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Attachment B <br />-¨·¤£ )­¢®¬¤ $¤µ¤«®¯¬¤­³ <br /> <br />Goal 1 for Housing and Neighborhoods in 2030 Comprehensive Plan is to provide a wide <br />variety of housing options in order to retain and attract a diverse mix of people and family types with a <br />varying economic statuses, ages and abilities. Edison is a development that meets this goal by providing a <br />large mix of market rate housing, workforce housing for families and also housing for Veterans and residents <br />that have experienced long term homelessness. <br /> <br />One of the many goals of mixed income developments is to provide housing options for residents <br />with a wide range of incomes while still offering housing that has similar qualities, design, amenities and <br />location. Challenges are typical with mixed income developments particularly related to financing structures. <br />Some of the challenges can be overcome with off-setting costs through density bonuses, relaxed zoning <br />policies and other land regulations. But most the most common approach to overcome financing challenges is <br />to obtain a wide variety of sources including pairing local, state and federal funding. <br /> <br />Despite the challenges, successful mixed income developments in Minnesota have been and can be <br />completed by experienced developers that can garner financing options from multiple sources. Edison <br />will be to provide the community with a high quality and well maintained mixed income development. The <br />table below provides a preliminary mix of incomes and units to be served, subject to change as financing <br />sources are secured. <br /> <br />-¨·¤£ )­¢®¬¤ $¤µ¤«®¯¬¤­³ "±¤ ª£®¶­ <br /> <br /> <br /> )­¢®¬¤ )­¢®¬¤ <br /> Ͱ of 5­¨³² ,¨¬¨³ υ ,¨¬¨³ ͡ <br /> <br />Market Rate General Occupancy 149 NA NA <br />Workforce Singles/Families 53 60% of AMI * $ 51,840 <br /> Long-Term Homeless Veteran 4 60% of AMI ** $ 46,380 <br /> Long-Term Homeless Individual 3 60% of AMI ***$ 36,060 <br /> <br />Table Notes: <br /> * 60% or less of area median income of Ramsey County effective 3/28/2016 with household of four persons <br /> ** 60% or less of area median income of Ramsey County effective 3/28/2016 with household of three persons <br /> *** 60% or less of area median income of Ramsey County effective 3/28/2016 with household of one person <br /> <br /> Units targeted with Veteran preference <br /> <br /> Units targeted for individuals Ramsey County priority <br /> <br />*®´±­¤¸ (®¬¤ -¨­­¤²®³  <br /> <br />Founded in 2008, Journey Home provides access to affordable homes in safe neighborhoods that <br />have positive educational opportunities for struggling populations. Its unique operating model assists at risk <br />families, individuals and Veterans who are not able to find and purchase a home or maintain a household in a <br />traditional neighborhood. Edison is working with Journey Home to provide rental assistance for the four <br /> <br />Δ Ȟ Page <br /> <br /> <br />