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St. Anthony 2040 Comprehensive Plan Chapter 5: Housing <br />57 <br /> <br />There are steps that St. Anthony can take to recognize the important <br />role that naturally occurring affordable housing plays in the community, <br />typically supporting households between 30-80% AMI, and to pursue <br />opportunities to preserve this housing and improve its safety and <br />livability while maintaining its affordability. <br />Housing need goal: Anticipate the need for preservation of naturally- <br />occurring affordable housing within all affordability bands. <br />Planning for Affordable Housing <br />Affordable housing implementation toolbox <br />St. Anthony has identified implementation tools that it is willing to consider. <br />St. Anthony does already provide a variety of affordable rental housing <br />options in comparison to many of its surrounding communities. <br />Nonetheless. the City recognizes that the regional demand for affordable <br />housing is great, and proactive policies and strategies by cities are needed <br />across the region working in partnership with affordable housing <br />developers and agencies. Strong partnerships are essential, as the city has <br />limited tools at its disposal to produce and maintain affordable housing on <br />its own. <br />However, there are areas in which cities have flexibility to enact financial <br />and regulatory discretion. The provision of Tax Increment Financing (or <br />TIF) is one of the most effective tools that cities have at their discretion to <br />aid the production of affordable housing projects, and St. Anthony has <br />financially assisted affordable rental projects through TIF and other <br />available means. <br />Many affordable housing tools and strategies require partnerships with <br />outside entities, counties, HRAs, funding and granting agencies, and non- <br />profits that offer programs, funding and policies on a wider scale that <br />support affordable housing. Tools that can be used to generate or maintain <br />housing affordability can generally be grouped into the following <br />categories: <br />• Local funding (city or county) <br />• Local policy or strategy <br />• Regional or Federal funding source <br />• Affordable housing preservation <br />An overview of housing needs and the tools that may be used to address <br />them are shown in the matrix below (FIGURE 5-12). The section that follows <br />explains each of the affordability tools in greater detail and gives more <br />details about when these strategies might be used.