Laserfiche WebLink
Last revised July 24, 2014 <br />immediate cash flow. The loans are short-term (up to one year) with relatively high interest rates and <br />are backed by some form of collateral such as real estate or inventory. <br />Choice. Place & Opportunity Report <br />The formal name of a Fair Housing and Equity Assessment (FHEA) required by the US Department of <br />Housing and Urban Development (HUD) as a condition of a Sustainable Community Regional Planning <br />Grant. The report involved analysis of the region's racial and ethnic diversity, identifying Racially <br />Concentrated Areas of Poverty (RCAPs) and High Opportunity areas, describing public investments <br />and policies as well as the jurisdiction's fair housing landscape. This information, gather through both <br />community engagement and secondary data sources, provides a full picture of regional equity and <br />access to opportunity and outlines how the report's findings will inform key policies including regional <br />planning. <br />Consolidated Request for Proposals (see Super RFP) <br />Community Development Block Grant (CDBG) <br />Created under the Housing and Community Development Act of 1974, this program provides grant <br />funds to local and state governments to develop viable urban communities by providing decent housing <br />with a suitable living environment and expanding economic opportunities to assist low- and moderate - <br />income residents. CDBG replaced several categorical grant programs, such as the Model Cities <br />program, the Urban Renewal program, and the Housing Rehabilitation Loan and Grant program. <br />Community Fix -Up Proqram (Minnesota Housing) <br />This program assists communities to address specific home improvement needs and goals by <br />promoting partnerships between Fix Up lenders and community organizations. The partnerships <br />provide for the origination and purchase of qualifying Community Fix Up loans that provide <br />supplemental funds and/or other value-added incentives or services to borrowers. Community Fix Up <br />loans have a slightly lower interest rate than Fix Up loans. A pool of funds is available to the approved <br />initiative for two years as long as Agency funding is available and the Fix Up lender remains in good <br />standing with Minnesota Housing. <br />Community Land Trust (CLT) <br />Community Land Trusts help low and moderate income families benefit from the equity built through <br />home ownership, and at the same time preserve the affordability of these homes so that future <br />residents will have the same affordable home ownership opportunities. A Community Land Trust (CLT) <br />creates affordable housing by taking the cost of land out of the purchase price of a home. It keeps <br />housing affordable for future buyers by controlling the resale price of houses on CLT land through a <br />ground lease and resale formula. Home owners leasing CLT land under their home enjoy the security, <br />control, tax advantages and ability to build equity just like any home owner. If they sell their home, the <br />resale formula insures that the home remains affordable for the next family. <br />Community Revitalization Plan <br />A large-scale, coordinated effort to restore vibrancy to communities that have faced long-term <br />disinvestment, to create economic and other opportunities for low-income residents, to avoid <br />displacement and gentrification as revitalization activities are underway, and that allow current <br />residents to benefit from revitalization efforts. Location of a project in an area under a Community <br />Revitalization Plan is often integrated in Qualified Allocation Plans for Low Income Housing Tax <br />Credits. <br />2040 HOUSING POLICY PLAN I METROPOLITAN COUNCIL <br />DRAFT RELEASED FOR PUBLIC COMMENT Appendices I Page 81 <br />