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Centerville2040 Comprehensive Plan <br /> <br />stock or provide new multi-family workforce or workforce housing having <br />amenities similar to those found in market rate housing. <br />Tax Abatement Tax abatement is a financing tool that reduces taxes or tax <br />increases for owners of specific properties. Local governments offer the tax <br />reduction to provide a financial incentive for a public benefit, such as creation <br />of housing affordable to low- and moderate-income households. The City may <br />consider tax abatement if the public benefit from a proposed project is <br />substantial and the project could not occur but for the aid of this tool. <br />When this tool may be used:The City would consider using Tax Abatement <br />to support the development of both rental and ownership housing units <br />that are affordable at or below 80% of the AMI. Tax Abatement would be <br />a strategy the City may use to help remove blight and/or encourage <br />redevelopment in redevelopment areas. <br />Housing Bonds Cities, EDAs, and HRAs can issue bonds that help to develop and <br />administer affordable housing developments or programs. Cities may make or <br />purchase loans using the proceeds of the bond sales for activities such as new <br />construction, acquisition and rehabilitation, or refinancing bond debt. There are <br />specific affordable unit thresholds that must be met in bond-financed projects. <br />Bond-supported projects would typically support affordable housing for the 50% <br />and 80% AMI bands. <br />When this tool may be used: The City would consider using funds from <br />Housing Bonds for rental and ownership housing units that are affordable <br />at 50% AMI. The City would also consider supporting using these funds if a <br />project would provide necessary “missing middle” housing and senior at or <br />below 80% AMI. <br />C OUNTY,R EGIONAL, S TATE, AND F EDERAL F UNDING P ROGRAMS <br />Anoka County Community Action Partnership ACCAP offers a variety of programs <br />and services to the Centerville community that help to achieve the City’s <br />affordable housing goals. ACCAP manages affordable rental properties, offers <br />housing rehabilitation and weatherization funding, home ownership education <br />and foreclosure prevention counseling, and crisis funding. Many of these programs <br />are targeted to low-to-moderate income households. Centerville will continue to <br />make appropriate referrals to ACCAP and work with this organization to help <br />achieve the City’s affordable Housing goals. <br /> <br /> Page 59 <br /> <br />