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7C, Sand Companies Request for a Letter of Support for Housing Tax Credits
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7C, Sand Companies Request for a Letter of Support for Housing Tax Credits
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10/24/2024 10:03:54 AM
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Sand Companies Request for a Letter
General - Type
Letter of Support for Housing Tax Credit
Date
5/10/2010
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May 10, 2010 <br />Minnesota Housing Finance Agency <br />400 Sibley Street, Suite 300 <br />St. Paul, Minnesota 55101 <br />Attention: Multifamily Underwriting <br />RE: Housing Tax Credit Program & Super RFP. <br />ARDEN VILLAGE — ARDEN HILLS. <br />Dear Multifamily Development: <br />The City of Arden Hills is a community made up of residents, businesses and institutions sharing a <br />common history. One of the primary purposes of a community is to serve as a place of residence for its <br />citizens. Assuming this charge, offering a mix of life cycle housing opportunities becomes a challenge <br />for local governments especially in suburban markets. <br />The City has a strong desire to support affordable and work-force housing and is an active participant in <br />the Livable Communities Program. The City's 2030 Comprehensive Plan sets goals that emphasize the <br />development of a variety of housing types that are suitable for a mix of incomes including work-force <br />housing. Developers and the City must be partners to cooperatively develop housing plans to provide life <br />cycle housing in Arden Hills. <br />To promote and participate in rental housing opportunities, the City has provided incentives for affordable <br />housing developments. As a cost reduction measure to endorse Arden Village, the City has approved the <br />proj ect with a density bonus, flexibility in zoning and fast track permitting and approval. The City will <br />also not be collecting the approximate $71,560 park dedication fee. <br />The City of Arden Hills also proposes significant local financial contributions for thls proj ect as part of its <br />participation and endorsement. If the proj ect is selected for funding, the City Council supports the use tax <br />increment �nancing (TIF) for the project or other funding means to achieve up to $575,000 in assistance. <br />As part of the TIF, the project will need to meet all state guidelines for TIF, including the "but for test". <br />The project also must be reviewed under the City's business subsidy policy. <br />The proposed development is an excellent opportunity for the City of Arden Hills to meet a large portion <br />of its housing goals. This endorsement is based upon the findings that the proj ect will meet locally <br />identified housing needs and that the proposed housing is in short supply in the local housing market. <br />This need is evidenced by the gap between the local supply and demand for the proposed type of housing. <br />The City Council's endorsement is evidenced by this letter of support for the proposed development. We <br />respectively request funding approval for this needed development in the City of Arden Hills. <br />Sincerely, <br />Stan Harpstead <br />Honorable Mayor <br />
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