Villa Nova Portfolio Loan Release
At a glance
Based on official captions; names and figures may still be misheard.
- What: release of the city's $4.5 million zero-percent 2019 loan and affordability restrictions on a 16-building affordable housing portfolio (15 in Minneapolis, one in Edina) ahead of an orderly sale.
- Terms: the city receives $100,000 up front and keeps a possible claim on excess sale proceeds; renter notice rises from three to six months.
- Where it stands: approved by voice vote at the September 29, 2026 Committee of the Whole.
Sources
Log
- 2026-09-29 - Committee of the Whole - staff said foreclosure risk was high and the loan would otherwise be wiped out; members asked about enforcement of renter protections and buyer vetting; approved by voice vote.