HRA/EDA - July 20th, 2026

The City of Richfield's Housing Redevelopment Authority (HRA) and Economic Development Authority (EDA) held a joint meeting on July 20, 2026, focusing primarily on affordable housing policies and economic development programs. The HRA ratified a policy governing the use of the 4D1 tax classification as a financial tool to support affordable multi-family housing, emphasizing its use as a last resort after other funding options are exhausted. The policy aims to balance tax impacts with housing priorities such as preserving existing affordable units and supporting accessible or larger units. The EDA discussed revisions to the Transformation Home Loan program guidelines, including establishing a maximum household income limit of 200% Area Median Income and a project cost cap of $200,000 to better target financial incentives. Additionally, the EDA provided an update on the Richfield Resiliency Program, which awarded approximately $64,000 in forgivable loans to 10 eligible small businesses affected by Operation Metro Surge, with plans to shift focus to the Richfield Revive program for broader business revitalization. Motions to approve the agenda, minutes, claims, and policy revisions were all passed unanimously during the meeting.