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St. Anthony 2040 Comprehensive Plan Chapter 5: Housing 64 Low Income Housing Tax Credit Properties (LIHTC) With LIHTC, developers apply for tax credits to offset costs at the time of development. Although the City does not fund this type of assistance, St. Anthony should consider stating its intent of support for developers who pursue LIHTC and who intend to seek ways to retain the affordability of the LIHTC property after the terms of LIHTC are up. 4d tax program Non-subsidized properties may be eligible for a tax break if the owner of the property agrees to rent and income restrictions (serving households at 60% AMI or below) and receives “financial assistance” from federal, state or local government. St. Anthony should consider stating its intent of support for the 4d tax program. Private unsubsidized affordable housing May be naturally occurring, or supported through 4d tax program. St. Anthony should consider stating its intent of support for private unsubsidized affordable housing, and explore opportunities to work with property owners to retain the affordability of these properties over the long term. Community Land trusts and Land Banks. Land trusts provide permanent affordability for income eligible households. Typically, a land trust is structured where a homeowner owns the building and the land trust leases the land to the homeowner. Households that make at or below 80% of AMI typically qualify for these homes. Although there is not an active CLT working within St. Anthony, the city can signal its support for CLT initiatives as a means of providing homeownership affordability in perpetuity in the community. Housing Improvement Areas (HIAs) A housing improvement area (HIA) is a defined area in a city in which housing improvements in condominium or townhome complexes may be financed with the assistance of the city (EDA, HRA). An active city HRA would have the opportunity to designate an HIA in an area where existing housing needs improvement for retention of housing affordability is at risk. Public Housing Typically HUD-funded or supported through Federal funding, this type of assistance is a deep subsidy that remains with the units of a project or development. Although the City does not fund this type of assistance, St. Anthony should consider stating its intent of support for public housing, as such projects ar e one of the only opportunities to support and retain housing affordable to households at or below 30% AMI.