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Posted on: August 4, 2022

City's New Affordable Housing Program Brings HOPE

Through its Home Ownership Program for Equity (HOPE), over the next few years the City of Golden Valley will make up to 15 publicly owned vacant properties available primarily for the development of housing for affordable and equitable homeownership.

The City Council approved the program at its June 21 meeting.

The goal of HOPE is to help:

  • reduce racial disparity in homeownership
  • build wealth
  • provide long-term affordability
  • support owned, operated, employed, contracted, and subcontracted Disadvantaged Business Enterprises (for-profit small businesses where socially and economically disadvantaged individuals own at least a 51 percent interest and also control management and daily operations)

The City will use its Public Land Disposition Policy to provide a property write-down as an incentive for development of homes affordable at less than 115 percent of Area Median Income (AMI), with a priority for affordability at 80 percent or 60 percent of AMI. AMI refers to the household income for the median (middle) household, ranging from from poorest to wealthiest, in a given region. According to HUD’s Metropolitan Statistical Area annual calculations, 2022 median income for a family of four in the 11-county Twin Cities metro area is $118,200.

Using a Request for Qualifications (RFQ) process, the City began accepting proposals from developers June 22 for the following properties:

  • 2415 Douglas Drive
  • 1605 Douglas Drive
  • 208 Meander Road
  • 4707 Circle Down

Priority is given to proposals from organizations with demonstrated success in building relationships of trust with Black, Indigenous, and people of color and in serving first generation homebuyers. More information about HOPE is available on the City website.

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