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2020-04-22 CC Packet
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2020-04-22 CC Packet
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Centerville 2040 Comprehensive Plan <br /> <br />significant number of new affordable units and will urge more support for projects that meet <br />affordability thresholds of 50% AMI or below as a <br />need. <br />Low Income Housing Tax Credit Properties (LIHTC) With LIHTC, developers apply for tax credits <br />to offset costs at the time of development. Although the City does not fund this type of <br />assistance, Centerville will consider stating its intent of support for developers who pursue LIHTC <br />and who intend to seek ways to retain the affordability of the LIHTC property after the terms of <br />LIHTC are up. <br />MHFA Consolidated Request for Proposals This major annual funding request from Minnesota <br />Housing Finance Agency supports affordable housing development. The City will continue to <br />work with developers in coordination with MHFA in supporting RFP submissions for projects <br />that will bring a significant number of new affordable units and will urge more support for <br />projects that meet affordability thresholds of <br />greatest cost-burdened need. <br /> <br />T OOLS FOR THE P RESERVATION OF L ONG TERM A FFORDABILITY <br />Community Land Trust (CLT) A CLT provide permanent affordability for income-eligible <br />households. Typically, a CLT is structured where a homeowner owns the building and the land <br />trust leases the land to the homeowner. Households that make at or below 80 percent of AMI <br />typically qualify for these homes. Currently there is not an active CLT serving Centerville, but <br />the City may pursue future partnerships or support CLT activities as they arise. <br />Housing Improvement Areas (HIAs) HIAs are a defined area in a city in which housing <br />improvements in condominium or townhome complexes may be financed with the assistance <br />of the city (EDA, HRA). An active development authority would have the opportunity to <br />designate an HIA in an area where existing housing needs improvement for retention of housing <br />affordability is at risk. <br />Public and/or subsidized housing When feasible, Centerville will work collaboratively with <br />entities that offer subsidized housing opportunities to very low-income residents. Housing <br />subsidies are one of the only means by which to offer housing support to very low-income <br />individuals and families, and Centerville recognizes this is an effective housing tool for very low- <br />income, high-barrier and highly cost-burdened households. <br /> <br /> Page 61 <br /> <br />
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