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Home Ownership Program For Equity (HOPE)
The Home Ownership Program for Equity (HOPE) was established in 2022 by the Housing and Redevelopment Authority (HRA) in and for the City of Golden Valley as part of its strategic plan. The goal of HOPE is to increase housing affordability and to diversify owner-occupied housing options in the city.
HOPE provides owner-occupied housing for those earning 60–80 percent of the Area Median Income (AMI). A household earning 80 percent AMI equals $99,400 per year, while a 60 percent percent AMI household earns $74,600. While these new units will not manage to get at the deepest affordability levels due to the costs involved with constructing a new home, the homes will have income restrictions long-term and remain owner-occupied for 20 to 40 years, and even as long as 99 years, to ensure long-term affordability.
- No upcoming meetings
View the most recent and archived HRA agendas (link) and minutes/recordings (link).
- Neighborhood Open House - March 31, 2025
- Letter (PDF) | FAQ on HOPE (PDF)
- Planning Commission Meeting - April 14, 2025
- Planning Commission Meeting - May 28, 2025
- Planning Commission Meeting - June 23, 2025
- City Council Meeting - May 6, 2025
- City Council Meeting - May 20, 2025
- City Council Meeting - June 17, 2025
- Agenda (link) | Minutes (coming soon)
- City Council Meeting - July 1, 2025
- Agenda (link) | Minutes (coming soon)
HOPE is funded through the HRA, by providing a land write-down as an incentive for construction and development. Each proposed housing unit is estimated to cost a local affordable housing developer around $500,000 to build, the land written down the HRA is not enough to make the project “pencil”. Therefore, HRA staff and affordable housing developers have applied for State and Regional agency grants for additional subsidy to assist.
The County Assessor does not consider these subsidies when establishing a valuation for the property. After homes are constructed, they will be assessed in the same way other residential properties are assessed in Golden Valley. The new homeowners will be responsible for the taxes and any mortgage payment (including (principal, interest, taxes, and insurance). Once vacant property will now be back into a residential tax status.
In 2022 the HRA conducted a Request for Qualifications (RFQ) process in which developers were chosen for some of the sites. The developers needed too:
- demonstrate project feasibility regarding economic viability
- demonstrate organizational capacity to successfully complete housing projects
- address Golden Valley's defined community need for affordable home ownership opportunity
- feature high-quality construction and universal design
- meet code compliance and accessibility criteria
- demonstrate energy efficiency (Minnesota Overlay of Green Communities Criteria and Department of Energy Zero Energy Ready Homes Program)
- incorporate fair housing and affirmative marketing
- meet reporting and compliance requirements
Through the City’s Public Land Disposition Ordinance (approved in 2021), the City inventories all City and/or HRA-owned property and identifies those properties that are available for development. In 2021, approximately 15 sites were considered, and over time, each site is being evaluated as potential sites for housing. Some sites may not proceed forward due to topography, easement issues, or other site constraints. The goal of HOPE is to provide access to owner-occupied housing opportunities for first generation and first-time homebuyers.
As a first-ring suburb that is fully developed, the community has very limited vacant sites. City staff identified vacant and/or remnant Minnesota Department of Transportation (MnDOT) parcels that they no longer needed for roadway purposes. Interestingly, most of these sites included houses before MnDOT expanded highways in the area. The land was purchased from MnDOT to return it to residential use.
Air and noise pollution concern has been expressed by residents living along highway corridors, as pollutants along busy highways may be higher than the community as a whole. However, in Golden Valley, 54 percent of households are located within 0.3 miles of a highway. The Minnesota Pollution Control Agency (MPCA) has published Golden Valley’s air quality scores between 1.5 and 2.2 from a statewide range of 0 to 21.0. The MPCA has found no pollutants in Golden Valley to be above the health benchmark during periods surveyed. Though several HOPE sites are proposed along highway and railways as illustrated on the map (PDF), there are also several recently constructed market-rate homes as well.
HOPE Properties For Development Consideration
.68 acre / 29,489 square feet
- Off Hwy 100, north of Golden Valley Rd
- Staff recommends four townhomes
- Zoned R2, Comprehensive Plan approval, and preliminary plat approval
- Two own-occupied twinhomes to be constructed (four units total)
- 1611 Lilac - Open House Handout (PDF)
.52 acre / 22,628 square feet
- Off Hwy 100, south of Golden Valley Rd
- Steep slope, estimated 20-foot drop, may be water run-off challenge, trees
- Zoned RX, Comprehensive Plan approval, and plat recording underway at the County
- 1211 Lilac - Open House Handout (PDF)
.26 acre / 11,216 square feet
- Staff recommends a twinhome
- Off Hwy 100, near Luce Line Tr
- Zoned R2, Comprehensive Plan approval, and preliminary plat and plat recording underway at the County.
- One owner-occupied twinhome to be completed by Magnolia Homes
- 1131 Lilac - Open House Handout (PDF)
.50 acre / 21,612 square feet
- •Staff recommends a single-family home
- Off Hwys 100 and 55
- Zoned R1, Comprehensive Plan approval, and preliminary plat completed.
- One owner-occupied single-family home to be completed by Twin Cities Habitat for Humanity
- 504 Lilac - Open House Handout (PDF)
22,656 square feet
- Zoned R-2, Moderate Density Residential
- Supports single-family, duplex, rowhouse, residential facility
- Subdividable for two single-family homes
- May be suitable for two to four townhomes or rowhomes (24-foot width requirement for rowhomes)
- City sidewalk may require ROW dedication/easement
14,262 square feet
- Zoned R-1, Single-Family Residential
- Single-family owner-occupied home completed
13,443 square feet
- Zoned R-1, Single-Family Residential
- SOO/CP Railway directly to the east
- Single-family owner-occupied home to be completed by GMHC
23,853 square feet
- Zoned R-1, Single-Family Residential
- Single-family owner-occupied home to be completed by GMHC
- 4707 Circle Down - Open House Handout (PDF)