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E. Create affordable housing without requiring_public subsidies or tax increment financing. Subd. 3 This ordinance is adopted pursuant to: A. Minnesota Statutes � 462.358, subd. la, which authorizes municipalities to adopt ordinances for the purpose of increasingthe he supply of affordable housing using, land use mechanisms. B. Minnesota Statutes § 462.358, subd. 11, which authorizes municipalities to enter into agreements requiring affordable housing with established pricing and long- term affordability controls; and C. Minnesota Statutes & 473.859, which requires municipal comprehensive plans to promote creation of affordable housing for low- and moderate-income individuals and families. Subd. 4 Definitions. The following terms shall have the meanings indicated: AFFORDABLE. Housing is affordable when a household pays no more than 30% of gross household income for housing costs, including rent or mortgage payment,utilities, fees, and charges. AFFORDABLE RENTS. The rent and utilities for the affordable housing units will be based on payment standards by Zip code using Small Area Fair Market rents, as established by the Metro HRA or, as applicable, MN Housing income limits, US Department of Housing and Urban Development income limits, the Multifamily Tax Subsidy Projects (MTSP) Income Limits are used to determine qualification levels as well as set maximum rental rates for projects funded with tax credits or tax exempt housing bonds authorized under the Internal Revenue Code as adjusted annually_ AFFORDABLE HOUSING UNIT. A dwelling unit that has income and rent restrictions pursuant to this ordinance to ensure affordability for eligible households. AREA MEDIAN INCOME(AMI). The median household income as most recently determined by the U.S. Department of Housing and Urban Development(HUD) for the Minneapolis-St. Paul-Bloomington, Minnesota-Wisconsin Metropolitan Statistical Area, adjusted for household size and number of bedrooms. DENSITY BONUS UNIT. A unit as a result of an increase in density permitted above the per acre limit established by the city code DEVELOPMENT. A new residential or mixed-use development, including construction in phases or stages for which city_approvals are being or have been sought. DWELLING UNIT. One or more rooms designed for residential use by household containing cooking, living,iving, sanitary, and sleeping facilities. ELIGIBLE HOUSEHOLD. A household with annual income at or below 80% of AMI for rental units, or at or below 110% of AMI for ownership units. MARKET-RATE UNIT. A residential dwelling unit not subject to affordability restrictions under this ordinance. NATURALLY OCCURRING AFFORDABLE HOUSING (NOAH). Existingrental ental housing that is affordable to households at or below 60%of AMI without public subsidy, typically constructed between 1940 and 1990 and classified as Class B or C real estate property_ Page 2 of 8