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<br />51 <br /> <br />development/preservation/ownership <br />assistance needs. <br /> LIHTC <br />Tax credit provided by the federal government <br />to incentivize private developers to create or <br />rehabilitate affordable housing nationwide. <br />Must provide rental housing to households at <br />or below 60%AMI. <br /> <br />Maintain and improve <br />existing housing stock <br />Inspection & Code <br />Enforcement <br />City-led programs to ensure existing homes <br />meeting performance standards for housing. <br /> <br />Homeowner <br />Improvement Loan <br />Program <br />For housing sites that exhibit a significant <br />degree of deterioration, the City may consider <br />undertaking rehabilitation and redevelopment <br />efforts which allow the City to improve or <br />remove blighted properties before they <br />negatively impact the surrounding <br />neighborhoods. This could be in the form of a <br />small loan program which could help to fund <br />exterior improvements to houses needing <br />minor aesthetic repairs: paint, new shingles, <br />other improvements. Could be forgivable or <br />not. <br /> 4d Tax <br />Classification <br />A lower tax bracket for multifamily homes that <br />are shown to be for low income rentals. <br />Reduced tax rate frees up more capital to <br />improve/maintain the property. <br /> <br />Point of Sale <br />Compliance <br />Inspections <br />In effort to maintain the condition and value of <br />the overall housing stock, a code compliance <br />program can encourage reinvestment in the <br />housing within Little Canada. Through <br />enforcement of this program, the City can <br />contribute to increasing the housing values. <br /> Rental Housing <br />Registration <br />To offset maintenance and upkeep issues of <br />rental properties (including single family, <br />duplexes, townhomes, apartments etc.) the <br />City may wish to initiate a rental inspection <br />program. All rental properties would be <br />required to annually obtain a rental registration <br />permit. Additionally, on a two-year cycle prior <br />to permit renewal, the City could inspect all <br />the rental units and common spaces for code <br />compliance. <br /> Development <br />Regulations <br />By examining and modifying the City’s <br />development regulations, local property <br />owners are provided greater flexibility in the <br />use and development of their properties.