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Housing Assistance Policy DRAFT - Market Rate <br />Background <br />The City Council and the Housing and Redevelopment Authority (HRA) of the City of Ramsey have <br />determined that a policy is necessary to review requests for financial assistance related to housing <br />projects. <br />Scoring Process <br />Projects will be scored on a two (2) step process: 1) Minimum Thresholds and 2) Priority Scoring. Priority <br />scoring is divided between affordable housing projects (targeting households below 80% of AMI and <br />market rate housing projects (targeting households 80% and above AMI. All projects must meet or <br />exceed the minimum thresholds. Priority scoring will be used to gauge the quality of the project and <br />used to rank projects in the event of multiple proposals. The City reserves the right to reject any and all <br />applications if it deems necessary. <br />The amount of funds that will be provided, when grant money (or other funds) are available, (on a per <br />unit basis) will be capped between $4,000 -8,000 per unit. <br />Housing Assistance Policy Draft — Market Rate (9/27/13) <br />Page 1 <br />