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City of Arden Hills – 2040 Comprehensive Plan <br /> <br /> <br />Approved:, 2018 <br />7-19 <br />Development Authorities: Arden Hills does not have its own Housing and <br />Redevelopment Authority (HRA) and depends on Ramsey County Coordinate <br />HRA for affordable housing and redevelopment services. Arden Hills <br />encourages Ramsey County to construct, finance and/or partner with private <br />developers to provide affordable housing for those Arden Hills residents in need. <br />Development authorities are a useful tool to support the development of both <br />rental and ownership housing units affordable at 50% AMI or below. <br />Housing Bonds: Minnesota State Statute allows HRAs the ability to issue <br />housing bonds to provide affordable housing. Arden Hills encourages the <br />Ramsey County HRA to issue housing bonds to provide affordable housing for <br />those Arden Hills residents in need. Housing bonds are a useful tool to support <br />the development of both rental and ownership housing units affordable at 50% <br />AMI or below. <br />Tax Abatement: Cities may issue bonds to be used to support the construction <br />of affordable housing and use a portion of the property tax received (tax <br />abatement) from the development to finance these bonds. This removes this <br />property taxes revenue from paying for the services needed for this property, its <br />residents and the community in general. Tax abatement is a useful tool to <br />support the development of both rental and ownership housing units affordable at <br />80% AMI or below. <br />Tax Increment Financing: Cities may create a housing district to create a tax <br />increment financing (TIF) district. The TIF bonds issued on this district are to be <br />used to support the construction of affordable housing and entire property taxes <br />received above the original tax value (increment) from the development to <br />finance these bonds. This removes this property taxes revenue from paying for <br />the services needed for this property, its residents and the community in general. <br />TIF is a useful tool to support the development of both rental and ownership <br />housing units affordable at 50% AMI or below. <br />7.4.2.5 Official Controls <br /> <br />Official controls and land use regulation can be used to assist in the construction <br />of affordable housing units. Controls and regulations can also be used to simplify <br />the process of expanding local housing options also. <br />Dr <br />a <br />f <br />t <br /> <br />11 <br />/ <br />2 <br />0 <br />/ <br />2 <br />0 <br />1 <br />7