Eden Prairie, Minn., City Code ch. 13 § 13.04

Subd. 1. Findings and Purpose. The Council finds that additional tools are needed to support the rehabilitation and preservation of existing affordable housing within the City, promote the development of new affordable housing, and to provide individuals with financial assistance to encourage and support the purchase and rental of affordable housing. The purpose of this Section is to create an Affordable Housing Trust Fund that will be used to further the City's goal of promoting affordable housing opportunities and diversity in its housing stock such that households of various income levels, ages, and sizes have choice in the place they call home.
Subd. 2. Establishment of Affordable Housing Trust Fund. Pursuant to the authority granted to the City by Minnesota Statutes § 462C.16, an Affordable Housing Trust Fund is established for the purpose of making grants, loans, and loan guarantees for the development, rehabilitation, or financing of housing; matching other funds from federal, state, or private resources for housing projects; or providing down payment assistance, rental assistance, and home buyer counseling services. Up to ten percent (10%) of the balance of the fund may be used to pay for expenses incurred by the City in administering the fund.
Subd. 3. Funding Sources. The City's Affordable Housing Trust Fund will be funded from multiple sources, including but not limited to: donations; bond proceeds; grants and loans from a state, federal, or private source; appropriations by the City to the fund; investment earnings of the fund; a levy by the City's Housing and Redevelopment Authority; and payments-in-lieu of providing inclusionary housing made pursuant to Section 13.03 . The City Manager or their designee is authorized to determine the source and amount of funds to be placed in the Affordable Housing Trust Fund.
Subd. 4. Annual Reporting; Repayment.
A. The City Manager must report annually to the Council on the use of the Affordable Housing Trust Fund account, including the number of loans and grants made, the number and types of residential units assisted through the account, and the number of households for whom rental assistance payments were provided. The report must be posted on the City's website.
B. The City Manager or their designee may determine the terms and conditions of repayment of loans and grants from the Affordable Housing Trust Fund, including the appropriate security and interest, if any, should repayment be required. Interest on loans and grants will be as established by the City from time to time or at the time of approval of a specific project or program.