08/11/2010 Council Packet - Laserfiche WebLink

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• • • 2004 $750,000 Livable Communities Demonstration Account grant for $750,000 for land write down and infrastructure improvements for Legacy at Woods Edge total $1,645,000 Goals The previous LCA goals included six categories expressed in percentages of the total of new dwelling units in the city over the goal period. The Met Council notified us of the proposed new goals. The new goals include two categories, expressed as a range of the number of units. There is a goal for affordable housing, and a goal for lifecycle housing. Definitions: The term "affordable housing" often is misunderstood. For 2010, affordable means a purchase price ceiling or target maximum price for a new owner - occupied home based upon what a family of four with an income at or below 80% of area median income (AMI) can afford at prevailing interest rates. At the 80% threshold, an affordable house in 2010 would cost no more than $233,100. These percentage threshold are adjusted over time and the price thresholds changed accordingly. In fact, beginning in year 2011, the affordability standard for owner- occupied units will be 60% of AMI. In 2010, this would translate to a house price of $179,100, though this price level may change next year depending on market forces. For affordable rental units, the Met Council uses the maximum monthly rents permitted in the Minneapolis -St. Paul metropolitan statistical area for the federal low- income housing tax credits to rental housing serving households at 50% of AMI. This translates to affordable monthly rents ranging from $735 for an efficiency unit to $1,218 for a four - bedroom unit. "Lifecycle housing" means varied housing options that meet people's preferences and circumstances at all of life's stages, providing a balance of single - family homes, apartments, condominiums, townhomes, and senior housing for independent living or with a range of assisted - living services. Affordability Goal: As discussed previously and as described in the draft new comprehensive plan, the affordable housing need in Lino Lakes established by the Met Council is 560 units over the next 10 years. The Met Council states that it acknowledges the reality of limited funding and asks Lino Lakes to establish a new housing goal as a range of 364 to 560 units. The low end of the range represents the number of units that can be accomplished at currently available funding levels region wide. Lifecycle Goal: For the purpose of this goal, lifecycle means units other than single family detached. The Met Council asks Lino Lakes to establish a new lifecycle housing goal as a range of 560 to 1,860 units for the next ten -year period. The low end is the affordable housing need. The high end is the potential number of units permitted by the 3