Agenda - Council - 04/14/2015 - Laserfiche WebLink

Home

Each local official control that is adjusted, waived, or utilized to help make an affordable development possible 0.15 point each At least 5% of new housing units permitted in the previous calendar year are affordable to households earning 80% of AMI) (must permit at least 10 new units to be eligible for points) 5 points Note: Cities and townships that accrue more than the maximum points in this category will receive only the maximum points. Substantial Rehabilitation or Preservation of Affordable or Mixed -Income Housing Preservation of existing affordable housing is often the most cost-effective approach to addressing affordable housing challenges. As the region's affordable housing stock ages, addressing the physical needs of the existing stock becomes more and more critical to avoid the unnecessary loss of affordability. For these purposes, the threshold for substantial rehabilitation is defined as: 1. The cost of repairs, replacements and improvements exceeds the greater of 10% of the estimated property replacement cost after completion of all repairs, replacements and improvements, or $5000 per unit in repairs, replacements and improvements, OR 2. Two or more major building components are being substantially repaired or replaced. Preservation efforts are rehabilitation efforts that physically improve the asset and: 1. prevent the owner from opting out of a federal or state project -based rental assistance program (i.e., owner conversion to market rate) OR 2. have as a condition of low-cost public financing that the owner consents to continue participation in a federal or state project -based rental assistance program for the term of the mortgage or applicable legal instrument. The following points will be awarded based on activities over the past 10 years and for up to 10 affordable or mixed -income substantial rehabilitation or preservation projects: Each rehabilitated/preserved unit serving a household at or below 30% of AMI 1 point each Each rehabilitated/preserved unit serving a household between 31 % and 50% of AMI 0.25 point each Each rehabilitated/preserved unit in a recent project serving a household between 51% and 80% of AMI 0.1 point each Each rehabilitated/preserved owner -occupied unit serving a household earning between 81% and 115% of AM I 0.05 point each Each substantial rehabilitation/preservation project with at least 2% local contribution to the TDC 2 points each Each local official control that is adjusted, waived, or utilized to enable the rehabilitation or otherwise benefit the property 0.15 point each Preservation efforts (defined above) 5 points Page - 51 I METROPOLITAN COUNCIL