Bloomington is planting the seeds of change for families looking to get a foothold in the housing market, thanks to a substantial financial boost from the Minnesota Housing Board of Directors. In a determined push to support affordable housing, the Bloomington Housing and Redevelopment Authority (HRA) was awarded a hefty $3.2 million grant last December. The funds are earmarked for the construction of 27 new single-family homes under the groundbreaking Bloomington Affordable Homeownership program.
The initiative represents an unprecedented move by the HRA, focusing on homeownership as a critical tool for wealth creation. Intending to bridge the racial and economic divides, the program also aligns with the City's Racial Equity Business Plan, aiming to eradicate racial disparities, particularly in housing access. As stated by the mayor's memo, this new plan first of its kind, plants strategic action by the HRA to lower homeownership costs and maintain affordable housing for years to come.
Targeting households at or below 80% of the area's median income, the program offers a significant subsidy of $118,500 to help potential buyers overcome the common financial barriers associated with purchasing a home. These moves are not just about immediate relief, the homes will carry deed restrictions ensuring they remain affordable and owner-occupied for at least 15 years. Keeping the community's heart beating with sustainable growth, each new build will feature accessibility and sustainability - Universal Design, visitability, and compliance with Enterprise Green Communities are part of the package. "Inequitable access to homeownership opportunities prevents the City from living out its values, which is why creating and preserving affordable homeownership opportunities is a focus for the HRA," Bloomington HRA Administrator Aarica Coleman emphasized in a statement obtained by the mayor's memo.
The program also seeks to engage small and emergent developers who have not historically had a seat at the development table. This move, apart from diversifying the hands that shape our homes, ensures that the creators of these 27 homes represent a broader spectrum of community stakeholders. Reflecting on the strategic priorities of "Bloomington. Tomorrow. Together.", the program's launch sends a clear signal that Bloomington is unwavering in its commitment to developing a connected, healthy, and equitably growing community.
