CC WORKSESSION PACKET 01302018 - Laserfiche WebLink

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St. Anthony 2040 Comprehensive Plan Chapter 5: Housing 61 Tax Increment Financing The City may create a tax increment financing (TIF) district. The TIF bonds issued on this district are to be used to support the construction of affordable housing and entire property taxes received above the original tax value from the development to finance these bonds. The City has discretion over TIF allocations and will consider using TIF for housing projects that include not only a significant percentage of affordable units but also provide a substantial public benefit (including but not limited to: environmental remediation, enhanced walkable urban design, open space or park land, provision of green space, stormwater infiltration, and/or improved streetscape design) and would not happen “but for” TIF assistance. TIF-supported affordable housing projects will help to reduce the City’s housing cost burden. By legislative definition, TIF used for affordable rental housing projects must meet provide affordability to those at 60% of AMI or less. The affordability threshold is 115% of AMI for owner-occupied housing projects. Local policies and strategies to promote access to affordable housing Effective referrals The City supports providing appropriate resources and education about existing housing support programs offered by other agencies and organizations. While the city does not have the capacity to provide a full-time staff to offer this service, there are opportunities to more effectively communicate to residents and prospective residents about existing programs offered through Minnesota Housing (first-time homebuyer and fix-up loan programs) and local non-profits serving the area. Effective housing referrals will increase opportunities for residents to enter the community who would otherwise have barriers, and improve the likelihood of existing housing maintenance. Fair Housing Policy Both Hennepin & Ramsey County HRA support Fair Housing Policies, and the City will support implementation of that policy. First time homebuyer, down payment assistance, and foreclosure prevention programs The City encourages residents to access existing programs available through Hennepin & Ramsey counties, as well as the Minnesota Homeownership Center and the StartUp program through Minnesota Housing. The City will continue to form partnerships with external organizations who offer these programs and seek to provide referral information wherever possible. These programs will be especially valuable to households at or below 80% AMI who would otherwise face extreme hardships in purchasing or maintaining a home.