This is part of the Bloomington affordable home ownership program. This was launched in 2024 when we secured a significant grant from Minnesota Housing totaling 3.2 to develop 27 small-cale properties.

The goals of the Bloomington Affordable Home Ownership Program. There are many. It provides affordable home ownership opportunities for families.

We are now coming we've been working on the securing funding sources and working on the development gap and so now we are coming with a development agreement.

The H assistance is structured as a deferred loan.

One option is to bring before the board a new a or a slightly revised design for St. Marks. Not greatly increasing the density, but instead of single family homes, perhaps some demonstration projects for the newly passed missing middle ordinance, which would be an innovative use.

prevailing wage um as a a whole number uh increases uh construction costs by 25 to 40%.

one advantage that, modular housing does have is those are built offsite. So, um, they're not, from my understanding, they're not restricted to the prevailing weight.

Our mission is to we bring people together to create, preserve, and promote affordable home ownership and advance racial equity in housing.

We limit that payment to 30% of their monthly income.

We have intentionally wanted to improve um the that racial home ownership gap um in the Twin Cities.