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MINUTES <br />CITY COUNCIZ <br />AP~RIL 2, 1997 <br />home buyer program. The apartments at The Provinces are a stepping <br />stone to home ownership. Ippel also pointed out that there are different <br />definitions of low/moderate income, and asked if there were Section 8 <br />tenants at The Provinces. <br />Brachman replied that there were no Section 8 tenants. However, if a <br />person with a Section 8 certificate wished to rent at The Provinces, <br />Dominium could not turn that tenant away. Brachman reported that The <br />Provinces has not historically had Section 8 tenants since one of their <br />requirements to lease is that the tenant have a~ood credit history. <br />Typically a Section 8 renter will have some bad credit in his or her <br />background. <br />LaValle asked the differe~ice between low income housing and affordable <br />housing. <br />Brachman repoRecl that low income housing is typica(ly public housing or <br />Section 8 where the government subsidizes rent. <br />LaValle pointed out that these tax credits are referred to as a low income <br />tax credit program in the application documents. <br />Brachman felt the program was inappropriately named. Brachman felt <br />that working class people and people just starting out in their careers have <br />incomes in the low to moderate range. These people are paying market <br />rate rent that is not subsidized by the government. <br />LaValle asked what would happen to a prospective tenant who makes <br />more than the low/moderate income level. <br />Brachman reported that the individual could make application, and if the <br />credit histoiy was satisfactory, the individual could live at The Provinces. <br />That particular unit, however, would not qualify for a tax credit. <br />Fahey pointed out if The Provinces were at 100% affordable housing, this <br />would not be the case. Fahey stated that he had trouble with the concept <br />that approval of tax credits for The Provinces will make no difference in <br />who units are ]eased to. Pahey asked what the incentive would be to <br />Dominium to want to lease to tenants having incomes which exceed <br />affordable housing limits. Fahey asked why Dominium would want 100% <br />affordable housing when they have ii~dicated that the market is at 60% to <br />70%. <br />Brachman reported that his earlier statement that 60% to 70% of tenants <br />already meet low/moderate income ~uidelines is a guess, and that <br />6 <br />