Bloomington Affordable Housing Trust Fund
The Affordable Housing Trust Fund supports affordable housing activities in the City. The Affordable Housing Trust Fund was established by the City’s Opportunity Housing Ordinance, launched September 1, 2019. Bloomington was among the first suburban cities in the region to establish a Affordable Housing Trust Fund and is leading efforts to create rental units affordable to very low income tenants.
The goal of the Affordable Housing Trust Fund is to develop 842 affordable rental units by 2030 including: 151 low income units, 246 very low income units and 445 extremely low income units.
Eligible Affordable Housing Activities
(1) Acquisition and construction of affordable housing units;
(2) Gap financing for affordable units created at the extremely low, very low, and low income levels;
(3) Enhancement of county, state, and federal affordable housing programs;
(4) Purchase or rehabilitation, or both, and long-term preservation of NOAH units to be affordable to households at or below 60% of AMI;
(5) Home rehabilitation of existing single family owner-occupied units to retain affordability;
(6) Low cost financing or grants in support of accessory dwelling unit creation affordable to households at or below 60% of AMI;
(7) Predevelopment services in support of affordable housing creation;
(8) Development fee reimbursement and deferral of fees in support of affordable housing creation;
(9) Land acquisition and land banking for affordable housing creation;
(10) Housing and economic development services in support of housing creation for low income families of two or more, non-disabled individuals, veterans, and homeless population;
(11) Support for paying the difference between affordable rents and market rate rents to preserve affordable housing due to loss of subsidy of expiring tax credit developments or sale of NOAH property;
(12) Infrastructure improvements;
(13) Relocation assistance; and
(14) Other activities to support affordable housing as determined by the City Council.
For the Program Guidelines and Application - click here
Affordable Housing Trust Fund | Potential Funding Sources
- HRA Levy
- Line of Credit
- Housing Revenue Bonds or General Obligation Bonds
- Tax Increment Financing Allocation
- Revolving Loan Fund Payments of Principal and Interest
- Opportunity Housing Payments in Lieu
- Grants, Donations or Gifts
- Funds from other sources authorized by the HRA, City Council or the voters
For further information or to donate to the Affordable Housing Trust Fund contact:
Housing and Redevelopment Authority
For more information on the Opportunity Housing Ordinance: blm.mn/OHO