05(G) - Approve Contribution of $225,000 in Local Affordable Housing Aid to Twin Cities Habitat for Humanity Report

Summary

The City of Prior Lake is considering a contribution of $225,000 in Local Affordable Housing Aid funds to Twin Cities Habitat for Humanity to support the completion of a three-building townhome development. The development, located near Ponds Park, will provide affordable housing to residents making 80% of the Area Median Income or less. The contribution will help cover construction and affordability gaps, ensuring the project's completion and the availability of affordable housing units. The City has received payments from the state for affordable housing, and this contribution is consistent with the state requirements for using these funds.

Details

Subject

Contribution of $225,000 in Local Affordable Housing Aid to Twin Cities Habitat for Humanity

Summary

The City of Prior Lake is considering a contribution of $225,000 in Local Affordable Housing Aid funds to Twin Cities Habitat for Humanity to support the completion of a three-building townhome development. The development, located near Ponds Park, will provide affordable housing to residents making 80% of the Area Median Income or less. The contribution will help cover construction and affordability gaps, ensuring the project's completion and the availability of affordable housing units. The City has received payments from the state for affordable housing, and this contribution is consistent with the state requirements for using these funds.

Report Date

2026-01-13

Report Type

agenda

Report Title

Approve Contribution of $225,000 in Local Affordable Housing Aid to Twin Cities Habitat for Humanity Report

Authoring Body

City of Prior Lake