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St. Anthony 2040 Comprehensive Plan Chapter 5: Housing <br />63 <br /> <br />Regional & <br />Federal <br />funding for <br />Affordable <br />Housing <br />MHFA Consolidated Request for Proposals This is the big annual funding request from <br />Minnesota Housing Finance Agency that supports affordable housing developments. <br />The City will continue to work with developers in coordination with MHFA in <br />supporting RFP submissions for projects that will bring a significant number of new <br />affordable units, and will urge more support for projects that meet affordability <br />thresholds of 50% AMI or below as a reflection of the city’s greatest cost-burdened <br />need. <br />Livable Communities Demonstration Account (LCDA) St. Anthony is eligible for Met <br />Council funding for developments within the community that will innovative projects <br />often involving affordable and connected housing. The City will continue to work with <br />developers in coordination with the Met Council in supporting RFP submissions for <br />projects that will bring a significant number of new affordable units, and will urge more <br />support for projects that meet affordability thresholds of 50% AMI or below as a <br />reflection of the city’s greatest cost-burdened need. <br />Community Development Block Grant Funds (CDBG) Hennepin & Ramsey counties <br />manage these funds, which can be used on a number of housing and revitalization <br />projects. St. Anthony may apply annually through a coordinated County RFP, and <br />should be actively considering opportunities to apply for and use CDBG funds. <br />HOME Investment Partnerships Program (HOME) Offered through Hennepin & Ramsey <br />County for construction or rehabilitation projects. St. Anthony may apply annually <br />through a coordinated County RFP, and should be actively considering opportunities to <br />apply for and use HOME funds, particularly for projects to mitigate the loss of naturally <br />occurring affordable housing. <br />Hennepin communities: Affordable Housing Incentive Fund (AHIF) Financing supports <br />acquisition, rehabilitation or new construction activities. St. Anthony may apply <br />annually through a coordinated County RFP, and should be actively considering <br />opportunities to apply for and use AHIF funds, particularly for projects to mitigate the <br />loss of naturally occurring affordable housing. <br />Affordable <br />Housing <br />preservation <br />Strategies <br />Project Based Rental Assistance Typically HUD-funded, this type of assistance is a deep <br />subsidy that remains with the units of a project or development. Although the City <br />does not fund this type of assistance, St. Anthony should consider stating its intent of <br />support for project-based assistance, as such projects are one of the only <br />opportunities to support and retain housing affordable to households at or below 30% <br />AMI.