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