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St. Anthony 2040 Comprehensive Plan Chapter 5: Housing <br />61 <br /> <br /> <br /> <br /> <br />Preservation <br />Strategies <br />Low Income Housing Tax Credit Properties (LIHTC) With LIHTC, developers apply for tax <br />credits to offset costs at the time of development. Although the City does not fund this <br />type of assistance, St. Anthony will consider supporting developers who pursue LIHTC <br />and who intend to seek ways to retain the affordability of the LIHTC property after the <br />terms of LIHTC are up. <br />4d tax program Non-subsidized properties may be eligible for a tax break if the owner of <br />the property agrees to rent and income restrictions (serving households at 60% AMI or <br />below) and receives “financial assistance” from federal, state or local government. <br />Private unsubsidized affordable housing May be naturally occurring, or supported <br />through 4d tax program. St. Anthony supports private unsubsidized affordable housing, <br />and will consider exploring opportunities to work with property owners to retain the <br />affordability of these properties over the long term. <br />Community Land trusts and Land Banks. Land trusts provide permanent affordability for <br />income eligible households. Typically, a land trust is structured where a homeowner <br />owns the building and the land trust leases the land to the homeowner. Households that <br />make at or below 80% of AMI typically qualify for these homes. Although there is not an <br />active CLT working within St. Anthony, the city can signal its support for CLT initiatives <br />as a means of providing homeownership affordability in perpetuity in the community. <br />Housing Improvement Areas (HIAs) A housing improvement area (HIA) is a defined area <br />in a city in which housing improvements in condominium or townhome complexes may <br />be financed with the assistance of the city (EDA, HRA). An active city HRA would have <br />the opportunity to designate an HIA in an area where existing housing needs <br />improvement for retention of housing affordability is at risk. <br />Public Housing Typically HUD-funded or supported through Federal funding, this type of <br />assistance is a deep subsidy that remains with the units of a project or development.