05-22-2024 Workshop Packet - Laserfiche WebLink

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for low-income individuals and families across the state. Administered by Minnesota Housing, the LIHTC program provides federal tax credits to developers like Reuter-Walton Development, LLC, who commit to developing and preserving affordable housing units for eligible tenants. The primary purpose of the LIHTC program is to incentivize private investment in affordable housing by offering tax credits to developers in exchange for the production or preservation of rental units that are affordable to low-income households. These tax credits are allocated annually to eligible projects through a competitive application process, with priority given to developments that demonstrate a strong commitment to serving the housing needs of low-income populations. For the proposed multi-family apartment project at the intersection of Rice Street and Demont Avenue in Little Canada, the LIHTC program is of paramount importance in securing the necessary financing to make the project financially feasible. Reuter-Walton Development, LLC, has actively pursued LIHTC funding by submitting applications in both July of 2023 and January of 2024. While Reuter-Walton did not receive funding in the previous rounds, the project currently holds the top position on the eligibility list for future LIHTC allocations. This signifies the project's strong alignment with the program's objectives and its potential to address the critical need for affordable housing in the community. The LIHTC tax credits play a crucial role in bridging the gap between development costs and affordable rents, making it possible for developers to offer rental units at below-market rates to low-income households. As such, securing LIHTC funding for the project would not only ensure the financial viability of the development but also enable the delivery of much-needed affordable housing options for individuals and families in the Little Canada area. Given the significance of the LIHTC program in supporting affordable housing development, the project team remains committed to actively pursuing this funding opportunity and stands ready to capitalize on future rounds of LIHTC allocations to advance the proposed multi-family apartment project. Applications of the 2024 Multifamily Consolidated RFP/2025 HTC Round 1 are due Thursday, July 11. d. Met Council LCDA and TOD funding applications are due August 12th with a fall 2024 announcement. As discussed, they will apply for these funds and any amount awarded will directly offset the TIF requested amount. e. TIF – They are requesting an amount up to $1,000,000 in TIF to assist in paying for public infrastructure improvements, stormwater improvements, and costs related to moving Flameburger to the building next door. They have attached our grant requested activities sheet