2023-12-05 P & Z Packet - Laserfiche WebLink

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Centerville2040 Comprehensive Plan Anoka County Community Development Anoka County Community Development offers assistance programs, including CDBG and HOME funds, when funding is available that support housing rehabilitation and affordable housing projects. Centerville will continue to work with the County HRA when appropriate and funding, programs and opportunities become available. Livable Communities Demonstration Account (LCDA) Centerville is eligible forMet 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 50% AMI or below as a reflection of the city’s greatest cost-burdened need. Low Income Housing Tax Credit Properties(LIHTC) WithLIHTC, developers apply for tax credits to offset costs at the time of development. Although the City does 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. MHFA Consolidated Request for ProposalsThis 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. T OOLS FOR THE P RESERVATION OF L ONG TERM A FFORDABILITY CommunityLandTrust(CLT)–A CLTprovide permanent affordability forincome- eligible households. Typically, a CLT is structured where a homeowner owns the building and the land trust leases the land to the homeowner. Households that make at or below 80 percent of AMI typically qualify for these homes. Currently there is not an active CLT serving Centerville but the City may pursue future partnerships or support CLT activities as they arise. Housing Improvement Areas (HIAs) HIAs are a defined area in a city in which housing improvements in condominium or townhome complexes may be financed with the assistance of the city (EDA, HRA). An active development authority would have the opportunity to designate an HIA in an area where existing housing needs improvement for retention of housing affordability is at risk. Page 60