Agenda - Council - 03/13/2012 - Laserfiche WebLink

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Definitions The following definitions apply to LIC grant proposals: Affordable Housing —Housing units created should be affordable. Proposed rental housing units should be affordable to households earning 60% of the area -median income and below as defined annually by HUD. Proposed ownership housing units should be affordable to households earning 110% of the area - median income and below as defined annually by HUD. Equitable Development — Development that creates healthy vibrant communities of opportunity where low-income people, people of color and people with disabilities participate in and benefit from systems, decisions and activities that shape their neighborhoods. Future TOD Project — The Future TOD Project is the future development or redevelopment that through its design and execution will deliver benefits such as affordable housing, jobs and/or small-business opportunities for low-income residents. (see also TOD principles under Threshold Criteria) Jobs —Jobs include temporary construction jobs and quality permanent jobs created within the proposed project area. Jobs identified must be listed as full-time equivalents (FTEs). New jobs are defined as jobs that did not exist within the 7-county metropolitan region (Anoka, Carver, Dakota, Hennepin, Ramsey, Scott and Washington) prior to the application date. Retained jobs are defined as jobs existing within the 7-county metropolitan region (Anoka, Carver, Dakota, Hennepin, Ramsey, Scott and Washington) prior to the application date. Partner -- An entity that is financially participating in the project or has a significant role in the project. Predevelopment Project — Predevelopment Project is the set of Grant -Funded Activities for which funding is requested in the application. Project Area -- The Project Area is the specific geographic area in which Pre -Development Project activities will be conducted and in the case of site -specific proposals is the site of a Future TOD Project. Transitway — A transitway is a heavily -traveled transportation corridor that offers bus or rail service, either along a dedicated right-of-way or with the help of transit advantages. The region's long-range transportation plan, the 2030 Transportation Policy Plan, adopted in November 2010, includes a map of the transitways planned in the region . 10-minute walking distance — Maps indicating 10 minute walking distance (walkshed) from a transit station must be based on distances achievable at an average walking speed of 3 miles per hour and avoid areas inaccessible due to natural or constructed barriers. Funding Available The total amount of funding available to request is $953,000.The funding will be divided into the two grant categories as follows: • 75% of the available funding ($714,750) is reserved for site -specific predevelopment activities • 25% of the available funding ($238,250) is reserved for general predevelopment activities 1.24.2012 Page 4 of 11