opportunities
•2024 Revised Budget increases due to property acquisitions, property
maintenance, and rolling over of funding from 2023
–Purchase 6525 Penn Avenue; taxes/closing costs for donated 1620-40 78th St
–Maintenance costs for HRA-owned properties (trees, graffiti, deteriorating exterior)
–Shift in funds that weren’t spent in 2023 to 2024 budget
•2025 Proposed Budget increases due to staff and major projects
–Affordable Housing Trust Fund Budget of $1.2 million in 2025 (Aster Commons, Penn
Station, WHAHLT)
–Personnel costs up 6.8%
2023 Actual 2024 Adopted 2024 Revised 2025 Proposed
HRA $3,194,802 $3,552,310 $5,033,900 $5,407,950
Funding Sources from the HRA Budget
Expenditures from the HRA Budget
HRA Sources & Uses
2024 App.2024 Rev.2025 Prop.
Taxes $1,145,620 $692,620 $720,610
Intergov. Rev.$2,190,000 $2,679,600 $2,940,000
Misc. Rev.$192,360 $4,564,160 $677,940
Transfers $723,410 $1,281,355 $1,183,690
Total $4,251,390 $9,217,735 $5,522,240
2024 App.2024 Rev.2025 Prop.
Personnel $871,060 $862,430 $921,020
Admin.$245,570 $258,760 $247,660
Programs $2,435,680 $3,912,710 $4,239,270
Total $3,552,310 $5,033,900 $5,407,950
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
$1,000,000
2020 2021 2022 2023 2024 2025
HRA Levy
Max Levy
HRA Levy History
Impact to average homeowner in 2025 - $1.38
2024 Highlights
•Fully staffed most of year
•Section 8 staff recognized by HUD
•11 First-Time Homebuyer Loans (so far)
•Duplex demonstration projects
•Purchase 6525 Penn Ave; proposed Penn
Station affordable housing development
•Donation of 1620-1640 78th St
•First LAHA money $230,000
2024 Highlights, cont.
•Continue work on Aster Commons, 101
66th Street, Lyndale Gardens
•Staff training HOTMA & NSPIRE-V
regulatory changes (Section 8)
•Additional funding in 2024R for Fix-Up
Fund
•Ability to use cash reserves to fund some
programming
2024 Business As Usual
•Training of newer staff
•Administer Section 8 & Kids @ Homes(EDA)
programs – More than 325 households
•Administer single-family programs
•Remodeled Home Tour (October 5)
•Fund technical and financial remodeling
programs
•Administer 13 active Tax Increment Districts
2025 Initiatives and Goals
•Staff development
•HOTMA & NSPIRE-V
•Implement housing
program evaluation
•Improve outreach
•Bring it Home
•Seek developments
for HRA-owned land
•$1 million toward new
affordable units
•Utilize Spending Plan
funds
Looking Ahead
•Opportunities: Aster Commons, Penn
Station, 77th Street
•Development challenges
•New funding approved by Legislature
•Capacity
Questions & Discussion
AGENDA SECTION:Consent Calendar
AGENDA ITEM #3.A.
STAFF REPORT NO. 15
HOUSING AND REDEVELOPMENT AUTHORITY
MEETING
8/19/2024
REPORT PREPARED BY: Celeste McDermott, Housing Specialist
OTHER DEPARTMENT REVIEW:
EXECUTIVE DIRE CTOR RE VIEW: Melissa Poehlman, Executive Director
08/09/2024
ITEM FOR COUNCIL CONSIDERATION:
Consideration of the approval of revisions to the First Time Homebuyer Program Guidelines.
EXECUTIVE SUMMARY:
The First Time Homebuyer Program Guidelines (Program Guidelines) were approved by the Housing and
Redevelopment Authority (HRA) in July of 2018. Since that time, several updates to the Program Guidelines
have been made to adjust to community needs. Since the Program launched, it has remained popular with
considerable interest this year. Overall, 56 First Time Homebuyer loans have been issued (12 in 2024). Of
those loans 80% have been issued to households of color, 80% to households with children under 18 in the
home, 7% to households including a member with a documented disability, and 38% to Richfield renters.
Minor adjustments to the Program Guidelines are recommended in response to several new state-wide down
payment assistance programs that have been implemented by other agencies in 2024. Because other
resources are available, the Richfield Program will be targeted towards applicants with the highest need. The
Guideline updates propose placing limits on layering with other financial assistance as well as those
simultaneously paying off debt at closing. Additionally, the 2024 Revised and 2025 Budgets allocate Local
Affordable Housing Aid (LAHA) to the Program, so the Guidelines will be updated to meet LAHA
requirements.
Staff recommends making the following changes to the Program Guidelines:
1.Limit the use of additional down payment assistance or gift funds to a maximum of $10,000.
2.Specify that Richfield funds can’t be used towards debt or when debt payouts over $5,000 occur at
closing.
3.Specify that the funding amount may be reduced based on demonstrated need.
HRA staff are currently working on an evaluation of the Program along with other HRA programs. Once this
evaluation is complete, additional guideline updates may be proposed.
RECOMMENDED ACTION:
By motion: Approve revisions to the First Time Homebuyer Program Guidelines.
BASIS OF RECOMMENDATION:
A.HISTORICAL CONTEXT
The Program Guidelines were initially approved by the HRA in July of 2018 with revisions approved in
November of 2018 to incorporate additional federal requirements.
The demand for down payment assistance is great, as homebuyers struggle to meet rising home prices.
56 First Time Homebuyer loans for down payment assistance have been issued through the Program.
B.EQUITABLE OR STRATEGIC CONSIDERATIONS OR IMPACTS
The Program Guidelines utilize criteria designed by Minnesota Housing to address the homeowner
disparity rates between white households and households of color in Richfield. Eighty percent of the
First Time Homebuyer Loans issued since Program inception have been to households of color.
The Program meets the Strategic Plan initiative to maintain Richfield as an affordable place to live.
C.POLICIES (resolutions, ordinances, regulations, statutes, exc):
The HRA seeks to provide homeownership opportunities to households at a variety of income levels.
D.CRITICAL TIMING ISSUES:
The revisions are recommended by staff in order to reflect new funding source requirements and target
the funds to those most in need.
E.FINANCIAL IMPACT:
The 2024 Revised/2025 Budget allocates $100,000 in LAHA funds towards Program loans for 2024
and $200,000 for 2025.
The base loan amount offered is $15,000, and applicants meeting certain criteria may be
eligible for $20,000.
LAHA may be used to bridge the affordability gap, so the total loan amount an applicant is
eligible for may be reduced based on demonstrated need (i.e., the amount of the gap).
F.LEGAL CONSIDERATION:
The HRA Attorney reviewed the Program Guidelines.
ALTERNATIVE RECOMMENDATION(S):
The HRA may choose to not approve the recommended revisions to the Program Guidelines.
PRINCIPAL PARTIES EXPECTED AT MEETING:
N/A
ATTACHMENTS:
Description Type
First Time Homebuyer Guidelines- August 2024 Update Backup Material
1
City of Richfield
First Time Homebuyer Program
Part I: GENERAL PROGRAM DESCRIPTION
Program Overview
The Richfield Housing and Redevelopment Authority (HRA) offers a financial assistance program for
homeownership funded by the City of Richfield’s Community Development Block Grant (CDBG) program,
Affordable Housing Trust Fund, and Local Affordable Housing Aid (LAHA). The First Time Homebuyer
Program provides financial assistance for low and moderate income households to become
homeowners.
Administration of the First Time Homebuyer Program and the functions and responsibilities of the HRA
staff shall be in compliance with the U.S. Department of Housing and Urban Development (HUD) CDBG
regulations as well as all Federal, State and local nondiscrimination laws and with the rules and
regulations governing Fair Housing and Equal Opportunity in housing and employment.
No family or individual shall be denied the equal opportunity to apply for or receive assistance under the
First Time Homebuyer Program on the basis of race, color, gender, religion, creed, national origin, age,
familial or marital status, handicap or disability, sexual orientation or reliance on public assistance.
The HRA office is accessible to persons with disabilities. Accessibility for the hearing impaired is provided
by the Minnesota Relay Service and the City of Richfield.
Program Goals
The First Time Homebuyer Program has the following two goals:
a.Assist low and moderate income families, particularly those who rent in Richfield, to purchase
homes within the City of Richfield by providing assistance with down payment, closing costs and
mortgage principle reduction.
b.Promote responsible home ownership
Program Administration
The Program will be administered through the HRA. Interested applicants should contact
HRA staff by calling 612-861-9778.
Data Privacy
The HRA is subject to Minnesota Statutes Chapter 13 (the “Minnesota Government Data Practices
Act”). Under the Minnesota Government Data Practices Act, the names and addresses of applicants for
or recipients of assistance under this program and the amount of assistance received under this
program are public data. All other financial information submitted to the HRA for purposes of the loan
application is considered private data.
Purpose of the Program Guidelines
The purpose of these guidelines is to establish policies for carrying out the First Time Homebuyer
Program in a manner consistent with HUD requirements and local goals and objectives contained in the
City of Richfield’s Consolidated Plan and Annual Action Plans. The HRA is responsible for complying with
2
all changes in HUD regulations pertaining to the CDBG program. If such changes conflict with these
guidelines, HUD regulations will have precedence. Application regulations include:
•24 CFR Part 8:Nondiscrimination
•24 CFR Part 570:Community Development Block Grant
•24 CFR Part 35: Lead Based Paint Regulations
PART II: PROGRAM POLICIES
Financial Assistance
The financial assistance is in the form of a loan of up to $15,000, or up to $20,000 if additional
eligibility requirements are met, but no more than 10% of the purchase price. The loan amount may
be adjusted downward based on demonstrated need. The homebuyer must contribute a minimum of
$1,000 of their own funds towards the downpayment, closings costs, or earnest money. There is no
interest on the loan and no payments are required. The loan is forgiven on a pro-rated basis of 10%
each year and is fully forgiven after 10 years. If the home is sold, the title transferred, or no longer
owner-occupied, within the first 10 years after the purchase date, then the remaining pro-rated
amount will become due.
The Financial Assistance may be used to:
•Pay up to 100% of the homeowners required down payment. If CDBG funds are used, the HRA
may pay up to 50% of the amount the homebuyer is required to provide toward the down
payment under the particular mortgage program they are utilizing.
•Pay up to 100% of the homebuyer’s eligible closing costs. Borrowers are permitted to use
program funds for interest rate buy downs if documentation is provided from the lender that
shows the buy down is necessary to secure their primary mortgage.
•Reduce the mortgage principal up to 10% of the purchase price, up to $20,000, depending on
eligibility. The applicant(s) housing ratio must be at least 25%, but cannot exceed 35% of their
gross monthly qualifying income. The housing ratio is calculated using the current year’s
projected income. Under certain circumstances, the HRA Executive Director may allow the DTI
to exceed 35%. Examples of circumstances that may qualify: projected increase in income, low
non-housing debt, urgent need for safe housing.
•Financial assistance may not be used for other debts or in a closing where debts unrelated to
the home (e.g., personal or automobile) over $5,000 are resolved at the same time.
The financial assistance will be provided at a minimum amount of $3,000.00 and a maximum amount of
$20,000.00. In certain situations, the HRA Executive Director may authorize additional assistance up to
$5,000 (for a total loan amount up to $25,000) for applicants who demonstrate a need and meet other
criteria. Some examples of circumstances that may warrant additional funding are: an urgent need for
safe housing, applicants who work in Richfield, or children who attend school in the Richfield school
district. Applicants must have exhausted all other options and may be required to seek additional
financial counseling. The HRA Staff will review the applicant’s verified income and assets, estimated
closing costs, purchase agreement, and lender’s recommendations for financial assistance in compliance
3
with uses described above. Lenders must provide a pre-approval letter indicating the maximum amount
of financing the borrower would qualify for from the first mortgage lender.
The HRA will verify an applicant’s income and assets through written verifications as provided by either
the lender or by the applicant. The HRA staff may re-verify income and asset information provided by
the lender. The HRA will calculate the applicant’s gross annual income using paystubs and recent tax
returns or other qualifying verification as determined by HRA staff to ensure the applicant(s) qualifies as
a low or moderate income household as required by these program guidelines and CDBG regulations
and to determine the maximum amount of assistance.
Financial assistance will be provided at the time of closing on the property with the following conditions:
•Selected applicants must meet the requirements of the program and be eligible for the financial
assistance throughout the entire application process.
•The housing unit to be purchased and the purchase price must be accepted by the HRA as
meeting the intent and requirements of the program.
•The financial assistance provided by the program is in the form of a no-interest loan that is
forgiven 10 years from the initial purchase date. If the house is sold, transferred or no longer the
primary place of residence within that 10 year period, the loan will be repaid on a pro-rated
basis.
•The homebuyers must enter into a second mortgage and execute a Repayment Agreement with
the HRA providing for repayment of the indebtedness 10 years from the initial purchase date or
when the house is sold, transferred or no longer the primary place of residence, whichever
occurs first.
Gift Funds and Other Purchase Assistance
Gift funds and/or other downpayment or purchase assistance cannot exceed $10,000 when used in
conjunction with Richfield funds. The HRA Executive Director may issue an exemption if there are
extenuating circumstances.
Responsibilities of the First Time Homebuyer
The responsibilities of the prospective homebuyers are to:
•Obtain mortgage pre-qualification from a lender
•Complete, sign and return the full application packet, authorization for release of information
form, and other certification and verification forms within the time frame specified.
•Register and attend the Home Stretch or Framework – Homebuyers workshop such as those
offered by Community Action Partnership of Hennepin County (CAP-HC), Neighborhood
Development Alliance (NeDA), NeighborWorks Home Partners, or PRG Inc. More information
about homebuyer education can be found online at:
http://www.hocmn.org/buyingahome/homebuyer-education/. Classes must have been
completed within 12 months prior to closing. The applicant will be provided with a certificate of
attendance. A copy of this certificate should be forwarded to the lender and the HRA.
4
•Select a real estate agent, if one is desired.
•Select a dwelling in Richfield for purchase that is owner-occupied or vacant and is an eligible
dwelling under the program.
•Provide information throughout the process as required by the lender or the HRA staff.
•Execute a purchase agreement that includes the Environmental Review addendum supplied by
the HRA, if required under CDBG guidelines, and any subsequent Amendments.
•Execute the lender’s mortgage and related documents.
•Execute the HRA’s Mortgage, and Promissory Note.
•Close on the property within the time frame specified in the Purchase Agreement.
•Execute other required forms within the time frame specified or required.
•Take occupancy of the dwelling within 30 days after closing, homestead the property, and
continue to occupy the dwelling as a Principal Place of Residence.
•Make principal, interest, property tax and insurance payments as required.
•Reimburse the HRA in accordance with the HRA’s Mortgage, and Promissory Note should the
First Time Homebuyer trigger repayment through sale, moving, transfer of ownership or
foreclosure within 10 years or default on any other terms of these documents.
Responsibilities of the Lender
The lender must:
•Verify the prospective homebuyer’s income and assets to determine that they meet the
requirements of the program and submit a copy of the verification to the HRA. These copies
must be submitted to the HRA as part of a completed application.
•Compute the Mortgage, Down Payment, Mortgage payments and Closing Costs of Acceptable
Loans approved by the Program to determine the most cost-effective and appropriate form of
financing for the First Time Homebuyer to use.
•Provide a title search and review the documents.
•Provide the HRA with a pre-approval letter stating the maximum mortgage amount the
applicant is approved for.
•Provide the HRA other verification materials as requested by the HRA.
•Process a mortgage consistent with the Program.
•Meet all deadlines in a timely fashion, especially those that relate to the Closing. All documents
must be completed at least 10 days prior to the Closing and be delivered to the HRA at least
seven days before the Closing.
5
•Appraise property to determine the loan-to-value ratio. Provide copy to the HRA.
Responsibilities of the HRA
The responsibilities of the HRA for the Program are to:
•Establish Program requirements and administer the Program.
•Send applicants the application form, the authorization for release of information form and
other certification and verification forms.
•Review the Application and other material for eligibility.
•Notify applicants when ineligible.
•Direct prospective buyers to register for the homebuyer workshops and provide information
and forms related to the Program.
•Provide liaison services involving the prospective buyer, lender and any real estate agent that
might be involved in the transaction.
•Review appraisal, purchase agreement, eligibility and mortgage for consistency with the
Program requirements.
•Prepare and execute the HRA Mortgage and Promissory Note.
•Provide financial assistance according to Program guidelines to the applicant at the time of
Closing.
•Service the HRA Mortgage and Promissory Note.
•Modify or terminate the Program as may be appropriate or required.
Determining Eligibility
At the time of application, applicants must provide the HRA with the following information to help staff
determine if the household meets the eligibility requirements:
•Names and ages of all household members who will occupy the property purchased
•Address and telephone numbers
•Total gross annual income documentation..
•Lease start and end dates, if applicant is a Richfield renter.
•Letter from lender indicating the amount of a home loan for which applicant is pre-qualified
•Authorization for release of information/data privacy signed by all adults in the household.
6
The information listed above will provide the HRA sufficient information to conduct an initial screening
and determine if the applicant is eligible for the Program.
It is the responsibility of each applicant to ensure that the information is correct and that the HRA
receives his or her application.
Supporting Documentation
Eligible applicants will be required to submit the following supporting documentation. Some items may
be waived by the HRA Executive Director if not applicable and additional documentation may be
requested:
•Authorized Purchase Agreement on a home in Richfield (must include Environmental Review
Addendum supplied by HRA staff if required by CDBG funding)
•Pay stubs for all household members, ages 18 years and older, earning income.
•Tax returns stubs for all household members, ages 18 years and older, earning income.
•Bank statements, financial statements and all other document(s) that verify gross assets for all
household members, ages 18 years and older.
•Copy of current lease, if applicant is a Richfield renter.
•Previous addresses.
•Proof of completion of an approved homebuyer workshop.
Summary of the Application Process
If the applicant qualifies to apply for the Program, the applicant should proceed with the application
process, which includes:
•The applicant selects a participating lender and applies for mortgage pre-approval.
•The applicant completes and submits to the HRA: (i) a First Time Homebuyer application;
(ii)authorization form for release of information to the HRA ; and (iii) a mortgage pre-approval
letter from the lender.
•The applicant is notified by the HRA whether or not they are eligible for the Program based on
the information provided and an initial screening.
•The applicant registers for and attends the homebuyer workshop series.
•The applicant searches for a home in Richfield.
•The applicant enters into a Purchase Agreement that includes the Environmental Review
Addendum, if required by CDBG funding, provided by the HRA and contacts the lender.
•The lender authorizes appraisal of home.
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•The lender confirms applicant’s mortgage eligibility and approves purchase.
•The applicant contacts the HRA with supporting documentation.
•The HRA confirms any/all lead-based paint hazards have been investigated and remediated prior
to closing if CDBG funds are utilized. See Lead Based Paint Hazard Requirements under Part
Three of the guidelines for more information.
•The HRA reviews appraisal, Purchase Agreement, Loan Estimate, and eligibility verification for
consistency with program goals and requirements.
•The HRA issues an approval letter or denial letter to applicant.
•If approved, an Environmental Review is completed on the property by the HRA if CDBG funds
are utilized.
•The HRA prepares the closing documents required by the City’s First Time Homebuyer Program
Guidelines.
Post Approval Process
After receiving the application and all of the supplemental documentation, the following procedures
shall apply:
•If the application meets the program requirements, the loan funds (not to exceed $20,000) will
be reserved for the applicant and brought to the closing.
•The HRA loan closing will occur in conjunction with the transfer of property closing. The HRA
will provide the full amount of the loan payable to the Buyer AND the Title Company
conducting the closing. Payment can be made via check or wire transfer.
•HRA staff will make its best effort to attend the closing. If HRA staff is unable to attend the
closing, the loan closing or title insurance company conducting the loan closing will be
responsible for recording the HRA’s mortgage. The purchaser will pay the filing fee. If HRA staff
has not attended the closing, the title company must provide Richfield staff with a copy of the
first mortgage executed and filed, as well as an executed Promissory Note, Errors and Omissions
Acknowledgement Agreement, and Certificate and Request for Notice: Foreclosure. These
documents must be executed prior to any loan disbursement.
a.A lien will be placed against the Property by the HRA for the full loan amount
through the Mortgage Deed.
b.The Mortgage exempt from to Mortgage Registration Tax.The Note may not be
assigned or pledged.
•HRA staff will provide homeowners with a copy of their loan documents, along with
information regarding loan subordinations and servicing.
Eligibility Requirements
To be eligible to participate in the Program and receive a loan up to $20,000, the applicant must meet
the following requirements at the time of application and throughout the process up until Closing.
•Must have no prior home ownership in the past 3 years (unless displaced due to divorce).
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•Must be a U.S. citizen or have legal immigration status.
•Must be a First Time Homebuyer, as defined in Appendix A.
•Must not have a Gross annual Income that exceeds the maximum income limits which are
revised annually to reflect the current year’s CDBG maximum income limits. Income is calculated
using prior year tax returns and verified by most recent paystubs. For information on calculating
income, please contact a Richfield Housing Specialist.
FY 2024 CDBG Income Limits
Calculated as 80% of the Area Median Income. Source:
https://www.hudexchange.info/resource/5334/cdbg-income-limits/
Household Size Household Income Limit
1 Person Household $68,500
2 Person Household $78,250
3 Person Household $88,050
4 Person Household $97,800
5 Person Household $105,650
6 Person Household $113,450
7 Person Household $121,300
8 Person Household $129,100
•Must not have post-closing Gross Assets exceeding $25,000.00, excluding retirement savings.
•Borrowers are required to invest at least $1,000.00 of their own monies towards the purchase
price of the home.
•Must meet the requirements of a Lender and qualify for a first mortgage.
•Loan must be a fixed-rate, prime loan. No adjustable or balloon mortgages.
•Must fulfill the Program obligations in a timely manner and must remain eligible to participate
based on the program requirements and those of the lender through the time of Closing.
•Must not have a previous loan through the HRA that ended in foreclosure or any other loan that
ended in foreclosure within the previous five years.
•Must not buy dwelling with a contract for deed.
•Must meet the requirements as specified elsewhere in these First Time Homebuyer Program
Guidelines.
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•HRA Director may authorize exemptions to the above criteria on a case by case basis if there are
extenuating circumstances.
Applicants who meet one of the following criteria (in addition to meeting the requirements listed
previously) will be eligible for a total loan amount up to $20,000. The final loan amount is subject to
current funding availability.
•Applicant is a current renter in Richfield with verifiable lease and proof of rent paid, showing at
least 6 months tenancy in Richfield.
•Household has at least one dependent under the age of 18.
•One or more household member is disabled (as verified by a physician signed form)
Denial of Eligibility
The HRA will review and verify all applications for eligibility. Those applicants not meeting the eligibility
requirements will be sent a written notice explaining the reason(s) for denial of program participation.
Appeals regarding interpretation of eligibility requirements may be made in writing to the HRA Executive
Director, and then to the Director of Community Development and then to the City Manager, and then
to the HRA Board. Appeals that clearly do not meet eligibility requirements will not be considered.
Eligible Dwellings
To be eligible the property must meet the following requirements:
•Be located within the City of Richfield.
•Be a single-family dwelling, a townhouse unit, duplex or a condominium unit that is vacant or
owner occupied. No renters can be displaced at the time of purchase.
•Be a conforming use as defined by the Richfield Zoning Ordinance.
•Be in full compliance with the City of Richfield’s Point of Sale Program. (Ordinance Section
408.01). All corrections must be addressed according to the Point of Sale Program requirements,
either prior to sale or via escrow with the City of Richfield. More information found at:
http://www.richfieldmn.gov/pos.
•Be free of lead-based paint hazards at the time of Closing. See page 11 for more detailed
information regarding lead-based paint hazards.
Applicant Outreach
The HRA will publicize and disseminate information to make known the availability of homeownership
assistance on a regular basis through a variety of media and other suitable means. The availability of
assistance will be communicated to other services providers, realtors, and lenders in the community and
advise them of the guidelines so that they can make proper referrals for the Program. Realtors and
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lenders will be encouraged to provide additional services to eligible clients to ensure their successful
utilization of the program.
Applicant Pool
The applicant pool for the Program shall consist of all those who have completed and returned to the
HRA a pre-application form, written verification from their lender of pre-approval, and who have
acknowledged that they will meet the eligibility requirements.
Funds will be available to the applicant pool on a first come, first serve basis. Eligible applicants will be
approved for funding when they or their lender notify the HRA of the applicant’s approved purchase
agreement and the full application packet is completed and returned. If funding is limited and more
than one applicant is at the purchasing stage, the HRA will provide funding to the applicant who qualifies
for the most preference points. For updated program information, including the status of annual funding
for the program, please refer to http://www.richfieldmn.gov/downpayment.
Preference points have been established to meet the goals of the HRA. Each preference category is
worth one (1) point. The maximum points any one household could receive are five (5) points.
Households with the highest point totals will be selected first. In the event of a tie, a drawing or lottery
will be held to rank the applicants within each of the preference categories.
•Applicant is a current Richfield renter
•Applicant with dependents under age 18
•Applicant has lived in Richfield longer than 6 months prior to Closing
•Head or co-head of household has primary, longer-term employment in Richfield
•Applicant currently participates in Richfield’s Kids @ Home Program
•Applicant has never owned a home (versus having owned a home over three years ago)
Approval from the applicant pool is tentative and conditional. Families selected for participation must
fulfill the Program obligations in a timely manner and must remain eligible to participate based on the
Program requirements and those of the lender through the time of Closing.
Lender Outreach
The HRA will solicit lender participation as needed. The HRA will review requests from lenders to be
approved as a participating lender of the First Time Homebuyer Program. The lenders must exhibit a
willingness to provide mortgage products to low and moderate income households.
PART III: PROGRAM RULES
Lenders
Lenders and their representatives must be willing to participate in the Richfield First Time Homebuyer
Program. Applicants should ask the lender if they have received the City’s First Time Homebuyer
Program Guidelines and if they are familiar with the process. It is the applicant’s responsibility to make
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arrangements for obtaining pre-qualification or pre-indication of approval and for making an application
for a mortgage. A letter from the lender indicating the amount of the mortgage for which the
applicant pre-qualifies must be provided to the HRA.. The same lender must be used when the
applicant goes for pre-approval of a mortgage prior to the purchase of a home, so it is recommended
that the applicant selects the lender carefully.
Lead Based Paint Hazard Requirements (required with CDBG funds)
All applicants purchasing a dwelling built prior to 1978 will be provided with a lead based paint brochure
and must sign a certification of receipt of the brochure.
The HRA will require an inspection of all dwellings built prior to 1978 for compliance with HUD’s lead-
based paint hazard regulations. This inspection is performed during the City of Richfield’s standard Point
of Sale Inspection. If LBP risks are found, stabilization of the defective paint, cleanup and clearance will
be required before funds are approved for assistance at closing. The presence of LBP risks should be
treated like any other defect found during an inspection and may be negotiated between buyer and
seller. Clearance will be required before the home can be safely occupied and will assure that there are
no remaining lead hazards. If the selling party is unwilling to address the LBP hazards, the property will
not be eligible for assistance. The applicant will need to find another house that is or will be made LBP
risk free in order to qualify for assistance.
Repayment of Assistance
Repayment of the down payment assistance loan shall occur upon the earliest of:
•Sale or transfer
•The property ceases for any reason to be the homebuyer’s principal place of residence.
•Default on the mortgage with the HRA or any superior mortgage on the property.
Repayment of the loan shall be pro-rated, with the principal amount due reduced by 10% for each year
of the homeowner’s tenancy in their Richfield home, as established by the loan date on the filed
mortgage with the HRA.
AGE OF LOAN AMOUNT OF PRINCIPAL LOAN AMOUNT DUE
0 - 1 year 100 % of principal loan amount due
1 - 2 year 90% of principal loan amount due
2 - 3 years 80% of principal loan amount due
3 - 4 years 70% of principal loan amount due
4 - 5 years 60% of principal loan amount due
5 - 6 years 50% of principal loan amount due
6 - 7 years 40% of principal loan amount due
7 - 8 years 30% of principal loan amount due
8 - 9 years 20% of principal loan amount due
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9 - 10 years 10% of principal loan amount due
10+ years 0% due, Loan Fully forgiven
When a loan made by the HRA is paid in full or forgiven, a document satisfying the lien will be prepared
by the HRA, executed by the Executive Director or his or her delegate and delivered to the borrower for
recording. The borrower is responsible for the cost of recording the satisfaction. Contact a Richfield
Housing Specialist for more information about repayment of an HRA loan (612-861-9778).
Subordination of Mortgages
Richfield Housing and Redevelopment Authority (HRA) loan recipients requesting subordination of the
interest of the HRA in real property must submit a Subordination Request Form, the required supporting
documentation, and a processing fee. The current HRA subordination policy and forms are available on
the City of Richfield website (www. richfieldmn.gov) or by calling the Community Development
Department at 612-861-9760. Requests will not be considered until all documents and the processing
fee have been received.
Targeted Funding
At various times, the HRA may target Program funding for purchases in specific developments.
Applicants purchasing in those developments would receive Program funding prior to all other
applications.
Total Amount of Assistance
The total amount of assistance received through the Richfield HRA for the First Time Homebuyer
Program cannot exceed $20,000, unless additional funds are approved by the HRA Executive Director.
Modification and Termination of Program
The HRA may modify or terminate the Program as it deems appropriate or as required by HUD. Once
the HRA has provided financial assistance and the mortgage executed, financial assistance shall not be
rescinded except as provide for in the executed HRA Mortgage and Promissory Note.
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APPENDIX A
DEFINITIONS
Acceptable Loans – Portfolio Products, Freddie Mac, Fannie Mae, FHA, VA and ARM’s that at a minimum
are at a fixed rate for the first seven years.
Applicant – an individual or household submitting an application for a loan.
Application – The form used to request assistance for the City’s First Time Homebuyer funds.
ARM or Adjustable Rate Mortgage – a mortgage that offers an initial rate that is fixed for a certain
number of years of repayment; the rate then adjusts every year thereafter for the remaining life of the
loan.
CDBG or Community Development Block Grant Program – an annual entitlement program provided to
the City of Richfield through the U. S. Department of Housing and Urban Development (HUD).
City – The City of Richfield.
Clearance – A lead based paint Certification that all lead issues have been remediated.
Closing – The consummation of the real estate transaction. The Closing includes the delivery of a deed,
financial adjustments the signing of notes, mortgages, and the disbursement of funds necessary to
complete the sale and loan transaction.
Closing Costs – Those costs required by the lender to be paid by the buyer for various fees, credit report
costs, insurance, etc., at the time of Closing on a property.
Consolidated and Annual Action Plans – HUD requires the City of Richfield to submit a 5 year
Consolidated Plan and an Annual Action Plan to guide housing, homelessness and Community
Development activities.
Conventional Mortgage – A type of residential mortgage loan, usually from a bank or savings and loan
association, with a fixed rate and term. It is repayable in fixed monthly payments over a period usually
30 – 40 years or less, secured by real property, and not insured by the Federal Housing Administration or
guaranteed by the Veterans Administration.
Down Payment – A type of payment made by a homebuyer indicating intention to purchase real estate
offered for sale and obtain financing from a bank or mortgage company.
Environmental Review – The process of verifying that a project meets federal, state, and local
environmental standards. The environmental review process is required for all HUD-assisted projects to
ensure that the proposed project does not negatively impact the surrounding environment and that the
property site itself will not have an adverse environmental or health effect on end users. HRA staff is
responsible for the completion of the environmental review.
Environmental Review Addendum – An addendum to the purchase agreement that states an
Environmental Review will be completed by the HRA prior to closing. The addendum must be a part of
the original purchase agreement in order to be valid.
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Fannie Mae or Federal National Mortgage Association – A privately owned and operated corporation
that buys mortgages from such lenders as banks and savings and loans, packages and resells them on
the open market.
FHA or Federal Housing Administration – A Federal agency that administers many loan programs, loan
Guarantee programs, and Loan Insurance programs designed to make more housing available.
First Time Homebuyer – A household who has not owned a dwelling of any kind within the preceding
three years from the date of application or who has been displaced due to a divorce situation.
Gross Annual Income – The Gross annual Income of a Household for the purposes of this program is
defined for purposes of reporting under Internal Revenue Service Form 1040 for individual Federal
annual income tax purposes as per 24 CFR 570.3 Income (1)(iii).
Gross Assets – The current market value of the following minus existing indebtedness: (Typically, it does
not include 401K funds, pensions or other deferred compensation funds.)
1.Cash on hand
2.Cash in checking accounts
3.Cash in savings accounts, including accounts held in trust.
4.Investment securities (government bonds, municipal bonds)
5.Stocks
6.Certificate of deposits and annuities
Guidelines – The set of standards, criteria, and specifications to be used in administering the Program.
Household – All persons residing in one housing unit; which may include one or more families, a single
person, a married couple, or two or more unrelated persons.
Housing Counselor – A person who provides direct customer services primarily to groups, individuals,
households seeking information and assistance with housing issues.
Housing Ratio - the percentage of income that goes toward housing costs including mortgage principal
and interest, mortgage insurance premium, hazard insurance premium, property taxes, and
homeowners association dues (when applicable).
HRA – The Housing and Redevelopment Authority in and for the City of Richfield, which administers the
City’s First Time Homebuyer Program.
HUD or U. S. Department of Housing and Urban Development – The principal federal agency
responsible for implementing certain federal housing and community development programs.
Income - The amount of money or its equivalent received during a period of time in exchange for labor
or services, from the sale of goods or property, or as profit from financial investments.
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Lead Risk Assessment – A report that describes the health risk assessment, management process,
estimates of the costs of recovery, and summaries of possible defensive measures required per HUD
regulation CFR Part 35: Lead Based Paint Regulations.
Lender – Individual or firm that extends money to a borrower with the expectation of being repaid,
usually with interest.
Loan Estimate – Document disclosing the approximate closing costs a mortgage applicant will pay at or
before the mortgage settlement date.
Low Income Household– A household whose annual income does not exceed the low income limit as
established by HUD with adjustments for smaller and larger families.
Minnesota Housing – The Minnesota Housing Finance Agency; a Minnesota State agency that
administers a variety of first time homebuyer loan programs.
Moderate Income Household – A household whose annual income does not exceed 80 percent of the
median income for the area, as determine by HUD with adjustments for smaller and larger families.
Mortgage – The conveyance of an interest in real property given as security for the payment of a loan.
Principal Place of Residence – To occupy the home as the primary residence on a permanent basis.
Program – The City’s First Time Homebuyer Program.
Promissory Note – A written instrument containing a promise by the signer to pay and agreed amount.
Purchase Agreement – An agreement between buyer and seller of real property, setting forth the price,
and terms of the sale. Also known as a sales contract.
Reducing the Mortgage Principal Amount – A method of benefitting the buyer through the use of a
portion or all of the HRA provided financial assistance to lower the mortgage principle amount. In
effect, this assistance acts as a larger down payment and helps to reduce the monthly mortgage
payments. The available amount of assistance is up to 10% of the purchase price to a maximum of
$20,000. The buyer’s housing ratio must be between 25% and 35%.
Satisfaction of Mortgage – A document releasing a mortgage lien, indicating the borrower has paid the
debt in full.
Second Mortgage – A loan on a property that already has an existing mortgage (the first mortgage). The
second mortgage is subordinate to the first.
VA Loan – Department of Veterans Affairs, providing below-market financing with no down payment to
veterans of the U.S. Armed Services.
AGENDA SECTION:RESOLUTIONS
AGENDA ITEM #5.
STAFF REPORT NO. 16
HOUSING AND REDEVELOPMENT AUTHORITY
MEETING
8/19/2024
REPORT PREPARED BY: Kumud Verma, Finance Director
OTHER DEPARTMENT REVIEW:
EXECUTIVE DIRECTOR REVIEW:
ITEM FOR COUNCIL CONSIDERATION:
Consider resolutions approving proposed 2025 Proposed Housing and Redevelopment Authority
Budget and Tax Levy and 2024 Revised Housing and Redevelopment Authority Budget.
EXECUTIVE SUMMARY:
The bylaws of the Richfield Housing and Redevelopment Authority (HRA) require that an annual budget be
submitted to the HRA Commissioners for approval. Accordingly, the 2025 Proposed Budget and Tax Levy and
2024 Revised Budget are presented for approval.
In addition, Minnesota State Statutes require adoption of a preliminary tax levy from each taxing authority.
The proposed tax levy must be certified to the Hennepin County Auditor by September 30, 2024. Any
amendments to the proposed budget, which would increase the property tax levy, must be made prior to
September 30, 2024. No increases in the tax levy are permissible after that date, only reductions. Final
certification of the HRA tax levy is part of the City’s budget process.
The recommended tax levy as proposed represents a 3.0% increase from the previous year’s levy.
RECOMMENDED ACTION:
By motion: Adopt the attached resolutions approving the 2025 Proposed Housing and Redevelopment
Authority Budget and Tax Levy and 2024 Revised Housing and Redevelopment Authority Budget
BASIS OF RECOMMENDATION:
A.HISTORICAL CONTEXT
N/A
B.EQUITABLE OR STRATEGIC CONSIDERATIONS OR IMPACTS
N/A
C.POLICIES (resolutions, ordinances, regulations, statutes, exc):
Minnesota Statutes require adoption of a preliminary levy from each taxing authority.
The budget and accompanying proposed levy for 2025 are ready for consideration.
Even though a public hearing for the HRA tax levy is not required by State Statute, this does not
preclude the HRA from opening this item up for public discussion if the HRA desires to do so.
D.CRITICAL TIMING ISSUES:
As required by State Statutes, each taxing authority must certify its proposed tax levy for the payable
year 2025 to the County Auditor on or before September 30, 2024.
Melissa Poehlman, Executive Director
08/13/2024
E.FINANCIAL IMPACT:
The Proposed 2025 HRA levy represents a 3.0% increase from the previous year’s levy. This equates
to an $20,993 increase.
The levy is approximately $215,830 less than the maximum HRA levy established by law of the .0185%
of the City’s total estimated taxable market value.
F.LEGAL CONSIDERATION:
N/A
ALTERNATIVE RECOMMENDATION(S):
The HRA could adopt a preliminary levy less than the one proposed herein. However, that would not
provide for programs that are recommended in the 2025 Proposed/2024 Revised budget.
The HRA could also consider adoption of a greater levy (up to $936,440), but that would exceed the
expressed needs of staff and may result in a burdensome property tax bill for residents.
PRINCIPAL PARTIES EXPECTED AT MEETING:
N/A
ATTACHMENTS:
Description Type
2025 HRA Tax Levy Resolution Resolution Letter
2024 HRA Budget Revision Resolution Letter
HRA RESOLUTION NO. 1486
RESOLUTION APPROVING PROPOSED 2025 HOUSING AND REDEVELOPMENT
AUTHORITY BUDGET AND CERTIFYING THE 2025 TAX LEVY
BE IT RESOLVED by the Housing and Redevelopment Authority of the City of
Richfield, Minnesota as follows:
Section 1. The budget for the Housing and Redevelopment Authority
General Fund of Richfield for the year 2025 in the amount of
$595,790 is hereby ratified.
Section 2. The estimated gross revenue of the Housing and Redevelopment
Authority General Fund of Richfield from all sources, including
general ad valorem tax levies as hereinafter set forth for the year
2024, and as the same are more fully detailed in the Executive
Director’s official copy of the budget for the year 2025, in the
amount of $772,390 is hereby approved.
Section 3. There is hereby levied upon all taxable property in the City of
Richfield an ad valorem tax in 2024, payable in 2025 for the
following purposes:
Housing and Redevelopment Authority $720,610
Section 4. A certified copy of this resolution shall be transmitted to the County
Auditor.
Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 19th day of August, 2024.
Erin Vrieze Daniels, Chair
ATTEST:
Sean Hayford Oleary, Secretary
RESOLUTION NO. 1487
RESOLUTION AUTHORIZING REVISION OF THE 2024 BUDGET OF THE
HOUSING AND REDEVELOPMENT AUTHORITY OF RICHFIELD
WHEREAS, Resolution No.1460 appropriated funds for personal services and other
expenses and capital outlay for the Housing and Redevelopment Authority for the year
2024 and
WHEREAS, The Executive Director has requested a revision of the 2024 budget as
detailed in the 2025 budget document.
NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment
Authority of Richfield, Minnesota as follows:
Section 1. That the 2024 appropriation for the Housing and Redevelopment
Authority General Fund is revised as follows:
$63,940 increase
Section 2. Estimated 2024 gross revenue of the Housing and Redevelopment
Authority General Fund from all sources, as the same is more fully
detailed in the Executive Director’s official copy of the 2025 budget
document, are hereby revised as follows:
$452,230 decrease
Section 3. That the Executive Director bring into effect the provisions of this
resolution.
Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 19th day of August, 2024.
Erin Vrieze Daniels, Chair
ATTEST:
Sean Hayford Oleary, Secretary