2022-08-03 PC Packet - Laserfiche WebLink

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City of Mounds View 12040 Comprehensive Plan HOUSING TOOLS There are a number of widely used tools available to the City of Mounds View to address housing needs within the community. Such tools include, but are not limited to: Local sources of funding: • Creation/use of a local Housing and Redevelopment Authority (HRA), Community Development Agency (CDA), or Economic Development Authority (EDA): State law permits cities to cooperatively plan, undertake, construct, or operate projects that contribute to the economic welfare and public benefit of the community, including housing projects and developments, redevelopment projects, interest rate reduction programs, or any combination of these (Source: Metropolitan Council). • Housing Bonds. • Tax Abatement: Tax abatement is a financing tool that reduces taxes or tax increases for owners of specific properties. Local governments offer the tax reduction to provide a financial incentive for a public benefit, such as creation of housing affordable to low and moderate - income households (Source: Metropolitan Council). • Tax Increment Financing: A primary tool in economic development and redevelopment, tax increment financing, also known as TIF, is a legislatively authorized tool available to cities and special entities such as housing and redevelopment authorities. Used to finance real estate development costs, municipalities create TIF districts to encourage development and to pay for related public improvements and infrastructure needs such as streets, sidewalks, or sewer (Source: Metropolitan Council). Local policies and strategies: • Effective referrals, most commonly occurring as a result of Rental or Zoning inspections of housing conditions beyond the owner's or renter's ability to correct and maintain. • Fair Housing Policy, required in conjunction with Metropolitan Council Livable Community Account grants. • First time homebuyer, down payment assistance, and foreclosure prevention programs, including the New Brighton -Mounds View Rental Property Managers Coalition. • Participation in housing -related organizations, partnerships, and initiatives. • Site Assembly, most commonly conducted in cooperation with private owners of land adjacent to EDA land, who share a common vision for redevelopment, and a cooperative timeline. • Zoning and subdivision ordinances with flexible use of PUD's to increase density where tree and open space preservation is not necessary. MouNDs VIEW Federal and regional sources of funding: • Consolidated Request for Proposals • Land Bank Twin Cities • Livable Communities Demonstration Account (LCDA) • Livable Communities Demonstration Account — Transit Oriented Development (TOD) • Community Development Block Grant Funds (CDBG) • HOME Investment Partnerships Program (HOME) Preservation strategies: • Project Based Rental Assistance • Low Income Housing Tax Credit Properties • Public Housing • Housing Improvement Areas (HIAs) • Community Land trusts • Low -interest rehab programs • Manufactured Home Parks • Private unsubsidized affordable housing Chapter 3: Housing 13-9