Bloomington, Minn., Code of Ordinances § 9 § 9.38
ESTABLISHMENT OF TRUST FUND (Bloomington Housing Opportunity and Preservation Ordinance)
Operative Text
The city will establish an Affordable Housing Trust Fund for the purpose of collecting funds related to the city’s affordable housing programs pursuant to this chapter. Such funds will include but not be limited to payment of fees in lieu of opportunity housing units and shared appreciation dollars collected at the closing of sales of designated properties. The funds in the Affordable Housing Trust Fund and all earnings from investment of said funds will be expended exclusively to provide rental housing affordable to households at or below 60% of AMI and home ownership opportunities affordable to households at or below 115% AMI. (Ord. 2019-16 , passed 2-25-2019; Ord. 2024-5 , passed 3-18-2024)
Bloomington, Minn., Code of Ordinances § 9.38 requires the city to create and maintain an Affordable Housing Trust Fund that collects money tied to the city's affordable housing programs. Revenue flowing into the fund can include fees paid instead of building opportunity housing units, as well as shared appreciation amounts collected when designated properties are sold. Every dollar in the fund—including any investment earnings—must be spent exclusively on rental housing for households earning at or below 60% of Area Median Income (AMI) or on homeownership opportunities for households earning at or below 115% AMI.
Plain English — not legal advice.
Under § 9.38, property owners or developers who trigger fee-in-lieu obligations or shared appreciation requirements under Bloomington's affordable housing chapter direct those payments into the Affordable Housing Trust Fund rather than providing units directly. Compliant operators typically ensure that any required payments are calculated accurately and remitted at the appropriate time—such as at the closing of a designated property sale. Keeping clear records of payments made to the fund supports documentation of compliance with the city's affordable housing obligations.
General guidance for property managers — not legal advice for your specific situation. Consult an attorney for advice on your case.
Section 9.38 establishes a dedicated city fund that must be used solely to expand affordable rental and homeownership options for lower- and moderate-income households in Bloomington. Tenants and prospective homebuyers who qualify at or below the applicable AMI thresholds may benefit from programs or subsidies funded through this trust. Those seeking to understand what housing assistance the fund currently supports can contact the City of Bloomington's housing office or reach out to a local tenant-rights or housing-counseling organization for general guidance.
General guidance for tenants — not legal advice for your specific situation. Consult a tenant-rights organization or attorney for advice on your case.
Generated September 15, 2026 — auto-generated, not yet human-reviewed. See /transparency for methodology.
Effective Timeline
References Out
No outbound references recorded yet for this provision.
References In
No inbound references recorded yet for this provision.