Central to the meeting was the detailed presentation and discussion of the Bloomington Affordable Homeownership Program, often referred to as the “BOB” program. The program’s primary goal is to provide affordable housing options in the form of single-family homes, with the first phase focusing on three sites owned by the authority. These sites, identified as development-ready, include one on 82nd Street near Highway 35W, the larger Stevens lot, and the Blaisdell lot. Each of these locations presents unique characteristics and challenges, such as right-of-way easements and potential for multiple units, which the board plans to address through careful planning and partnership with experienced developers.

The initiative emphasizes adherence to specific design and construction standards, including accessibility features, prevailing wage requirements, and environmental sustainability. As part of the program’s structured approach, a request for qualifications (RFQ) will be issued to identify developers capable of navigating public financing and meeting these rigorous requirements. The board stressed the importance of selecting developers with the requisite financial capacity and familiarity with market dynamics to ensure the project’s success. The program’s tight timeline, coupled with the need for additional funding beyond the initial grant, was acknowledged, with strategies being developed to secure supplementary subsidies from local housing incentives and county funding programs.

A key aspect of the discussion involved the number of homes to be constructed in the initial phase. Some members debated whether constructing more homes in the first round would better prepare for subsequent phases, given the target of 27 homes by 2027. Concerns were raised about the balance between efficiency and the potential risk of overextending inexperienced developers, highlighting the need for a development agreement that outlines timelines and expectations. This agreement would allow the authority to reallocate funds if milestones are not met.

Community engagement emerged as a crucial component of the program, with plans to inform and update local residents about the construction process. Initial conversations with the community engagement division have begun. The board also noted the importance of ongoing partnerships beyond the initial development phase, seeking to tap into additional resources from housing finance organizations and local development centers.

In addition to the homeownership program, the board approved resolutions related to budgetary matters, including the carryover of $175,000 in unspent funds from the homelessness prevention program. Adjustments to the 2024 year-end budget and transfer requests were also approved to accurately reflect actual revenues and expenditures, with particular focus on managing overspending in the Section Eight voucher program and related rehab loans.

Furthermore, the board authorized an application to the Minnesota Housing Bring It Home Rental Program, which could increase Bloomington’s access to rental assistance vouchers. The program’s potential $1.2 million grant would provide approximately 100 additional rental vouchers, benefiting the local community. Proposed changes to the program include aligning it with existing Housing Choice Voucher procedures and allowing certain eligibilities, such as the use of an Individual Taxpayer Identification Number in lieu of a Social Security Number, to simplify administration.

The meeting concluded with an update on the upcoming annual meeting, where the election of new officers will take place. The current chair announced they would not seek re-election due to personal commitments, opening the floor for other board members to consider leadership roles.