Golden Valley Paves Path to Affordable Homeownership with HOPE Program and Collaborative Partnerships
The cornerstone has been laid for the flagship affordable HOPE home in Golden Valley.
“We’re really excited that the first project under our home ownership program for equity, often referred to as HOPE, is underway at 1605 Douglas Drive North,” said Cherie Shoquist, Housing and Economic Development Manager, Golden Valley.
Golden Valley sold the city-owned Douglas Drive lot to Twin Cities Habitat for Humanity for $1.00.
“Habitat was able to utilize that donation to leverage additional resources from the state and Hennepin County to make that home affordable for a family that may not otherwise be able to live in Golden Valley,” Shoquist explained.
Soaring Home Prices Drive Demand
In the midst of rising real estate prices, where the average home in Golden Valley now sells for around $600,000, many are being priced out of the city.
This reality underscores the significance of programs like HOPE.
According to Shoquist, “These affordable single family homes provide opportunity for many more families interested in living, working, and raising their children in the city.”
The home on Douglas Drive is just the initial step towards a larger mission.
“We will continue to take city-owned vacant lots and collaborate with nonprofit and private housing developers to offer affordable homeownership opportunities in the city,” stated Shoquist.
State and County Funds Fill the Void
To bridge the affordability gap, the HOPE program will tap into state and county funds, and households might also gain access to down-payment assistance.
“This is why it is so important for cities like Golden Valley to foster collaborative partnerships with non-profit organizations such as Twin Cities Habitat for Humanity, bringing affordable housing to communities and offering everyone the choice of affordable housing,” Shoquist explained.
For more information, visit the city of Golden Valley’s website.