WEST HENNEPIN AFFORDABLE HOUSING LAND TRUST

HOUSING IS A MULTIPLIER, A BASIC NEED THAT IMPACTS EVERY PART OF LIFE: EDUCATION, HEALTH AND ECONOMIC SUCCESS. HWR HAS WITNESSED FIRST-HAND HOW HOMEOWNERSHIP FOR WORK-FORCE FAMILIES STABILIZES LIVES, ENABLES GREATER COMMUNITY AND ECONOMIC PARTICIPATION, AND BUILDS ASSETS. HWR ACQUIRES THE OWNERSHIP OF REAL PROPERTY, REHABILITATING AND THEN SELLING THE IMPROVEMENTS (HOME) TO HOMEOWNERS EARNING LESS THAN 80% AREA MEDIAN INCOME. THIS ARRANGEMENT BETWEEN THE HOMEOWNER AND HWR PROTECTS HOUSING AFFORDABILITY IN PERPETUITY BY ENSURING THAT THE HOME IS AFFORDABLE FOR LOW TO MODERATE INCOME WORKFORCE HOUSEHOLDS UPON THE SALE AND FUTURE SALES OF A SINGLE-FAMILY HOME.AS OF DECEMBER 31, 2024, WHAHLT HAS PLACED 220 PROPERTIES INTO ITS TRUST SINCE IT BEGAN CREATING AND PRESERVING AFFORDABLE HOMEOWNERSHIP AND HAS ASSISTED 260 FAMILIES, WITH AN AVERAGE AREA MEDIAN INCOME OF 57.7%, IN PURCHASING A HOME IN THE COMMUNITIES OF BLOOMINGTON, BROOKLYN PARK, CRYSTAL, DEEP HAVEN, EDINA, EDEN PRAIRIE, GOLDEN VALLEY, LONG LAKE, MAPLE GROVE, MINNETONKA, NEW HOPE, ORONO, PLYMOUTH, RICHFIELD, ST. LOUIS PARK AND WAYZATA. THE REASON FOR GROWING IN THESE SPECIFIC COMMUNITIES IS THAT EITHER THESE CITIES DEMONSTRATED A WILLINGNESS OR DESIRE TO HAVE THE CLT PROGRAM IN THEIR COMMUNITY OR OUR POOL OF BUYERS HAD A DESIRE TO LIVE IN ONE OF THESE COMMUNITIES. THE PROGRAM OFFERS AN OPPORTUNITY FOR WORKFORCE HOUSEHOLDS TO BECOME HOMEOWNERS, WHICH IN TURN STABILIZES THE FAMILY UNIT, ADDS VALUE TO THE COMMUNITY WHERE THEY WORK OR LIVE, BY INCREASING THE LABOR POOL TO LOCAL BUSINESSES, ADDING NEW FAMILIES TO THE COMMUNITY, PRESERVING AND REHABILITATING OF EXISTING HOUSING STOCK AND PROVIDING A MECHANISM TO INVEST IN LONG TERM AFFORDABLE HOMEOWNERSHIP, THEREBY LINKING HOUSING WITH JOBS, TRANSIT AND SUPPORT SERVICES.IN 2024 HWR ADDED 15 HOMES IN 10 COMMUNITIES. ADDING HOMES IS LONG LAKE AND ORONO HAS RAISED OUR "COMMUNITIES SERVED" TO 16 COMMUNITIES. OTHER NOTABLE HIGHLIGHTS FOR 2024 WERE; ADDING ADDITIONAL HOMES IN OTHER COMMUNITIES DUE TO INCREASED FUNDING DOLLARS. EDEN PRAIRIE RECEIVED MET COUNCIL FUNDING WHICH ALLOWED US TO PURCHASE, REHAB AND RESELL INTO THE PROGRAM 2 HOMES INSTEAD OF ONE. ST. LOUIS PARK ALSO INCREASED FUNDING TO ALLOW FOR 3 HOMES TO BE ADDED IN THEIR COMMUNITY INSTEAD OF 2. WE ALSO RECEIVED A HOME IN GOLDEN VALLEY WHICH WAS BUILT BY TWIN CITIES HABITAT FOR HUMANITY AS PART OF THE PARTNERSHIP WITH THE CITY TO BUILD NEW CONSTRUCTION HOMES ON CITY OWNED LOTS WHICH WILL BE PLACED IN THE HWR CLT PORTFOLIO. THE PARTNERSHIP WILL RESULT IN 20 NEW CONSTRUCTION HOMES IN GOLDEN VALLEY OVER THE NEXT 5 YEARS. WE ALSO NEGOTIATED 5 RESALES OF HOMES IN THE PORTFOLIO. 2024 BROUGHT SIGNIFICANT GROWTH AND OPPORTUNITY FOR WEST HENNEPIN AFFORDABLE HOUSING LAND TRUST, DBA, HOMES WITHIN REACH (HWR) CREATING AND PRESERVING LONG-TERM AFFORDABLE HOMEOWNERSHIP OPPORTUNITIES FOR WORK-FORCE HOUSEHOLDS WHO PROVIDE ESSENTIAL SERVICES TO HENNEPIN COUNTY SUBURBAN COMMUNITIES. SERVICE PROVIDERS SUCH AS TEACHERS, MUNICIPAL WORKERS, RETAIL STAFF, OFFICE PERSONNEL, FOOD SERVICE, CUSTOMER SERVICE REPRESENTATIVES, MEDICAL SUPPORT STAFF AND MANY MORE, WHO ARE UNABLE TO PURCHASE A HOME IN THE COMMUNITIES WHERE THEY WORK AND LIVE.