Laserfiche WebLink
<br /> - --- <br /> . '. <br /> approximately $115,000. For rental housing this income is 50 percent of median. In 1990 this was . . <br /> approximately $500 per month. - . <br /> - . <br /> "Life-cycle" housing refers to housing available for people at all stages of their lives, offering a choice <br /> and variety of housing types and cost to accommodate people ~ changing needs and preferences as their . <br /> incomes and circumstances change. <br /> ,- ~ ,.' . <br /> 5. What are the affordable and life-cycle housing opportunities amount? <br /> The Affordable and Life-Cycle Housing Opportunities Amount ("ALHOA amount") is an amount, . <br /> established by formula in the Act, that a participating municipality must spend to create affordable and . <br /> life-cycle housing or to maintain existing affordable and life- <br /> cycle housing. A participating municipality ~ ALHOA amount is established each year. <br /> . <br /> 6. Does the ALHOA amount have to be a property tax levy? <br /> No. The ALHOA amount can be derived from a levy, or it can be derivedfromfundsfrom another . <br /> source. Regardless of the source of funds for the municipality's ALHOA amount, a participating munici-. . <br /> pality that did not meet its negotiated affordable and life- <br /> cycle housing goals, and did not spend 85 percent of its ALHOA amount to create affordable and life- . <br /> cycle housing opportunities in the previous year, must distribute the entire AUIOA amount to a local <br /> housing and redevelopment authority to create affordable and life-cycle housing opportunities in the . <br /> municipality, or to the Metropolitan Council for distribution through the Local Housing Incentives <br /> Program. <br /> . <br /> 7. If my municipality elects by November 15, 1995, to participate in the Local Housing Incen- <br /> tives Account Program, must the municipality spend an ALHOA amount in calendar year 1996? . <br /> No. Because of various timing provisions in the Act, the ALHOA amount requirement does not apply . <br /> until your municipality~ election to participate in the Local Housing Incentives Account Program made <br /> by November 15, 1996,for calendar year 1997. . <br /> 8. If my municipality elects to participate in the Local Housing Incentives Account Program . <br /> by November 15, 1995, but is unable to agree on housing goals with the Metropolitan Council, <br /> must the municipality participate in the program? -. <br /> . <br />