Edina Housing Foundation
The East Edina Housing Foundation (dba Edina Housing Foundation) is a nonprofit 501(c)(3) corporation organized and operated to promote and undertake community development activities on a nonprofit basis within the East Edina Housing Foundation neighborhood. The Foundation provides assistance to low/moderate income individuals, as well as nonprofit developers or sponsors of low and moderate-income housing. Furthermore, the Foundation receives block grants or similar funds from the City, or other governmental agencies or subdivisions, including the I-IRA, and puts to productive use all such funds exclusively for the aforementioned purposes.
The East Edina Housing Foundation (EEHF) was organized by the Edina HRA in 1985 to provide modest cost housing opportunities to persons of low and moderate incomes. Initially, second mortgages were offered to qualified buyers of the Edinborough condominium complex. Over time, the deferred loan program was expanded to include Centennial Lakes condominiums, and now, any owner-occupied housing in the EEHF neighborhood (PDF) is included.
Where Does the Money Come From?
Initially, the funds to start the second mortgage program came from TIF funds associated with the Edinborough development. The second mortgage program has been very successful, with over 300 2nd mortgages issued, each accruing 5% simple interest. As these second mortgages have been paid back, the Foundation has invested the funds, creating a source for future affordable housing offerings.
The EEHF has a five-member Board of Directors who are appointed by the HRA and City Council. The Foundation has no employees. The City's Planning staff, as well as the City's Finance Director, provide day-to-day and technical support for which the City is reimbursed.
Current Board Members
Jeff Huggett - President
Mary Kay McNee