HomeMy WebLinkAboutResolution No. 084-26 - Resolution - Home Ownership Creation Program Fee Reimbursement Funding Approval
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS __________ DAY OF _______________, 2026.
PRESIDENT OF SAID COMMON COUNCIL
RESOLUTION
ATTEST:
Funding the Home Ownership Creation Program - Fee Reimbursement path with
CITY CLERK
Economic Vitality funding.
APPROVED THIS _____ DAY OF ________, 2026.
WHEREAS, the Home Ownership Creation Program, incentivizes the creation of for-sale
housing through an eligibility path of an up front subsidy to support the creation of high
volumes of homes, or a fee reimbursement of up to $20,000 when the maximum sale price
of a home is affordable to households earning 115% of the area median income (AMI) or
MAYOR OF SAID CITY
below; and
(Seal of the City of
WHEREAS, the City Council previously funded $500,000 of Holistic Budget Stability funding
Rochester, Minnesota)
for the Fee Reimbursement Pilot Program on February 23, 2022. This program was one of
the initial eligibility paths for the Home Ownership Creation program; and
WHEREAS, The original allocation has supported the creation of 75 for-sale units. This
original funding source is now nearly exhausted.
NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of Rochester,
MN hereby approves the allocation of $997,000 of Economic Vitality funding for continuation
of the fee reimbursement eligibility path of the Home Ownership Creation Program to
support the creation of an additional 175 owner-occupied homes.