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<br /> <br /> <br />REQUEST FOR COUNCIL CONSIDERATION  <br />  <br />  <br />Meeting Date: May 22, 2018 <br /> <br /> <br />Request for the City Council to authorize the City Manager to execute the Acknowledgement of <br />Receptivity of a Metropolitan Council Livable Communities Act (LCA) Funding Award. <br /> <br /> <br />OVERVIEW: <br /> <br />In front of you this evening is a Request for the City Council to authorize the City Manager to execute the <br />Acknowledgement of Receptivity of a Metropolitan Council Livable Communities Act (LCA) Funding Award. <br />The Minnesota Housing Finance Agency (MHFA) administers a grant program on behalf of the Metropolitan <br />Council which is intended to support the development of affordable housing. This grant is made possible <br />through the 1995 Livable Communities Act (LCA) and is funded by the Metropolitan Council’s Local Housing <br />Incentives Account (LHIA). <br />The grant is a source that is traditionally used to fill the financing gap on an affordable housing development. If <br />these funds are awarded by MHFA to the project, it is required that the City is the Grantee of these funds and <br />then the City passes the funding through to the project. These are different funds than the Livable Communities <br />Demonstration Account (LCDA) or Tax Base Revitalization Account (TBRA) grants which are administered <br />directly by the Metropolitan Council. Aeon will also pursue these funding sources; however those funds are <br />available through a separate Request for Proposals process. <br />For the project to be eligible for the grant, the Metropolitan Council requires matching funds from the local <br />jurisdiction in which the project is located. In this case, the requested Tax Increment Financing would serve as <br />the match. <br /> <br /> <br /> <br />  <br /> <br />  <br />49