2020-04-22 CC Packet - Laserfiche WebLink

Home Browse Search

Centerville 2040 Comprehensive Plan L OCAL F UNDING O PTIONS Economic Development Authority (EDA)ished Economic Development Authority may elect to support or get involved in 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. When this tool may be used: The City would consider using EDA funds for rental or ownership housing units that are affordable at 50% AMI. The City would also consider supporting using these funds if a project would provide necessary at or below 80% AMI. This could support the de Density and Medium Density Residential Districts where multi-unit buildings can be built in scale with single family homes. 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 the development is used to finance these bonds. Centerville has discretion over TIF 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 substantial public benefit (including but not limited to: environmental remediation, enhanced walkable urban design, open space or park land, provision of green 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. When this tool may be used: The City would consider using TIF to support the development of both rental and ownership housing units that are affordable at or below 80% of the AMI. TIF may also be considered for projects which im identified redevelopment area or in instances where a project would redevelop a blighted, contaminated or challenged site. The City would also consider using TIF for projects which would rehabilitate existing multi-family housing stock or provide new multi-family workforce or workforce housing having amenities similar to those found in market rate housing. Tax Abatement Tax abatement is a financing tool that reduces taxes or tax increases for owners of specific properties. Local governments offer the tax reduction to provide a financial incentive for a public benefit, such as creation of housing affordable to low- and moderate-income Page 59