Agenda - Council - 01/12/1999 - Laserfiche WebLink

Home

EDA # ANOKA COUNTY COMMUNITY ACTION PROGRAM (ACCAP) HOUSING PROPOSAL By: Cindy Sherman, Community Development Director Background: In May of 1996 the City of Ramsey adopted an action plan for the development and/or preservation of affordable and life cycle housing (attached). This plan was a requirement for communities who participate in the Livable Communities Program. The City recently reaffirmed its participation in this program for the fourth year. As part of the plan, housing affordability is specifically addressed with a list of policies and activities to assist in reaching the goal of providing a mix of affordable housing. It was envisioned that the EDA would explore avenues for financing affordable housing to help the City reach it's goals and to work with other agencies when feasible. Observations: One such agency that works with development and management of a variety of housing types is the Anoka County Community Action Program (ACCAP). They have found a parcel in Ramsey located at the Southwest comer of HighwaY 47 and 153ra Ave. N.W. that they wish to pursue for construction of a 38 unit twin-home development for income eligible renters, ACCAP will develop, own, and manage the project like other properties they have in Anoka County (see attached list), The proposal is contingent upon participation by the City in the financing of the development. The City would need to commit to creating a tax increrr, ':nt district for the proj eot and committing the increments to the project. ACCAP will apply for low income housing tax credits and City support of the project is necessary to qualify. Recommendation: Staff recommends the Economic Development Authority recommend the City Council form a tax increment financing district for the project subject to the project successfully completing the City review process and securting Low Income Housing Tax Credits from the Minnesota Housing Fidnance Agency. Authority Action: Motion to recommend the Council commit to the creation of a tax increment financing district with the intent of financing a housing development with ACCAP and subject to the successful completion of the City review process and securing Low Income Housing Tax Credits from the Minnesota Housing Finance Agency. Reviewed by: City Administrator Community Development Assistant EDA: 1/12/98 I I I I I I I I I I' I I I I I' i I I