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City Council Staff Report <br />6/2/2025 — Discussion Item — Affordable Housing <br />Page 3 <br />• The state housing agency also offers loan, grant, and mortgage programs to assist with <br />the development and rehabilitation of housing in Minnesota. These primarily are applied <br />for and rewarded to developers or property owners, with some grants and loans targeted <br />primarily to public housing or development agencies. <br />Metropolitan Council <br />• The Livable Communities Act (LCA) program through the Metropolitan Council <br />provides grants to projects that help `communities achieve development goals that <br />create more housing choice, support living wage job creation, and connect jobs, <br />housing, and regional amenities to create a more equitable region.' These grants can be <br />used on policy creation, pre -development work, site cleanup, new development, or <br />rehabilitation of existing housing. These grants are eligible for participating cities and <br />townships only; Mounds View is a participating member. Communities that are <br />participating members can apply for these grants, and can partner with developers or <br />community organizations on the grant application. <br />Other programs <br />A Land Bank is a public entity that can acquire, hold, and sell vacant or underutilized <br />land for the purpose of redevelopment. An Economic Development Authority (EDA) has <br />similar functions and powers, but can be used for non-residential development as well. <br />The city already has an EDA. <br />A Local Housing Trust Fund (LHTF) is a trust fund created by a local government <br />(either through an ordinance or a joint powers agreement) that uses public dollars to <br />assist with development and rehabilitation projects, as well as programs such as <br />downpayment assistance or rental assistance. The Minnesota Housing Partnership has <br />created a manual to help inform communities who are interested in creating a fund. <br />Recommendation: <br />Staff recommend the Council review the information provided. <br />Respectfully submitted, <br />Evan Monson, AICP <br />City Planner <br />The Mounds View Vision <br />A Thriving Desirable Community <br />