CCP 07-20-1995 - Laserfiche WebLink

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. \. .. Property Taxes and Tax Increment Financing (Chapter 264) Among other provisions. this omnibus tax bill establishes a separate, lower rate for commercial industrial . property (not used for retail or transient lodging) located in transit zones and reduces the tax rate for apal1ment buildings located in smail cities outside the seven county metro area. . This also makes a few changes in TIF law's, including requiring that TIF district extensions made by special laws be approved by ail affected units of local government. Many special extensions are granted as part of this law, a variety of new restrictions are imposed, and other . changes are made, . Housi.ng Chapter 167, which began as SF 15431HF 1808, relating to public finance. This changes provisions related to municipal bond allocations for housing and other projects. I Chapter 224 is an omnibus state department funding bill, which includes many . appropriations and programs under the Housing Finance Agency, (It also includes an economic development component, which is outlined below.) . It appropriates $6 million for the statewide affordable rental investment fund program, with use of funds in the metropolitan area to be consistent with the objectives of the Metropoiitan Development Guide, In addition, the law specifies that metro projects are to receive funding .. preference if they include local contributions and take into account the availability of transportation and job training efforts in the community, An additional $5,8 million is appropriated for the Community Rehabiiitation Program, a portion I to be used for full cycle home ownership and purchase-rehabilitation lending initiatives, At least twenty percent of the appropriation is to be used in low-income neighbortloods in Minneapolis and SI. Paul. It aiso restricts grants and loans to owner occupied properties, I Other provisions in the law: I Appropriate funds for the Rural and Urban Homesteading Program, Establish the Full-cycle Home Ownership Assistance Program to provide or support the I provision of housing and lending selVices for low and moderate income home buyers, Provides for full-cycle home ownership services to support eligible buyers and owners through all phases of purchasing and keeping a home. I Authorize establishment of an Entry Cost Home Ownership Opportunity Program to assist individuals with down payment and Closing costs. I Provide funding for the Contract for Deed Guarantee Account to convert contracts for deed on owner-occupied single family or duplex homes to traditional mortgages, I. Authorize the Housing Finance Agency to conduct a competition for innovative plans for the development of affordable housing and the creation neighbortloods with small, owner-occupied affordable housing. . 2 . --