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Minnetonka transfers pooled TIF funds to Affordable Housing Trust, approves forgivable repair loans
Summary
The council approved transferring about $5.1 million in pooled tax-increment (TIF) funds into the city's Affordable Housing Trust Fund and adopted guidelines for a "Homes Within Reach" forgivable-loan repair program (up to $10,000 per household; roughly $140,000 estimated). Votes were unanimous where recorded.
The Minnetonka City Council on Feb. 23 adopted a resolution transferring pooled tax-increment financing (TIF) funds into the city's Affordable Housing Trust Fund and approved a forgivable-loan repair program aimed at homeowners in the Homes Within Reach program.
Housing staff described balances in several pooled TIF districts and identified roughly $5.1 million…
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