Laserfiche WebLink
<br />I, -Eiva6Ie e' tt!l3 <br />I. <br />I 3 <br />I g~ <br />I LIVABLE COl\1l\1UNITIES QUESTIONS AND ANSWERS <br />I L What is the Metropolitan Livable Communities Act? <br />I The Metropolitan Livable Communities Acr ("Act") was eTUlcted in June 1995 and is the Legislawre's <br /> attempt to address various issues facing the seven-counry metropolitan area. The Act esrablishes a <br />I Metropolitan Livable Communities Fund which consists of three accounts: the Tax Base Revitalizarion <br /> Account; the Livable Communities Demonstration A.ccount; and the Local Housing Incentives Account. <br />I Metropolitan municipalities are not required to participate in the programs under the Act, but the Act <br /> provides incentives and funding to those municipalities thar do participate. <br />I- - <br /> 2. What is the incentive to participate? <br />I The benefits are clear. Cities, towns and, in some cases, counties have access to resources that will <br /> improve their communities and neighborhoods. In addition, the legislation puts local units of govern- <br />I menr in the driver's seat. Communities can not only choose whether to participate; they also have <br /> flexibilit'} in determining how they're going to use the resources available. <br />I 3. What is the incentive to provide lower-cost housing in our community? <br />I Affordable housing is an investment in communities and their residents. It fulfiils a commitment to <br />I young families, single people and older residents that they can find a home they can afford in the com- <br /> muniry of their choice. <br />I 4. What are "affordable" housing and "life-cycle" housing? <br />I Housing is "affordable" if it COStS no mOre than 30 percent of a family's income. For ownership hous- <br />l- ing this income amount is 80 percent of median, an amount that in 1994 could afford a home costing <br />I <br />