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<br /> <br />ITEM 7b <br />~ F3 It (, <br /> <br />Minnesota <br />COMMUNITY DEVELOPMENT DEPARTMENT <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />Planning Commission Members <br /> <br />FROM: <br /> <br />Dennis Welsch, CD Director <br /> <br />RE: <br /> <br />Metropolitan Council Affordable Housing Definition <br /> <br />According to Guy Peterson with Metropolitan Council the affordable <br />housing definition is based upon how much a family at 80 percent of <br />the median income can afford to pay for a home loan at the prevailing <br />interest rates. <br /> <br />The following attachment provides the formula for determining the <br />affordable limit in 1999. Based upon these calculations, it was <br />determined that an affordable home could be between $145,200 - $138, <br />100. The Metropolitan Council reduced tha~ amount to the maximum <br />permitted by the IRS for tax exempt financing which is $134,250. <br />Therefore, Metropolitan Council's Affordable New Construction <br />Homeownership Limit for 1999 is $134,250. It is likely that this limit will <br />not change in 2000. <br /> <br />Q:\Planning Commission\info memo 121099.doc <br /> <br />2660 CIVIC CENTER DRIVE. ROSEVILLE. MINNESOTA. 55113-1899 <br />651-490-2279 . Fax 651-490-2931 <br />