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Centerville 2040 Chapter 4: Housing Livable Communities Demonstration Account (LCDA) Centervilleis eligible for Met Council 'funding for developments within the community that will innovative projects'often involving affordable and connected housing. The City will continue to work with developers in coordination with the Met Council'in supporting RFP submissions for projects that will bring a; significant number of new affordable units, and will urge more support for projects that meet affordability thresholds of Regional &' 510°% AMI or below as'a reflection of the city's greatest cost-burdened need. The Federal funding City is especially supportive of use of this grant opportunity to develop projects for Affordable with a strong transit-oriented development orientation. Dousing MHFA Consolidated Request for Proposals This major annual funding request from Minnesota Housing Finance Agency supports affordable housing development. The City will continue to work with developers in coordination with MHFA in supporting RFP submissions for projects that will bring a significant number of new affordable units, and will urge more support for projects that meet affordability thresholds of 50% AMI or below as a reflection of the city's greatest cost-burdened need. Low Income Housing Tax Credit Properties (LIHTC) With LIHTC; developers apply for tax credits to offset costs at the time of development. Although the City ldoes not fund this type of assistance, Centerville will consider stating its intent of support for developers who pursue LIHTC and who intend to seek ways to retain the affordability of the LIHTC property after the terms of LIHTC are up.1, Scattered site housing opportunities Scattered site housing creates affordable units throughout a neighborhood, instead of concentrating them in one area. Centerville can work with the Anoka County HRA to facilitate the creation of such Affordable', units. Dousing Housing, Improvement Areas (HIAs)' HIAs are a defined' area in a city in which h'ousingj, improvements in 'condominium or townhome complexes may be Preservation financed with the assistance of the city (EDA HRA).' An active development Strategies ' authority would have the opportunity to designate an HIA lin an area where existing housing needs improvement for retention of housing affordability is at risk. Public and/or subsidized housing When feasible, Centerville will work collaboratively with entities that offer subsidized housing opportunities to very low-income residents. Housing subsidies are one of the only means by which to offer housing support to very low-income individuals and families, and Centerville recognizes this is an effective housing tool for very low-income, high-barrier and highly cost-burdened households. Chapter 4 1 Page 14 32