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Rice Creek Commons Terms for Final Development Agreement February 2025 Working Draft <br />2 <br /> <br />both public and private sources of funding with the goal of <br />identifying a path to filling these gaps by the end of 1Q 2024. <br /> <br />The parties understand that beyond infrastructure financing, <br />there may be opportunities to leverage financing tools available <br />to the site, which may include City, County, State, Federal, <br />and/or private funds. The parties will work collaboratively to <br />explore funding opportunities and find mutually agreeable <br />solutions. The County expects to invest money in affordable <br />housing on the site through its funding sources, such as the <br />Housing and Redevelopment Authority levy, CDBG, and HOME. <br /> <br />D. Housing Density <br /> <br />The parties will work toward developing a maximum of 1,960 <br />housing units on the site, pending final approval of the <br />necessary regulatory changes. Lesser densities may be <br />considered upon mutual agreement. Housing will include a <br />range of types, including but not limited to single-family <br />houses, townhouses, and apartments. <br /> <br /> <br /> <br />TRC updated to <br />reflect these <br />changes. <br /> <br /> <br /> <br />• Number of units of each housing type planned (single-family, <br />townhomes, multifamily, co-ops, etc.) <br />E. Housing Affordability <br /> <br />The parties share a goal of providing affordable housing on the <br />site. <br /> <br />A minimum of 20% of the total housing unit count (392 units <br />based on the maximum buildout of 1,960 total units) will <br />consist of affordable rental housing units at 60% AMI or below. <br />The developer will pursue opportunities for funding and submit <br />applications to make these rental units more deeply affordable, <br />from sources such as Minnesota Housing (low-income housing <br />tax credits (LIHTC)), CDBG-HOME, County HRA levy funds, Local <br />Affordable Housing Aid (metro area sales tax funding), etc. and <br />with partners such as Habitat for Humanity. <br /> <br /> <br /> <br />Goal affirmed. <br />Terms and funding <br />to be discussed. <br /> <br /> <br />• Financial commitments for housing affordability – will be part <br />of future discussions at the individual development level <br />• Number of units of affordable rental housing planned and <br />affordability/AMI level <br />• Number of units of affordable for-sale housing planned (i.e. <br />eligible for down payment assistance) <br />• Affordability terms <br />• Rental policies (e.g. projects must accept Section 8 vouchers)