2018-06-13 CC Packet - Laserfiche WebLink

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Centerville 2040 ...... .......................................... .......... ........................................................................................................................... . ...................................................................................................................... ... . ................................................................................................................. ........... ............................................................................................................... ........................................................................................................................... Economic Development Authority and Economic Development Committee(EDA and EDC) Centerville's newly established Economic Development Authority may elect to support or get involved lin development projects, and will consider supporting those affordable housing projects that exemplify the housing goals enumerated in this plan. Although the Anoka County HRA does not currently operate projects within the City, Centerville should continue to partner with the County HRA on projects and program opportunities as they become available. Housing Bonds HRAs can issue bonds that help to develop and administer affordable housing developments or programs. Cities may make or purchase loans using the proceeds of the bond sales for activities such as new construction, acquisition and rehabilitation, or refinancing bond debt. There are specific affordable unit thresholds that must be met in bond-financed projects. Bond supported projects would typically support affordable housing for the 50%and 80% AMI bands. Tax Increment Financing Centerville may create a tax increment financing (TIF) district with the TIF bonds issued on this district used to support the construction of affordable housing. All property taxes received above the original tax value from Local funding the development is used to finance these bonds. Centerville has discretion over TIF for Affordable allocations. The City will consider using affordable housing TIF for projects that include not only a significant percentage of affordable units but also provide a Housing substantial public benefit(including but not limited to:environmental remediation, enhanced walkable urban design, open space or park land, provision of green space, stormwater infiltration, and/or improved streetscape design)and would not happen "butfor"TIF assistance.TIF-supported affordable housing projects will help to reduce the City's housing cost burden. By legislative definition, TIF that is used for affordable rental housing projects must meet provide affordability to those at 60% of AMI or less. The affordability threshold is 115% of AMI for owner occupied housing projects. Effective referrals The City supports providing appropriate resources and education for existing housing support programs offered by other agencies and organizations. While the city does not have the capacity to provide a full-time staff to offer this service, there are opportunities to more effectively communicate to residents and prospective residents about existing programs offered through Anoka County community action partnership, Habitat for Humanity, Center for Energy and the Environment, Anoka County HRA, and beyond. Effective housing referrals will increase opportunities for residents to enter the community whom would otherwise have barriers, and improve the likelihood of existing housing maintenance. Housing programs support residents at a range of income levels, from very low up to moderate incomes, depending on the program. ......................................................................................................... Chapter 4 1 Page 12 98