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City of Arden Hills – 2040 Comprehensive Plan <br /> <br /> <br />Approved:, 2018 <br />7-18 <br />Land Trusts: There is no established Land Trust serving the City of Arden Hills <br />currently. Should a Land Trust be established, the Rondo Community Land Trust <br />in St. Paul would be a good model to use. A land trust can be a useful tool for <br />both the development and preservation of ownership units affordable at 80% AMI <br />and below. <br />7.5.4 Fiscal Devices <br /> <br />Fiscal devices, such as revenue bonds, tax increment, financing, or tax <br />abatement can be used to help ease the construction and availability of <br />affordable housing in the City of Arden Hills. <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. Ramsey County can <br />construct, finance and/or partner with private developers to provide affordable <br />housing for those Arden Hills residents in need. Development authorities are a <br />useful tool to support the development of both rental and ownership housing <br />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. Ramsey County HRA can issue <br />housing bonds to provide affordable housing for those Arden Hills residents in <br />need. Housing bonds are a useful tool to support the development of both rental <br />and ownership housing units affordable at 50% 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 />Dr <br />a <br />f <br />t <br /> <br />03 <br />/ <br />1 <br />9 <br />/ <br />2 <br />0 <br />1 <br />8