Laserfiche WebLink
Housing & Economic Development <br />stock can be more affordable; however, it requires investments to remain viable. Private <br />investors have purchased subsidized and unsubsidized rental units, made improvements and <br />charged higher rents that have made access to previously affordable units prohibitive for low and <br />moderate -income residents. The Metropolitan Council has projected the region will add nearly <br />35,000 households between 2021 and 2030 that will need affordable housing and require a <br />subsidy of $5 billion to meet the needs of households earning up to 50 percent area median <br />income. <br />Cities should work with the private and nonprofit sectors, counties, state agencies and the <br />Metropolitan Council to ensure the best use of new and existing tools and resources to produce <br />new housing and preserve existing affordable housing. Cities can facilitate the production and <br />preservation of affordable and life cycle housing by: <br />Applying for funding from available grant and loan programs; <br />• Using city and county funds to support affordable housing. This can include creating a <br />local or regional housing trust fund to support affordable housing; <br />• Providing information, encouraging participation and incentivizing participation in the <br />Section 8 Housing Choice Voucher program to landlords; <br />• Working with developers and residents to blend affordable housing into new and existing <br />neighborhoods, including locations with access to amenities and services; <br />• Periodically examining local requirements, policies and review processes to determine <br />their impacts on the construction of affordable housing; <br />♦ Considering criteria under which a city may change its fee structure in support of <br />additional affordable housing; <br />Supporting housing design that is flexible for residents at multiple stages of life; <br />Periodically reviewing locally imposed development costs and policies; <br />• Employing innovative strategies to advance affordable housing needs such as public - <br />private partnerships or creative packaging of regulatory relief and incentives; <br />Using available regulatory mechanisms to shape housing communities; <br />• Recognizing inventory of subsidized and unsubsidized (naturally occurring) affordable <br />housing; and <br />• Working collaboratively with buyers and sellers of naturally occurring affordable housing <br />to retain affordability. <br />2019 Legislative Policies <br />20 <br />