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Shoreview Inclusionary <br />Housing Policy <br />determine qualification levels as well as set maximum rental rates for projects funded with <br />tax credits or tax exempt housing bonds authorized under the Internal Revenue Code as <br />adjusted annually. <br />Area Median Income (AMI). Area Median Income or AMI means the median household <br />income as most recently determined by the United States Department of Housing and <br />Urban Development for the Minneapolis -St. Paul -Bloomington, Minnesota -Wisconsin <br />Metropolitan Statistical Area, as adjusted for household size and number of bedrooms. <br />Density Bonus Unit. A unit as a result of an increase in density permitted above the per <br />acre limit established by the city code. <br />Naturally Occurring Affordable Housing (Noah). Existing owner -occupied or rental <br />residential housing that is (a) affordable for at least 20% of the units to a household at or <br />below 60% of AMI, (b) classified in the Class B and C real estate categories, and (c) was <br />constructed between 1940 and 1990. <br />Substantial Reconstruction or Rehabilitation. When the cost of improvement of an <br />affordable housing building exceeds 20% of the value of the property, excluding land, after <br />improvements. <br />Tenant Paid Rent. The monthly rent for an affordable dwelling unit shall include rent, utility <br />costs and any other non -optional monthly occupancy charges. <br />3. AFFORDABLE DWELLING UNITS <br />General requirement <br />Rental developments subject to this policy shall provide a minimum number of affordable <br />dwelling units or a payment in lieu subject to the requirement listed below. <br />Calculation of units and payment in lieu required. <br />The following outlines the calculations of affordable units or payment in lieu of. <br />a) To calculate the number of affordable dwelling units required in a development the <br />total number of approved dwelling units shall be multiplied by five percent (5%), <br />seven and a half percent (7.5%), or ten percent (10%) depending on the affordability <br />standard. If the final calculation includes a fraction, the fraction of a unit shall be <br />rounded up to the nearest whole number. <br />b) If an occupied rental property with existing dwelling units is substantially remodeled <br />and/or expanded, the number of affordable dwelling units shall be based on the <br />total number of units following completion of renovation/expansion. At least five <br />percent (5%), seven and a half percent (7.5%), or ten percent (10%) shall be affordable, <br />depending on the affordability standard. <br />2 <br />