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Minimum Thresholds <br />The sub -committee agreed to utilize the existing Housing Goals and Implementation Strategies of the <br />Comprehensive Plan as Minimum Thresholds. It is recommended that each development requesting housing <br />assistance identify at least one existing goal/implementation strategy as Step # 1. A development requesting <br />assistance would need to be able to prove successful achievement of an implementation strategy in order to move to <br />the formal review. <br />Scoring Matrix <br />Since the October 3rd Planning Commission meeting, Staff has updated each scoring matrix: Affordable and <br />Market Rate by clarifying some of the questions that an applicant will be responding to, added a table of contents <br />and cover page. <br />The scoring matrix is divided between affordable (aimed at units priced below 80% of area medium income) and <br />market rate (units priced above 80% AMI). A Metropolitan Council ownership and rent affordability limits for <br />2013 is attached to provide example rents and ownership prices that would fall within certain affordability <br />thresholds. <br />The scoring matrix then provides points based on each individual project. Points can be awarded for additional <br />affordability levels, construction of senior housing, and provision of specialized senior housing, inclusion of <br />development amenities, amount of private financing, redevelopment, architectural standards, development <br />standards and energy efficiency. <br />Staff has used multiple past projects to ensure that the draft policies will remain market relevant and help the City <br />achieve its housing goals. Staff will present these results as part of the presentation to the Planning Commission. <br />Notification: <br />No public hearing is required for this item. <br />Observations/Alternatives: <br />Funding Source: <br />All costs associated with preparing the housing assistance policy are included within the Community Development <br />Department consulting budget. <br />Recommendation: <br />City Staff requests approval of the Housing Assistance Policy and scoring matrix. <br />Action: <br />Motion to recommend the City Council to approve the Housing Assistance Policy and scoring matrix. <br />Market Rate Housing Policy <br />Affordable Housing Policy <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Tim Gladhill Tim Gladhill 01/03/2014 07:37 AM <br />Chris Anderson Chris Anderson 01/03/2014 08:20 AM <br />Tim Gladhill Tim Gladhill 01/03/2014 10:54 AM <br />Form Started By: Tina Goodroad Started On: 11/25/2013 03:00 PM <br />Final Approval Date: 01/03/2014 <br />