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WS — Item 2 <br />WORK SESSION STAFF REPORT <br />Work Session Item 2 <br />Date: October 5, 2009 <br />To: City Council <br />From: Mary Alice Divine <br />Re: Affordable Housing <br />Background <br />During discussions regarding the Comprehensive Plan and the issue of affordable <br />housing, the city council requested that staff provide them with an opportunity to learn <br />more about affordable housing from people with expertise in the field. <br />Cathy Bennett, owner of Bennett Community Consulting, has worked extensively for the <br />past 15 years within local community development in Roseville and Mounds View and in <br />the past two years private consulting for local government, non - profit and private <br />development sectors. She has background in public - private alliances, project <br />management in all facets of housing strategy development and economic development, <br />including affordable housing implementation, housing plan strategy development, and <br />public financing. She has helped cities develop a systematic process that provides the <br />necessary policies and strategies associated with the city's affordable workforce housing <br />goals. She recently completed a term as president of the Economic Development <br />Association of Minnesota and is a certified Economic Development Finance Professional. <br />Colleen Carey, president of the Cornerstone Group, brings 18 years of experience in the <br />field of real estate development and finance. Prior to establishing The Cornerstone <br />Group, Ms. Carey served for seven years as the Executive Director of Twin Cities <br />Housing Development Corporation, during which time the organization participated as a <br />developer in over $130 million of housing developments with projects ranging in size <br />from five units to 1,300 units. She was also in charge of raising nearly $45 million in <br />private equity investments through the sale of low - income housing tax credits. <br />Carey has completed a number of historic restorations, several commercial developments, <br />and for -sale housing projects in addition to her extensive multifamily rental development <br />experience. She is familiar with many financing alternatives including conventional <br />1 <br />