08/01/2024 EDAC Combined Packet - Laserfiche WebLink

Home Search

Public Hearing: Draft Posted to Website: 1st Reading: Publication: 2nd Reading: Effective: CITY OF LINO LAKES ORDINANCE NO. XX-24 AN ORDINANCE ESTABLISHING AN AFFORDABLE HOUSING TRUST FUND The City Council of Lino Lakes ordains: Section I. Chapter XX, of the Lino Lakes City Code is amended by adding Article XX to provide as follows: Article XX. AFFORDABLE HOUSING TRUST FUND XXX.XX. Definitions. The following definitions apply in this Article. Persons of very low income means families and individuals whose incomes do not exceed 50 percent of area median income, as median income was most recently determined by the United States Department of Housing and Urban development for the Minneapolis-St. Paul- Bloomington, Minnesota-Wisconsin Metropolitan Statistical Area, as adjusted for smaller and larger families. Persons of low income means families and individuals whose incomes do not exceed 80 percent of the area median income, as median income was most recently determined by the United States Department of Housing and Urban development for the Minneapolis-St. Paul- Bloomington, Minnesota-Wisconsin Metropolitan Statistical Area, as adjusted for smaller and larger families. Persons of moderate income means families and individuals whose incomes exceed 80 percent, but do not exceed 115 percent, of area median income, as median income was most recently determined by the United States Department of Housing and Urban development for the Minneapolis-St. Paul-Bloomington, Minnesota-Wisconsin Metropolitan Statistical Area, as adjusted for smaller and larger families. XXX.XX. Pursuant to the authority granted to the city under Minnesota Statutes Section 462C. I 6, an affordable housing trust fund is established to provide loans and grants to for-profit and non-profit housing developers for the acquisition and capital and soft costs necessary for the creation of new affordable renter and owner-occupied housing, and for the acquisition, rehabilitation and preservation of existing affordable housing including Naturally Occurring Affordable Housing (NOAH). XXX.XX. The Affordable Housing Trust Fund shall be funded from multiple sources including: