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St. Anthony 2040 Comprehensive Plan Chapter 5: Housing <br />60 <br /> <br />Affordability <br />Category Housing Affordability Tool <br />Local funding <br />for Affordable <br />Housing <br />Development Authorities (local HRA, CDA, or EDA) The Hennepin and Ramsey County <br />HRAs can and do levy funds for affordable housing maintenance and production within <br />St. Anthony. Activating the city’s HRA would allow St. Anthony to have more discretion <br />over funding of affordable housing projects and programs and would allow the city to <br />consider appropriate levies to support specific affordable housing needs, such as specific <br />developments and/or housing maintenance programs. <br />When we would use this: The City would consider using funds from Development <br />Authorities for rental and ownership housing units that are affordable at or below 50% <br />AMI. The City would also consider supporting using these funds if a project would <br />provide necessary “missing middle” housing and senior housing at or below 80% AMI. <br />This could support the development of “Missing Middle” housing in Low Density and <br />Medium Density Residential Districts where multi-unit buildings can be built in scale with <br />single family homes. <br />Housing Bonds HRAs have the ability to issue bonds that help to develop and administer <br />affordable housing developments or programs. Cities may make or purchase loans using <br />the proceeds of the bond sales for activities such as new construction, acquisition and <br />rehabilitation, or refinancing bond debt. There are specific affordable unit thresholds <br />that must be met in bond-financed projects. Bond-supported projects would typically <br />support affordable housing for the 50% and 80% AMI bands. <br />When we would use this: The City would consider using funds from Housing Bonds for <br />rental and ownership housing units that are affordable at or below 50% AMI. The City <br />would also consider supporting using these funds if a project would provide necessary <br />“missing middle” housing and senior at or below 80% AMI. <br />Tax Abatement Tax abatement is a financing tool that reduces taxes or tax increases for <br />owners of specific properties. Local governments offer the tax reduction to provide a <br />financial incentive for a public benefit, such as creation of housing affordable to low and <br />moderate-income households. <br />When we would use this: The City would consider using Tax Abatement to support the <br />development of both rental and ownership housing units that are affordable at or below <br />80% of the AMI or that increase transit-oriented development or high density <br />development such as the former Walmart site. Tax Abatement could be strategy the City <br />may use to help remove blight and/or encourage redevelopment. Tax Abatement <br />proposals that would receive priority consideration are those which would extensively <br />rehabilitate existing multi-family housing stock, develop multi-family workforce housing <br />with amenities comparable to those found in market rate style housing, or workforce