Agenda - Planning Commission - 09/04/2014

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Last revised July 24, 2014 Equal Opportunity A principle of non-discrimination which emphasizes that opportunities in education, employment, advancement, benefits and resource distribution, and other areas should be freely available to all citizens irrespective of their age, race, sex, religion, political association, ethnic origin, or any other individual or group characteristic unrelated to ability, performance, and qualification. Fair Housing Act A federal law originally passed in 1968. The law prohibits discrimination by landlords, real estate agents, municipalities, lenders, and homeowners' insurance companies, if the discriminatory practices make housing unavailable to people because of race or color, religion, sex, national origin, family status, or disability. Discrimination includes such things as steering, redlining, and imposing greater requirements on some groups than on others. Limited accessibility that makes housing practically unavailable for persons with disabilities is a form of discrimination. Housing providers may not unreasonably limit the number of people living in a unit or restrict families to only certain areas of a complex. It is, however, legal to limit a project to people over 55, as allowed by the Housing for Older Persons Act of 1995.The many faces of discrimination are varied and sometimes subtle. It is recommended that all persons involved in real estate become thoroughly familiar with the law. Fair -Market Rent Fair Market Rent (or FMR) is calculated by HUD to estimate the rent that would be required to be paid in the particular housing market area in order to obtain privately owned, decent, safe and sanitary rental housing of modest (non -luxury) nature with suitable amenities. This Fair Market Rent includes utilities (except telephone). Fast -Track Permitting or Approval An attempt to shorten the duration of a development project by scheduling tasks typically undertaken in sequential order at the same time or over a shortened period. To fast -track local permitting and approval processes, local governments may look to eliminate unnecessary steps in its processes. The promise of a faster, simpler, and more predictable experience can be a powerful incentive to developers eager to begin construction and minimize holding costs. Feasibility Study An analysis of the ability to complete a project successfully, taking into account legal, economic, technological, scheduling and other factors. Rather than just diving into a project and hoping for the best, a feasibility study allows project managers to investigate the possible negative and positive outcomes of a project before investing too much time and money. Federal Home Loan Banks (FHLBs) An organization created by the Federal Home Loan Bank Act of 1932 to increase the amount of funds available for lending institutions who provide mortgages and similar loan agreements to individuals. This system was created in response to the depressive economic conditions of the era, which had impaired the U.S. banking system. Having served its original objectives well, the FHLB system now primarily focuses on increasing the amount of loanable funds available for affordable housing and community development projects. It continues to have a material impact on housing and development financing, offering funds to member institutions at rates that are usually lower than commercially competitive prices. Federal Housing Administration (FHA) FHA is a United States government agency that provides mortgage insurance to qualified, FHA - approved lenders. FHA mortgage insurance helps protect lenders from losses associated with mortgage default; if a borrower defaults on a loan, the FHA will pay a specified claim amount to the 2040 HOUSING POLICY PLAN I METROPOLITAN COUNCIL DRAFT RELEASED FOR PUBLIC COMMENT Appendices I Page 84