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Last revised July 24, 2014 <br />o Rent or condominium conversion controls <br />o Zoning to promote housing diversity <br />o Affordability covenants <br />• Adopted Financing Tools and Strategies to Preserve and Increase Affordable Housing such as: <br />o Target property acquisition, rehabilitation, and development funding for low-income <br />housing within the corridor, including: <br />■ Low Income Housing Tax Credits <br />■ Ongoing affordable housing operating subsidies <br />■ Weatherization and utilities support program <br />■ Local tax abatements for low-income or senior housing <br />■ Local of State programs that provide mortgage or other home ownership <br />assistance for lower income and senior households <br />o Established land banking programs or transfer tax programs <br />o Local or regional affordable housing trust funds <br />o Targeted tax increment financing or other value -capture strategies for low-income <br />housing <br />• [Evidence of] Developer Activity to Preserve and Increase Affordable Housing19 <br />In addition, FTA also considers the "extent to which the plans and polices account for long-term <br />affordability and the needs of very- and extremely -low income households in the corridor." 20 <br />The Council is seeking to use its planning role to help local transitway projects succeed in the <br />competition for millions of dollars in federal New Starts and Small Starts funding. Among the technical <br />investment factors for setting regional transitway priorities are several housing -related criteria, <br />including: <br />• Population living within one-half mile of proposed stations <br />• Number of affordable housing units within one-half mile of proposed stations <br />• Housing Performance Score (see Part III for more information) <br />• Land use plans supportive of transitway residential densities <br />• Zoning, building codes and ordinances supporting affordable housing <br />• Program for maintenance / preservation of affordable units <br />In addition, the 2040 Transportation Policy Plan outlines expectations for residential density for new <br />housing, mixed -use development, and redevelopment around transit stations and high -frequency transit <br />service. Integrating housing development and transit planning creates development patterns that <br />support high transit demand and expand travel choices for households, allowing more people the option <br />to live without a car or with fewer cars per household. <br />19 Federal Transit Administration, U.S. Department of Transportation, "New and Small Starts Evaluation and <br />Rating Process: Final Policy Guidance," issued August 2013, p. 11. <br />20 "New and Small Starts Evaluation and Rating Process: Final Policy Guidance," p. 18. <br />2040 HOUSING POLICY PLAN I METROPOLITAN COUNCIL <br />DRAFT RELEASED FOR PUBLIC COMMENT Part II: Principles (Integration) I Page 43 <br />