CCP 08-11-2010 - Laserfiche WebLink

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• Redevelopment and infill development including revitalized inner-city communities with additional housing and job opportunities; redeveloped older suburban downtowns and neighborhoods with additional housing opportunities linked to neighborhood retail and commercial services and public spaces; • Development in newer suburban communities, including town centers, that connects jobs, a choice of housing types, retail and commercial services, and community activities in close proximity. Provide better jobs/housing/transportation connections through added housing and services in locations well served by transit; Assist projects in the predevelopment stage that show potential to evolve into projects that could be funded with LCDA development grants; and Engage communities in working together to solve issues of regional and subregional concern. The Local Housing Incentives Account (LHIA) helps preserve and expand lifecycle and affordable rental and ownership housing in the metropolitan area. LHIA grants have helped produce new and rehabilitated affordable rental and homeownership housing in 50 communities in the region, promoting the Council's policy to expand and preserve lifecycle and affordable housing options to meet changing demographic trends and market preferences, and to support the region's economic competitiveness. In some cases, a single city may be designated as the grantee for an award, while the actual housing units may be located in more than one city. From 1996 through 2009, $20.4 million in Local Housing Incentives Account (LHIA) grants (115 grants to 50 communities) have assisted with gap financing in proposals that are expected to: • Leverage nearly $304 million in private investment • Stimulate over $191 million in estimated other public investment • Develop 1,888 new affordable rental units • Rehabilitate 717 affordable rental units • Develop 462 new affordable ownership units • Rehabilitate 352 affordable ownership units • Provide home improvement loans to over 1,100 homeowners The Land Acquisition for Affordable New Development (LAAND loan program) In 2008, in partnership with the Minnesota Housing and the Family Housing Fund the Council initiated the Land Acquisition for Affordable New Development (LAAND) program using $4 million in LCDA funds to provide no -interest loans that would assist communities in efforts to address their affordable housing need. 0 In 2008 and 2009, the Council made 5 LAAND loans to 5 separate awardees, for a total of $4 million. The awardees were Hopkins, Minneapolis, Saint Paul, the Carver County Community Development Agency, and the Washington County Housing and Redevelopment Authority. These loans are expected to: • Help obtain site control of key parcels for future affordable housing projects • Result in projects with a minimum of 20% affordable housing units The Inclusionary Housing Account (IHA) In 2000 and 2004 the Council awarded grants from a one-time appropriation of funds to support affordable housing developments in which the reduction of local controls and regulations resulted in reduced development costs. The account is currently unfunded. 2 The Livable Communities Act