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• - DIw ,HILLS <br /> MEMORANDUM <br /> DATE: May 6, 2010 <br /> TO: Financial Planning and Analysis Committee <br /> FROM: Sue Iverson, Finance Director <br /> James Lehnhoff, Community Development Director <br /> SUBJECT: Arden Village Workforce Housing Concept Proposal— <br /> Revised Letter of Support for Housing Tax Credit Application <br /> Action Request <br /> Review the request from Sand Companies, Inc for a letter of support for up to $575,000 in public <br /> assistance for their housing tax credit application with the Minnesota Housing Finance Agency <br /> as proposed in the May 10, 2010,memorandum. <br /> • Background <br /> At the September 14, 2009, City Council meeting, the Council approved a letter of support for <br /> Sand Companies, Inc. (SCI)housing tax credit application to the Minnesota Housing Finance <br /> Agency for the 55 unit Arden Village workforce housing project at 1296 County Road F. That <br /> letter of support offered up to $400,000 in public assistance, which could be in the form of Tax <br /> Increment Financing(TIF), waived fees, or a combination of sources. Applications with <br /> community financial support score higher and have a better chance of obtaining the housing tax <br /> credits, which are a key part of making the building affordable. <br /> The Minnesota Housing Finance Agency(MHFA) announced their awards at the end of January <br /> 2010; however, the Arden Village proposal was not selected at that time. MHFA encouraged <br /> SCI to resubmit their application for the next funding round. The housing tax credit applications <br /> are due by June 15, 2010. <br /> Revised Letter of Support <br /> City of Arden Hills <br /> FPAC Meeting for May 6, 2010 <br /> IlMetro-inet.uslardenhillslAdminlCommittees&CommissionsIFPAC120101050610-FPAC Memo-Arden Village-Sand Companies.doc <br /> Page 1 of 3 <br />