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St. Anthony 2040 Comprehensive Plan Chapter 5: Housing <br />60 <br /> <br />Affordability tools <br />This section explains each of the affordability tools from FIGURE 5-11 in <br />greater detail. <br />Affordability <br />Category Housing Affordability Tool <br />Local funding <br />for Affordable <br />Housing <br />Development Authorities (local HRA, CDA, or EDA) The Hennepin and Ramsey County <br />HRAs can and do levy funds for affordable housing maintenance and production within <br />St. Anthony. The City does have its own HRA, but the city HRA is currently inactive. <br />Activating the city’s HRA would allow St. Anthony to have more discretion over funding <br />of affordable housing projects and programs and would allow the city to consider <br />appropriate levies to support specific affordable housing needs, such as specific <br />developments and/or housing maintenance programs. The City could even consider <br />creating an Affordable Housing Trust Fund through its HRA to support project by <br />project requests. <br />Housing Bonds HRAs have the ability to issue bonds that help to develop and <br />administer affordable housing developments or programs. Cities may make or <br />purchase loans using the proceeds of the bond sales for activities such as ne w <br />construction, acquisition and rehabilitation, or refinancing bond debt. There are <br />specific affordable unit thresholds that must be met in bond-financed projects. Bond- <br />supported projects would typically support affordable housing for the 50% and 80% <br />AMI bands. <br />Tax Abatement Tax abatement is a financing tool that reduces taxes or tax increases for <br />owners of specific properties. Local governments offer the tax reduction to provide a <br />financial incentive for a public benefit, such as creation of housing affordable to low <br />and moderate-income households. St. Anthony will prioritize temporary tax abatement <br />over permanent tax abatement, except in cases where the project provides a <br />significant public benefit beyond the provision of affordable housing and would not <br />happen “but for” the provision of tax abatement.