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City of Mounds View 1 2040 Comprehensive Plan MOUNDS VIEW <br /> HOUSING TOOLS Federal and regional sources <br /> of funding: <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 Consolidated Request for <br /> not limited to: Proposals <br /> • Land Bank Twin Cities <br /> Local sources of funding: 0 Livable Communities <br /> Demonstration Account <br /> • Creation/use of a local Housing and Redevelopment Authority(HRA), (LCDA) <br /> Community Development Agency (CDA), or Economic Development 0 Livable Communities <br /> Authority (EDA): State law permits cities to cooperatively plan, Demonstration Account— <br /> undertake, construct, or operate projects that contribute to the Transit Oriented <br /> economic welfare and public benefit of the community, including Development(TOD) <br /> housing projects and developments, redevelopment projects, interest 0 Community Development <br /> rate reduction programs, or any combination of these (Source: Block Grant Funds (CDBG) <br /> Metropolitan Council). 0 HOME Investment <br /> • Housing Bonds. Partnerships Program <br /> • Tax Abatement: Tax abatement is a financing tool that reduces taxes (HOME) <br /> or tax increases for owners of specific properties. Local governments <br /> offer the tax reduction to provide a financial incentive for a public Preservation strategies: <br /> benefit, such as creation of housing affordable to low and moderate- <br /> income households (Source:Metropolitan Council). Project Based Rental <br /> • Tax Increment Financing: A primary tool in economic development Assistance <br /> and redevelopment, tax increment financing, also known as TIF, is a • Low Income Housing Tax <br /> legislatively authorized tool available to cities and special entities such Credit Properties <br /> as housing and redevelopment authorities. Used to finance real estate 0Public Housing <br /> development costs, municipalities create TIF districts to encourage 0Housing Improvement <br /> development and to pay for related public improvements and Areas (HIAs) <br /> infrastructure needs such as streets, sidewalks, or sewer (Source: 0Community Land trusts <br /> Metropolitan Council). 0 Low-interest rehab <br /> programs <br /> Local policies and strategies: • Manufactured Home Parks <br /> • Private unsubsidized <br /> • Effective referrals, most commonly occurring as a result of Rental or affordable housing <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 /> Chapter 3: Housing 3-9 <br />