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�jC�Z�Gz%c'l•Ge <br /> • <br /> � s <br /> LIVABLE COMMUNITIES QUESTIONS AND ANSWERS <br /> 1. What is the Metropolitan Livable Communities Act? <br /> The Metropolitan Livable Communities Act("Act") was enacted in June 1995 and is the Legislature's <br /> attempt to address various issues facing the seven-county metropolitan area. The Act establishes a <br /> Metropolitan Livable Communities Fund which consists of three accounts: the Tax Base Revitalization <br /> Account; the Livable Communities Demonstration Account; and the Local Housing Incentives Account. <br /> Metropolitan municipalities are not required to participate in the programs under the Act, but the Act <br /> provides incentives and funding to those municipalities that do participate. <br /> • <br /> 2. What is the incentive to participate? <br /> The benefits are clear. Cities, towns and, in some cases, counties have access to resources that will <br /> improve their communities and neighborhoods. In addition, the legislation puts local units of govern- <br /> ment in the driver's seat. Communities cannot only choose whether to participate; they also have <br /> flexibility in determining how they're going to use the resources available. <br /> 3. ' What is the incentive to provide lower-cost housing in our community? <br /> Affordable housing is an investment in communities and their residents. It fulfills a commitment to <br /> young families, single people and older residents that they can find a home they can afford in the com- <br /> munity of their choice. <br /> 4. What are"affordable"housing and"life-cycle"housing? <br /> • Housing is "affordable" if it costs no more than 30 percent of a family's income. For ownership hous- <br /> ing this income amount is 80 percent of median, an amount that in 1994 could afford a home costing <br />