Meeting record · Richfield, Minnesota
Economic Development Authority — Monday, July 20, 2026
5 items on the record
Read this day's brief Official records (city portal)
Items on the record
Item 4ApprovedPassed 5-0
Approval of the Agenda
The EDA approved its July 20, 2026 meeting agenda as amended, moving Item 13a (Transformation Home Loan Guideline Revisions) to Other Business as Item 11a. This was a procedural step with no policy effect on residents.
Item 5aApprovedPassed 5-0
Approval of May 18, 2026 EDA Meeting Minutes
The EDA approved the minutes of its May 18, 2026 regular meeting, formally recording that meeting's discussions and votes, including the Transformation Loan Program funding increase.
Item 7aApprovedPassed 5-0
4d(1) Tax Classification Policy for Affordable Housing
The EDA ratified a policy, already approved by the City Council on June 9, 2026, governing when the City, HRA, or EDA will use the 4d(1) property tax classification — which cuts a qualifying affordable rental property's tax rate from 1.25% to 0.25% — as a last-resort tool to preserve Naturally Occurring Affordable Housing (NOAH) and, in limited cases, support new affordable construction. Existing 4d(1) properties already reduce the City's tax capacity by $445,456 (Payable 2026), a cost shifted to other Richfield taxpayers.
Item history
- Feb 17, 2026 · Housing & Redevelopment Authority · Under Review
- Apr 20, 2026 · Work Session · Under Review
- Jun 9, 2026 · City Council · Approved
- Jul 20, 2026 · Housing & Redevelopment Authority · Approved
- Jul 20, 2026 · Economic Development Authority · This item
Item 11aApprovedPassed 5-0
Transformation Home Loan Program Guideline Revisions
The EDA approved revisions to the Transformation Home Loan Program, which gives Richfield homeowners undertaking major remodels (over $50,000) a no-interest, forgivable loan worth 15% of project cost (up to $25,000, or 20% up to $30,000 for ADU/duplex projects). The updated guidelines cap eligibility at 200% AMI (e.g., $264,800 for a household of four) or 250% AMI for projects with ADUs, duplex conversions, or major accessibility/energy upgrades, cap standard project costs at $200,000, and limit eligibility to homes valued under about $402,000 (120% of the city's $335,689 median), which still covers roughly 91% of Richfield homes.
Item history
- May 18, 2026 · Economic Development Authority · Approved
- Jul 20, 2026 · Economic Development Authority · This item
Item 14ApprovedPassed 5-0
Approval of EDA Claims
The EDA approved payment of its outstanding claims for the period, a routine financial action authorizing previously incurred expenses to be paid.
Official documents
Last updated Tuesday, July 28, 2026 · AI-assisted summaries — the official documents above are authoritative.