Laserfiche WebLink
2. Financial support to nonprofit affordable housing providers in their mission to provide safe, <br />dignified, affordable and supportive housing <br /> <br />3. Projects designed for the purpose of construction, acquisition, rehabilitation, demolition or <br />removal of existing structures, construction financing, permanent financing, interest rate <br />reduction, refinancing and gap financing of affordable housing <br /> <br />a. For homeownership projects, affordable means at or below 115% of the greater of state <br />or area median income (AMI). The State’s guide says there should be priority for <br />projects that serve people who are at or below the 80% AMI level but does not provide <br />guidance on what “priority” means. <br />b. For rental housing projects, affordable means at or below 80% of the greater of state or <br />area median income (AMI). The State’s guide says there should be priority for projects <br />that serve people who are at or below the 50% AMI level but does not provide guidance <br />on what “priority” means. <br /> <br />4. Financing the operations and management of financially distressed residential properties <br /> <br />5. Funding of supportive services including staffing for supportive housing, which includes <br />financial support to nonprofit services providers and capitalized reserves <br /> <br />6. Costs of operating emergency shelter facilities, including services <br /> <br />Proposed LAHA Use <br />The proposed concept for utilizing LAHA funds involves establishing a manufactured home <br />improvement loan program in partnership with NeighborWorks Home Partners (NWHP). Based in St. <br />Paul, NWHP is a non-profit organization that operates similar loan programs for communities in the <br />Metro, including in Shoreview. <br /> <br />The preliminary rollout of this program would specifically target owner-occupied manufactured homes <br />located within city park communities. These homes represent a critical affordability resource, and <br />nearly all manufactured homeowners in the city are expected to meet the program's income <br />qualifications. Specifically, eligibility would be limited to households with a total gross annual income <br />not exceeding 115% of the area median income. <br /> <br />Under this proposed structure, forgivable loans would range from a minimum of $2,000 to a maximum <br />of $10,000. These loans would be fully forgiven after a 10-year term. The loan would only become due <br />if the home is sold, the title is transferred, the property is refinanced, or the unit ceases to be owner- <br />occupied. There is no expectation that payment is made towards the loan in the interim period of time. <br /> <br />Eligible improvements would focus on correcting code deficiencies, addressing health and safety <br />items, or improving structural components like roofs, exterior walls, and floor trusses. Energy <br />efficiency upgrades and accessibility improvements, such as ramps, would also be eligible. All work <br />must be completed by licensed and insured contractors, as owner-performed work would be prohibited <br />under this program. <br /> <br />Staff and NWHP suggest including items often excluded from other programs, such as skirting, water <br />heaters, and basic appliances, for further council discussion. <br /> <br />Because the city has limited staff capacity, NWHP would handle all primary administrative functions <br />associated with the program. This includes processing applications on a first-come, first-served basis, <br />conducting standard underwriting, and managing the loan closing process. NWHP would also manage