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St. Anthony 2040 Comprehensive Plan Chapter 5: Housing <br />61 <br /> <br />housing which consider innovative or alternative forms of development and do not <br />include high rise buildings. <br />Tax Increment Financing The City may create a tax increment financing (TIF) district (pay <br />as you go). The City has discretion over TIF allocations and will consider using TIF for <br />housing projects that include affordable housing. By legislative definition, TIF used for <br />affordable rental housing projects must meet affordability to those at 60% of AMI or <br />less. The affordability threshold is 115% of AMI for owner-occupied housing projects. <br />When we would use this: The City would consider using TIF to support the <br />development of both rental and ownership housing units that are affordable at or <br />below 80% of the AMI, or that increase transit-oriented development along key transit <br />corridors or major redevelopment sites such as the former Walmart site. TIF may also <br />be considered for projects which implement the City’s vision and values for a City <br />identified redevelopment area or in instances where a project would redevelop a <br />blighted, contaminated or challenged site. The City would also consider using TIF for <br />projects which would rehabilitate existing multi-family housing stock or provide new <br />multi-family workforce or workforce housing having amenities similar to those found <br />in market rate housing. Additionally, proposals for workforce housing that are <br />innovative and do not include high-rise buildings would be given priority consideration <br />for these types of funds.