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Edina HRA approves $1 million to seed HEROES down-payment assistance program
Summary
The Edina Housing and Redevelopment Authority voted to approve a $1,000,000 grant agreement to the Edina Housing Foundation to fund a HEROES down-payment assistance program, drawing on Southdale 2 TIF pooled funds.
The Edina Housing and Redevelopment Authority voted to approve a $1,000,000 grant agreement to the Edina Housing Foundation to fund a HEROES down-payment assistance program, with the money drawn from Southdale 2 TIF pooled funds. The motion was moved, seconded and carried by the four members present.
The program, described to the HRA by staff, would operate like past "Come Home to Edina" down-payment assistance: the foundation would hold second mortgages (a lien) on homes purchased with assistance. Borrowers may pay interest monthly or defer repayment until sale, when the foundation would recoup funds and reuse them to support…
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