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8/9/2017 <br />6 <br />What Does the City Really Have to Offer? <br />•For no tax impact to existing residents and businesses <br />–City can provide tax increment assistance (TIF) on a pay-as-you-go <br />basis <br />•Based upon 97 units <br />•Value of $150,000/unit <br />•4d tax classification (affordable housing tax rate) <br />•Approximately $121,000/year <br />–Developers have to seek other traditional funding sources in <br />order to develop affordable housing <br />•Low income housing tax credits <br />•CDBG, HOME or AHIF grants from the Hennepin County <br />•Minnesota Housing Finance Agency (MHFA) deferred loan <br />11 <br />Final Comments <br />•St. Anthony already provides a variety of affordable <br />rental housing options, well above what many other <br />communities do <br />•St. Anthony has always been committed to affordable <br />housing as demonstrated in their financial participation <br />in the only two (2) rental developments proposed and <br />completed in the last 15 years <br />•St. Anthony is open to financially assisting future <br />affordable rental projects if/when they come forward <br />•St. Anthony alone cannot solve providing housing for <br />very low or extremely low-income residents since they <br />are limited in what they have as financial tools (only TIF) <br />12