Fiscal Impact
A fiscal note shows the financial impact of a given legislative action.
Minneapolis Homes Financing: Property Sales and Funding Awards - Fiscal Note
Yes
Community Planning & Economic Development
01600, 01500, 01SCI
Yes
May 1, 2024 - April 30, 2027
$0
01600
Not applicable - Funds are for the development of housing units. Once sold to eligible household no further commitment/operating impact exists.
Budget allocates existing budget resources from Housing Replacement District, HOME, Minneapolis Homes resources, and funding from the Minnesota Housing Finance Agency's Impact Fund. Land sale proceeds will revolve for redevelopment of additional Minneapolis Homes sites.
BUDGET IMPACT
List of revenues and expenditures related to this request
| Request Financing | 2025 | 2026 | 2027 | 2028 | 2029 |
|---|---|---|---|---|---|
| Revenue Sources | |||||
| Minnesota Housing Impact Fund (01600) | $2,517,000 | $2,517,000 | |||
| HOME (01500) | $1,700,000 | $1,700,000 | |||
| Minneapolis Homes (01SCI) | $2,189,343 | $2,189,343 | |||
| Land Sale Proceeds | $249,104 | $0 | |||
| Total Revenues | $6,655,447 | $6,406,343 | $0 | $0 | $0 |
| Expenditures | |||||
| Minnesota Housing Impact Fund (01600) | $2,517,000 | $2,517,000 | |||
| HOME (01500) | $1,700,000 | $1,700,000 | |||
| Minneapolis Homes (01SCI) | $2,189,343 | $2,189,343 | |||
| Land Sale Write-Downs | $40,196 | $0 | |||
| Total Expenditures | $6,446,539 | $6,406,343 | $0 | $0 | $0 |
| Net Budgetary Impact (Revenue-Exp.) | $208,908 | $0 | $0 | $0 | $0 |
Not Applicable
Not Applicable