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<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />City of Minnetonka City Council Policy 13.2 <br />the AMI. <br />• In attached for-sale common interest or attached community developments <br />(condominiums, townhomes, co-ops), at least 10% of the units shall be <br />affordable to and occupied by households with an income at or below 80% <br />AMI. <br />For projects requesting a zoning change or comprehensive plan amendment without <br />city assistance. <br />• In multi-family rental developments, at least 10% of the units shall be <br />affordable to and occupied by households with incomes at or below 60% AMI, <br />with a minimum of 5% at 50% AMI. <br />• In attached for-sale common interest or attached community developments <br />(condominiums townhomes, co-ops), at least 10% of the units shall be <br />affordable to and occupied by households with an income at or below 80% <br />AMI. <br />For projects receiving city assistance. <br />• For multi-family rental developments, at least 20% of the units shall be <br />affordable to and occupied by households with an income at or below 50% of <br />the AMI; or at least 40% of the units shall be affordable to and occupied by <br />households with an income at or below 60% AMI. <br />• In attached for-sale common interest or attached community developments <br />(condominiums, townhomes, co-ops), at least 10% of the units shall be <br />affordable to and occupied by households with an income at or below 80% <br />AMI. <br />Calculation of AMI <br />For purposes of this policy, Area Median Income means the Area Median Income for the <br />Twin Cities metropolitan area calculated annually by the Minnesota Housing Finance <br />Agency for establishing rent limits for the Housing Tax Credit Program (multi-family <br />ADU) and the Department of Housing and Urban Development (attached for-sale <br />common interest or attached community developments, including: condominiums, <br />townhomes, co-ops). <br />Rent Level Calculation (Multi-Family Rental Developments) <br />The monthly rental price for an ADU receiving city assistance shall include rent and <br />utility costs and shall be based on fifty percent (50%) or sixty percent (60%) for the <br />metropolitan area that includes Minnetonka adjusted for bedroom size and calculated <br />annually by Minnesota Housing Financing Agency for establishing rent limits for the <br />Housing Tax Credit Program. This does not apply to units not receiving city assistance. <br />Page 2 of 4 <br />26