Agenda - Planning Commission - 09/04/2014

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Last revised July 24, 2014 specific market studies are used to determine what housing needs, if any, exist within a specific geography. Metropolitan Land Planning Act The Metropolitan Land Planning Act, passed in 1976, provides the basis for land -use planning policy in the seven -county Minneapolis -St. Paul metro region. While its intent and provisions extend well beyond housing, the statute requires that communities adopt comprehensive plans that "include a housing element containing standards, plans and programs for providing adequate housing opportunities to meet existing and projected local and regional housing needs, including but not limited to use of official controls and land use planning to promote the availability of land for the development of low and moderate income housing." (Minn. Statute §473.859, Subdivision 2). Minnesota Housing Finance Agency (Minnesota Housing) The state's "affordable housing bank" created by the State Legislature in 1971 and one of the 50 state "housing finance agencies." State housing finance agencies are provided specific revenue -raising and other authorities including: the authority to issue mortgage revenue bonds to raise capital for first-time homebuyer loans; the responsibility of distributing Low Income Housing Tax Credits (through the Qualified Allocation Plan or QAP); and responsibility as the "state participation jurisdiction" under the HOME Investment Partnerships Program. In addition to these core activities, Minnesota Housing receives and allocates funds (both federal and state), serves as a pass -through, and directly acts as a lender, guarantor, and funder for a wide range of single family and multifamily activities. Minnesota Housing's reach in `touching' affordable housing activities serving low and moderate income households cannot be underestimated given its range of professional services, technical assistance, support to non -profits, and much more. The Agency also earns significant income on its investment which are used both to retain high credit ratings and for mission -oriented investments in housing. Major programs offered by Minnesota Housing include: • Mortgage Revenue Bond programs for 1st -time homebuyers • Fix -Up and Community Fix -Up • Impact Fund • Rehabilitation Loan and Emergency and Accessibility Loan programs • Preservation Affordable Rental Investment Fund • Low and Moderate Income Rental Loan Program • HOME Affordable Rental Program (HOME HARP) • Economic Housing & Development Challenge (Challenge') • Publicly Owned Housing Program Minoritv-Owned Business Enterprise (MBE) A minority -owned business means a business at least 51 % of which is owned and controlled by minority group members; or, in the case of a publicly -owned business, at least 51 % of the stock of which is owned and controlled by minority group members. Identified minority groups are generally defined as having an ethnic background consisting of Asian, Black, Latino, East Asian Indian or Native American. Under certain HUD programs, each contractor must comply with requirements for outreach and affirmative efforts to achieve goals for minority business participation. The Minnesota Housing Finance Agency, when administering funds to which MBE requirements apply, sets a goal that 11% of all contract dollars be let to minority -owned and controlled business in the seven -county metro. Mixed -Income Housing A mixed -income housing development can be defined as a development that is comprised of housing units with differing levels of affordability, typically with some market -rate housing and some housing that is available to low-income occupants below market -rate. The "mix" of affordable and market -rate units 2040 HOUSING POLICY PLAN I METROPOLITAN COUNCIL DRAFT RELEASED FOR PUBLIC COMMENT Appendices I Page 91