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<br />City of Mounds View | 2040 Comprehensive Plan <br /> <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, most commonly occurring as a result of Rental or <br />Zoning inspections of housing conditions beyond the owner’s or <br />renter’s ability to correct and maintain. <br /> Fair Housing Policy, required in conjunction with Metropolitan Council <br />Livable Community Account grants. <br /> First time homebuyer, down payment assistance, and foreclosure <br />prevention programs, including the New Brighton-Mounds View <br />Rental Property Managers Coalition. <br /> Participation in housing-related organizations, partnerships, and <br />initiatives. <br /> Site Assembly, most commonly conducted in cooperation with private <br />owners of land adjacent to EDA land, who share a common vision for <br />redevelopment, and a cooperative timeline. <br /> Zoning and subdivision ordinances with flexible use of PUD’s to <br />increase density where tree and open space preservation is not <br />necessary. <br />Federal and regional sources <br />of funding: <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 />