“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.”

Background on the Affordable Home Ownership Program.

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

Goals of the Affordable Home Ownership Program.

“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.”

Explaining the purpose of the development agreement.

“The H assistance is structured as a deferred loan.”

Details on the HRA assistance structure.

“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.”

Future project considerations at St. Mark's site.

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

Impact of prevailing wage on construction costs.

“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.”

Advantages of modular housing regarding prevailing wage.

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

Habitat for Humanity mission statement.

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

Details on Habitat's mortgage payment structure.

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

Habitat's focus on addressing racial home ownership gap.