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8/9/2017 <br />5 <br />Financial Impact <br />•50% rent “write down” over 30 years = $35.6M ($1.186M/year) <br />–Annual impact to average value home (21%tax increase) <br />•30% rent “write down” over 30 years = $48.4M ($1.613M/year) <br />–Annual impact to average value home (28%tax increase) <br />9 <br />Estimated Market Value Taxable Proposed <br />Market Value Exclusion Market Value Tax Increase* <br />150,000$ 23,740$ 126,260$ 352$ <br />200,000 19,240 180,760 505 <br />Residential 260,000 13,840 246,160 687 <br />Homestead 300,000 10,240 289,760 809 <br />400,000 1,240 398,760 1,113 <br />TAX IMPACT ANALYSIS <br />Type of Property <br />Estimated Market Value Taxable Proposed <br />Market Value Exclusion Market Value Tax Increase* <br />150,000$ 23,740$ 126,260$ 259$ <br />200,000 19,240 180,760 371 <br />Residential 260,000 13,840 246,160 505 <br />Homestead 300,000 10,240 289,760 595 <br />400,000 1,240 398,760 819 <br />Type of Property <br />TAX IMPACT ANALYSIS <br />Sources of Funding For Affordable Housing <br />10 <br />Type of Funding Level of Competitiveness <br />Low Income Tax Credits (4% and 9%)High <br />Tax Exempt Bonds High <br />Minnesota Housing Finance Agency (MHFA) Deferred Loan High <br />HOME High <br />CDBG High <br />AHIF (Hennepin County)High <br />Livable Communities Demonstration Account (LCDA)High <br />Local Housing Incentives Account (LHIA)High <br />Tax Increment (only source cities have control over)* Low <br />* If City doesn't have a large amount of its tax capacity captured by TIF