2025-09-09 Resolution 12334City of Richfield September 9, 2025
County of Hennepin
State of Minnesota
RESOLUTION NO. 12332
Motion by: Hayford Oleary
Seconded by: Burk
RESOLUTION ADOPTING AN AFFORDABLE HOUSING TRUST FUND BUDGET
FOR THE YEAR 2025 REVISED AND 2026
WHEREAS, authorized by Minnesota State Statutes 462C.16, the City approved by
ordinance the creation of an Affordable Housing Trust Fund on May 26, 2020, and
WHEREAS, the ordinance requires the City Council to approve an annual budget
for the Affordable Housing Trust Fund.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Richfield
as follows:
1. The 2025 Revised Budget for the Affordable Housing Trust Fund is hereby
approved and adopted with appropriations as follows:
• $1,570,000 for the preservation and rehabilitation of three Naturally
Occurring Affordable Housing apartment complexes, and
• $240,000 for the HRA’s New Home Program.
2. The 2026 Budget for the Affordable Housing Trust Fund is hereby approved and
adopted with appropriations as follows:
• $40,000 for the HRA’s First-Time Homebuyer Program;
• $160,000 for the HRA’s New Home Program, and
• $500,000 for a development grant to an affordable housing project.
Adopted by the City Council of the City of Richfield, Minnesota this 9th day of
September, 2025.
VOTING AYE VOTING NAY
Supple, Mary Supple, Mary
Burk, Walter Burk, Walter
Christensen, Sharon Christensen, Sharon
Coleman-Woods, Rori Coleman-Woods, Rori
Hayford Oleary, Sean Hayford Oleary, Sean
Mary B Supple, Mayor
ATTEST:
Michelle Friedrich, City Clerk