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City staff previews Economic Improvement Plan and housing funding; path to May EDAC draft and September council review
Summary
Staff previewed the City of Minnetonka's Economic Improvement Plan timeline, housing initiatives including Pathways to Homeownership (up to $75,000 down-payment assistance), an approximate $5M housing trust, HRA levy details and program risk points (CDBG/HUD uncertainty). Commissioners were invited to submit feedback for the May draft.
Alicia (community development staff) presented a preview of Minnetonka’s Economic Improvement Plan (EIP) to the EDAC on March 20 and outlined a schedule for EDAC input and council consideration: a May EDAC draft, a June study session, an August follow-up and final council action in September.
Housing and funding highlights: staff said the HRA levy typically ranges from about $250,000 to $300,000 and has a current balance on hand of approximately $1.2 million. The city’s affordable housing trust was cited at…
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