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<br />City of Mounds View | 2040 Comprehensive Plan <br />DRAFT May 14November 267, 2019 <br /> <br /> <br />Chapter 3: Housing | 3-9 <br /> <br />HOUSING TOOLS <br />There are a number of widely used tools available to the City of Mounds View <br />to address housing needs within the community. Such tools include, but are <br />not limited to: <br />Local sources of funding: <br />• Creation/use of a local Housing and Redevelopment Authority (HRA), <br />Community Development Agency (CDA), or Economic Development <br />Authority (EDA): State law permits cities to cooperatively plan, <br />undertake, construct, or operate projects that contribute to the <br />economic welfare and public benefit of the community, including <br />housing projects and developments, redevelopment projects, interest <br />rate reduction programs, or any combination of these (Source: <br />Metropolitan Council). <br />• Housing Bonds <br />• Tax Abatement: Tax abatement is a financing tool that reduces taxes <br />or tax increases for owners of specific properties. Local governments <br />offer the tax reduction to provide a financial incentive for a public <br />benefit, such as creation of housing affordable to low and moderate- <br />income households (Source: Metropolitan Council). <br />• Tax Increment Financing: A primary tool in economic development <br />and redevelopment, tax increment financing, also known as TIF, is a <br />legislatively authorized tool available to cities and special entities such <br />as housing and redevelopment authorities. Used to finance real estate <br />development costs, municipalities create TIF districts to encourage <br />development and to pay for related public improvements and <br />infrastructure needs such as streets, sidewalks, or sewer (Source: <br />Metropolitan Council). <br />Local policies and strategies: <br />• Effective referrals <br />• Fair Housing Policy <br />• First time homebuyer, down payment assistance, and foreclosure <br />prevention programs <br />• Participation in housing-related organizations, partnerships, and <br />initiatives <br />• Site Assembly <br />• Zoning and subdivision ordinances <br />• Rental license and inspections programs <br /> <br /> <br /> <br /> <br />Federal and regional sources <br />of funding:Boulevard <br />•Consolidated Request for <br />Proposals <br />•Land Bank Twin Cities <br />•Livable Communities <br />Demonstration Account <br />(LCDA) <br />•Livable Communities <br />Demonstration Account – <br />Transit Oriented <br />Development (TOD) <br />•Community Development <br />Block Grant Funds (CDBG) <br />•HOME Investment <br />Partnerships Program <br />(HOME) <br />Preservation strategies: <br />•Project Based Rental <br />Assistance <br />•Low Income Housing Tax <br />Credit Properties <br />•Public Housing <br />•Housing Improvement <br />Areas (HIAs) <br />•Community Land trusts <br />•Low-interest rehab <br />programs <br />•Manufactured Home Parks <br />•Private unsubsidized <br />affordable housing <br /> <br />Affordable Housing costs about the <br />Formatted: Font: Bold <br />Formatted: Space Before: 10 pt <br />Formatted: Font: Italic <br />Formatted: Font: Italic <br />Formatted: Font: Italic <br />Formatted: Space Before: 0 pt, After: 0 pt, Bulleted + <br />Level: 1 + Aligned at: 0.25" + Indent at: 0.5" <br />Formatted: Font: Italic <br />Formatted: Font: Bold <br />Formatted: Space Before: 0 pt, After: 0 pt <br />Formatted: Font: 10 pt <br />Formatted: Left <br />Formatted: Left <br />Formatted: Left, No bullets or numbering