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City of Arden Hills – 2040 Comprehensive Plan <br /> <br /> <br />Approved:, 2018 <br />7-19 <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 />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 />Fee Waivers or Adjustments: Cities may waive or reduce fee to reduce the cost <br />of construction of affordable housing. Conversely, State rules require that the fee <br />that a city charges be related to the cost of providing the services for which the <br />fee are collected. This waiver or reduction could create a deficiency in the <br />funding for services which would be required the use of general funds to resolve. <br />Cities can develop a fee waiver or reduction policy to determine when the level of <br />Dr <br />a <br />f <br />t <br /> <br />03 <br />/ <br />0 <br />7 <br />/ <br />2 <br />0 <br />1 <br />8