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Production Strategy:Affordable Apartment Development <br />Context <br />New apartment development in the Twin Cities primarily targets an upscale <br />demographic. <br />Tax credits are the primary engine for producing new affordable rental housing. <br />Projects that win tax credit funding need to be located in a high scoring location. <br />At the 60% AMI level (household income of around $63,000 per year) rents are <br />restricted to a maximum of $1,180 for 1-bedroom units and $1,417 for 2-bedroom <br />units. <br />Objective <br />Foster the production of one or more additional tax credit funded, affordable <br />housing project in New Brighton. <br />Strategy <br />Build a relationship with one of the Twin Cities’s CDCs, and collaborate in seeking <br />a suitable site, and supporting an affordable housing development. <br />Resource requirements. Staff time in relationship building with a local CDC. Tax <br />increment financing and potentially additional financial support for the development <br />project. <br />Case Study: <br />Owasso Gardens, RosevilleNew Brighton Housing Study