CCP 11-13-1995 - Laserfiche WebLink

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1?/13 . approximately $115,000. For rentai housing this income is 50 percent of median. In 1990 this was .. approximately $500 per month. - . "Life-cycle" housing refers ro housing available fof people at all stages of their lives, offering a choice and variety of housing types and. cost to accommodate people s changing needs and preferences as their . incomes and circumstances change. .- - . . 5. What are the affordable and life-cycle housing opportunities amount? The Affordable and Life-Cycle Housing Opportunities Amount ("AlEDA amount") is an amount, . established by formula in the Act. that a participating municipality must spend to create affordable and life-cycle housing or to maintain existinj/ affordable and life- . cycle housing. A participating municipality's AlEDA amou:nt Is established each year. . 6. Does the ALHOA amount have to be a property tax levy? No. The ALEDA amount can be derived from a levy, or iT can be derivedfromfimdsfrom another I source. Regardless of the source offu.ndsfor the municipality's AlEOA amou:nt, a participating munici-el paliry that did not meet its negotiaTed affordable and life- cycle housing goals, and did not spend 85 percent of its AlEDA amount to create affordable and life- . cycle housing opportunities in the previous year, mUST disTribute the entire AlEDA amount to a local housing and redevelopment authority to create affordable and life-cycle housing opportunities in the . municipality, or to the Metropolitan Council for distribution through the Local Housing Incentives Program. If my municipality elects by November 15, 1995, to participate in the Local Housing Incen- . 7. tives Account Program, must the municipality spend an ALHOA amount in calendar year 1996? . No. Because of various timing provisions in the Act, ehe ALHOA amount requirement does not apply . until your municipality's election to pamcipare in the Local Housing Incentives Account Program made by November 15, 1996, for calendar year 1997. I 8. If my municipality elects to participate in the Local Housing Incentives Account Program by November 15, 1995, but is unable to agree on housing goals with the Metropolitan Council, . must the municipality participate in the program? -. .