Edina HRA approves $1 million HEROES down‑payment program funded from pooled Southdale TIF

The Edina Housing and Redevelopment Authority on Aug. 28 approved a $1 million grant from the Southdale pooled tax‑increment financing (TIF) fund to create a HEROES down‑payment assistance program aimed at workers who serve Edina residents.

Manager Stephanie Hawkinson, HRA staff, described the program as a deferred second mortgage to reduce the amount buyers must borrow from a first‑mortgage lender. “This program is designed to help people who buy homes in the city closer to their work by providing a deferred down payment second mortgage to reduce the amount needed to borrow from the first mortgage lender,” Hawkinson said. The Edina Housing Foundation will own the notes and implement the program, using underwriting and servicing processes similar to the city’s existing Come Home to Edina program.

Key parameters discussed at the meeting: - Grant source and amount: $1,000,000 from the Southdale pooled TIF fund;…