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City Council Staff Report 10/6/2025 – Discussion Item – Affordable Housing Page 3 The Mounds View Vision A Thriving Desirable Community o Tools/incentives  Tax Increment Financing (TIF).  Vouchers (through the city’s HRA).  Reduction in minimum site area or site width.  Reduction in open space on the site.  Can exceed maximum height allowed by ten feet or one story.  Reduction in off-street parking, based on proximity to transit.  Density bonus/increase.  Can deviate from design standards.  Reduce fee in lieu of landscaping.  Deferment of development fees (zoning applications, building permits, park dedication / fee in lieu, sewer availability charges (SAC), etc.). Any interest is deposited into the city’s Affordable Housing Trust Fund. • Can defer up to 24 months (if certain criteria are met) after development obtains a certificate of occupancy; city will charge 5% interest during this time period. o Alternative Options  Can provide affordable units off-site (in a different development).  Can pay a fee in lieu to the city’s Affordable Housing Trust Fund. • Richfield o Threshold  Any residential development that receives financial assistance from the city, HRA, or EDA, and creates five or more units. o Affordability Level  Rental units • Must provide units at one or more of the following, + 5% of units meet certain accessibility requirements: o 20% of units are at rents affordable at 60% AMI o 15% of units are at rents affordable at 50% AMI o 10% of units are at rents affordable at 30% AMI  For-sale units • Must provide units at one or more of the following, + 5% of units meet certain accessibility requirements: o 20% of units are affordable at 115% AMI o 15% of units are affordable at 100% AMI o 10% of units are affordable at 80% AMI o Length  Exact length varies if city financing is used. o Tools/incentives  Density bonus/increase.  Code flexibility within PUDs.  4d property tax reduction.