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City Council Staff Report 10/6/2025 – Discussion Item – Affordable Housing Page 4 The Mounds View Vision A Thriving Desirable Community  Building permit fee reductions. o Alternative Options  Contribute a fee in lieu to the city’s Housing and Redevelopment Fund. • 15% of the “net present value” of Tax Increment generated by the project (or 15% of the net present value of other types of assistance) must be pledged to the Richfield Housing and Redevelopment Fund over a period of fifteen years or the duration of the subsidy (whichever is longer).  A combination of fee in lieu + affordable units. • St. Louis Park o Threshold  Any residential development that receives financial assistance from the city, and meets one of the following: • Is a new development with 10 or more units • A mixed-use development with 10 or more units • A renovation or reconstruction of an existing building that contains 10 or more units. • Any change in use of an existing building from a non-residential use to a residential use that contains 10 or more units. o Affordability Level  Rental units • 10% or more of units are at rents affordable at 60% AMI, or • 8% or more of units are at rents affordable at 50% AMI  For-sale units • 10% or more of units are affordable at 80% AMI. o Length  Minimum 25 years. o Tools/incentives  City/public financing.  Density bonus/increase. o Alternative Options  Making existing units affordable, through covenants, contractual arrangements, or resale restrictions. Units may be within same development/site or off-site.  Development of affordable units off-site on a location near transit that is approved by the city.  Participation in the construction of affordable dwelling units by  another developer on a different site in the city.  An alternative proposed by the applicant that directly provides or enables the provision of affordable housing units within the City. The alternative must be approved by the City.