The City of Edina has created a program to offer homeowners who are contemplating selling their single-family house an opportunity to preserve it and avoid a developer teardown.
Homeowners whose property's assessed value is up to $425,000 were mailed an informational postcard about the program in early 2021.
Watch the Video
Affordable Housing Development Manager Stephanie Hawkinson recently talked about the program in a segment of "Agenda: Edina."
FAQs on the Housing Preservation Program
Why was this program created?
Edina residents have been calling for a preservation of the smaller, more affordable, homeownership opportunities. Additionally, they have expressed concern over the teardown of livable smaller and modest homes being replaced with much larger, luxury homes. Some residents have also expressed that they are thinking of selling, but do not want to sell to a developer and would rather ensure their home is occupied by a family.
How does it work?
Houses that meet the given criteria - single family homes with an assessed value of up to $425,000 - can be purchased by the City under existing Housing and Redevelopment Authority programs, including the HRA's partnership with the Homes Within Reach program.
Do I have to sell my house to the City if it falls under the criteria?
Absolutely not. The intention is to make homeowners aware of all their options.
If my house falls under the criteria, does that mean the City will definitely purchase it from me?
No. The eligibility requirement is just the first step in the process.
If I received the postcard, does that mean the City thinks my house should or will be torn down?
No. The intention of the City's mailing was to inform homeowners who fall under the criteria about the program. No judgment is being made by City staff about the home.
Is the City wanting to buy homes to tear down for multifamily housing?
No. The intent is to preserve the houses and have them occupied. Furthermore, where the majority of single family houses are located is zoned R1 (single family residential) so multifamily development is not allowed. The City's Affordable Housing work does not just pertain to developing and preserving affordable multifamily rental, it also includes helping to facilitate affordable single family ownership.
How is the purchase of homes through the program funded?
Home purchases through the program will be funded by Developer Buy-In funds, not Housing & Redevelopment Authority (HRA) tax revenue or General Fund tax revenue.