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What Does the City Really Have to Offer? <br />•For no tax impact to existing residents and businesses <br />–City can provide tax increment assistance (TIF) on a pay-as-you-go <br />basis <br />•Based upon 97 units <br />•Value of $150,000/unit <br />•4d tax classification (affordable housing tax rate) <br />•Approximately $121,000/year <br />–Developers have to seek other traditional funding sources in <br />order to develop affordable housing <br />•Low income housing tax credits <br />•CDBG, HOME or AHIF grants from the Hennepin County <br />•Minnesota Housing Finance Agency (MHFA) deferred loan <br />11