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PAGE | 6 OF 8 from applicant requirements to specific maintenance standards, to process and penalties for non-compliance in the event the City is faced with a prospective landlord who works too hard to avoid the City’s policies. Housing Affordability While housing tenure (ownership v. renter-occupied) can relate to affordability, the two factors will typically conflict when a City is fully built-out such as Saint Anthony, and few new detached single family homes are being built. Existing homeowners naturally wish to maximize the values of their investment in real estate. The greatest influence that the City can wield on affordability occurs at the time of new construction, where change is occurring and subject to City land use and other related approvals. Policy Issue – City Ownership. The City has explored a number of options to encourage affordability in new residential projects. As owners of the 3803 Stinson Blvd property, the City exercises an extraordinary amount of leverage over affordability of new housing on this site. That can take the form of direct seller requirements, financial assistance (either directly through price negotiations or tools like Tax Increment Financing), grant sponsorships to seek outside cash, or more creative tools like land-trust ownership that lowers the per-unit cost of new housing units, whether for rent or for sale. Policy Issue – Zoning or Other Requirements/Mandates. Many of these tools can be utilized for privately-owned project proposals. However, other zoning and housing regulations may be important to incorporate into ordinance language where the City does not also have the power of an owner/seller. These may include the imposition of affordability regulations for new projects. Some cities have adopted baseline affordability requirements as a percentage of any new housing project. Policy Issue – Zoning or Other Incentive Conditions. Others have done so through the use of incentives – these may relate to additional density, or conditions of City-approved financial tools (such as TIF or grant-writing). The current R-4 (multi-family) zoning limits density as a permitted use (to about 24 units per acre), but allowed additional density by Conditional Use Permit (up to 40 units per acre). This type of threshold approach could apply to affordability as well. For discussion, the City should consider whether these types of tools are to be integrated into future projects, and if so, whether those tools should be structured as base requirements, or incentive conditions. Policy Issue – Ongoing Affordability. The City has also expressed an interest in ongoing affordability, seeking to ensure that once constructed and time passes, the housing that benefits from the tools noted above will continue to be affordable to future occupants and generations. 10