Agenda - Economic Development Authority - 03/09/1999

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HOUSING AFFORDABILITY Housing costs continue to rise throughout the region for a variety of reasons, including increasing land and construction costs, utilities, and taxes; declines in government aid programs; and, indirectly land use regulations. These costs, along with changes in mortgage interest rates, greatly affect low and moderate-income households. The Metropolitan Council set a goal that at least 70 percent of the ownership housing and at least 35 percent of the rental housing in Ramsey should be affordable. The city will continue to try to meet or exceed these goals with the following policies and activities: The City, through its Economic Development Authority, will explore all avenues for financing affordable housing, including: 0 Use of tax-exempt and tax-increment financing. 0 Programs, including grants, loans and federal tax credits, for housing assistance, development and rehabilitation. The Minnesota Housing Finance Agency has the following programs: Minnesota Mortgage Program : Homeownership Assistance Fund Purchase Plus Program Partnership for Affordable Housing Entry Cost Homeownership Program (ECHO) Low Income Housing Tax Credit Program New Construction Tax Credit Mortgage/Building Loans Low and Moderate Income Rental Program Deferred Loan Program Revolving Loan Program Great Minnesota Fix-Up Fund Mortgage Revenue Bonds Mortgage Credit Certificates 0VICC's) Programs available through the U.S. Department of Housing and Urban Development. These include: Section 8 Rental Vouchers and Certificates Home Investment Partnership Program (HOME) Section 202 ~ elderly with supportive services .. Section 811 - handicapp, ed with supportive services Programs available through the Metropolitan Housing and Urban Redevelopment AUthority. Community Development Block Grants and other programs through Anoka County.