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Posted on: May 26, 2022

Golden Valley To Host Developer Engagement Meeting For Affordable Homeownership Program

In an effort to provide information about and seek feedback on Golden Valley's Affordable Homeownership Program and Request For Qualifications (RFQ) process, the City is hosting a developer engagement meeting Tuesday, May 31, 2022, 10–11:30 am. The meeting will be held in-person in the Basset Creek South Room at Brookview Golden Valley and virtually via Microsoft Teams.

Over the next few years, the City of Golden Valley plans to make up to 15 publicly owned properties available primarily for development of affordable single-family or duplexes. One property is suitable for a townhome development. Properties available for the RFQ process this year for construction possibly beginning in spring 2023 include:

  • 2415 Douglas Dr
  • 1605 Douglas Dr
  • 208 Meander Rd
  • 4707 Circle Down

More information is available in the Public Land Disposition Executive SummaryMarch 2022 HRA Agenda packet, page 50 (maps of properties with development potential start at page 57).

RFQ Process

At the May 31 meeting, the City will present two draft RFQ timelines for feedback. The timelines work backwards from a spring 2023 or spring 2024 construction start, funding contingent.

The Option 1 timeline takes into consideration Minnesota Housing’s current Super Request For Proposals (RFP), due July 15, 2022, to meet the Sept 1, 2022 pending leverage commitment requirement. An accelerated RFQ process could lead to the City providing a letter of intent regarding site control and committing to a land write-down by that date.

Option 2 is a longer timeline for the selection process. Metropolitan Council and Hennepin County will likely make affordable single-family development gap or affordability gap assistance available before spring 2023. Note that if Minnesota Housing funds are also needed, construction would not begin until spring 2024 or later, dependent on funding awards. 

More information is available in the Golden Valley Affordable Homeownership Program Concept and Timeline Update Executive Summary, May 2022 Housing and Redevelopment Authority (HRA) Work Session, page 17. See also a side-by-side of the draft timeline options.

Questions?

For more information about the May 31 meeting or Golden Valley's Affordable Homeownership Program, contact Housing and Economic Development Manager Cherie Shoquist at 763-593-3983.

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