Laserfiche WebLink
Comprehensive Plan and zoning regulations provided the TCAAP property redevelops in <br />accordance with the 2030 Comprehensive Plan. If the TCAAP property does not redevelop by <br />2020 and/or if the property redevelops in a manner substantially different than what has been <br />envisioned, these ranges will need to be re-evaluated. A reference to the TCAAP redevelopment <br />has been included in the resolution to specifically recognize that the numbers may need to be re- <br />evaluated. <br />If a city is not able to meet the affordable housing goals by 2020, there are no repercussions. <br />However, if a city does not participate in the program, the city is not eligible for certain grant <br />programs, including the Livable Communities Demonstration Account (LCDA), Local Housing <br />Incentive Account (LHIA), and Tax Base Revitalization Account (TBRA). The LCDA and <br />TBRA grants in particular could be useful on the old City Hall/Public Works property, in the B2 <br />District, and for TCAAP (http://�vww.met�acouncil.or�iservices/livcom.mlLCAresourc;es.htm). <br />Definitions <br />The Metropolitan Council uses a standard formula and definition for defining affordable <br />housing. A fact sheet providing information on affordable housing and income limits from the <br />Metropolitan Council is attached. <br />The Metropolitan Council defines life-cycle housing in much broader terms. Life-cycle housing <br />incorporates a broad range of housing options to meet people's preferences and circumstances at <br />a11 of life's stages which means providing a balance of single-family homes, apartments, <br />condominiums, townhomes, and senior housing options. Life-cycle housing does not have <br />income guidelines because it is meant to address people's housing needs throughout the course <br />of their lives as incomes change. <br />Recommendation <br />Approve Resolution 2010-040: Electing to continue participating in the local housing incentives <br />account program under the Metropolitan Livable Communities Act. <br />Attachment <br />• Metropolitan Council Affordable Housing Fact Sheet <br />• Resolution 2010-040 <br />Page 2 of 2 <br />