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Eligible improvements may include: <br />Landscaping <br />Exterior architectural enhancements <br />Code-related safety improvements <br />To be eligible for funding, applicants would be required to meet the following criteria: <br />At least 50% of the dwelling units must be affordable to households earning at or below <br />60% of the Area Median Income (AMI). <br />Property owners would be required to enter into and record an affordability covenant <br />with the City to ensure the property remains affordable for a minimum of five to ten <br />years following the grant award. The recorded affordability covenant would remain <br />with the property in the event of a change in ownership during the covenant period. <br />The following table is provided for reference and illustrates 2026 Affordable Rent Limits by unit <br />size and Area Median Income (AMI) level: <br />Funding for the program would be provided through a Local Housing Incentive Account (LHIA) <br />grant awarded to the City by the Metropolitan Council in 2004. The funds were disbursed as a <br />loan to the Lakewood Apartment project in 2005. Upon repayment, the funds became <br />available to support the preservation, rehabilitation, and expansion of affordable housing <br />opportunities within the community. <br />The program is intended to preserve existing affordable rental housing while improving the <br />quality, appearance, safety, and long-term viability of multi-family developments throughout <br />the community. <br />If the Committee supports the proposed program concepts, staff will prepare the final program <br />terms and conditions, application materials, grant agreements, and administrative procedures. <br />3 <br /> <br />