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f) Support coordinated responses to <br />prevent foreclosures, activate and <br />guide private investment and home <br />purchases, and support distressed <br />neighborhoods. <br />Study and monitor the impacts of on <br />the housing market of single-family <br />home acquisition by private equity <br />companies. <br />h) Re-enact a program similar to "This <br />Old House" to allow owners of <br />qualifying single-family homes or <br />multi -unit rental properties to defer <br />the increase in tax capacity from <br />repairs or improvements to their <br />homestead property as an incentive <br />for cities to maintain housing stock, <br />including, but not limited to re- <br />occupying and homesteading <br />foreclosed and vacant homes. In order <br />to provide potential opportunities in <br />more communities, the program's age <br />limit qualifications for a homestead <br />property should be updated to include <br />properties that are at least 30 years <br />old. <br />g) <br />LE -11. Resources for <br />Affordable Housing <br />Issue: Cities, along with local housing <br />officials, are concerned about the need for <br />proactive commitment at the state level to <br />aid cities to meet demand for affordable <br />housing that is sensitive to local conditions, <br />including meeting the needs of an aging <br />population, particularly when elderly <br />residents often must leave communities <br />where they have owned their own homes for <br />many years. The League also recognizes <br />that federal, state and local governments all <br />have a role to play in meeting affordable <br />housing needs, preventing, and recovering <br />from, foreclosure, and responding to <br />problems caused by vacant homes and the <br />increase in rental properties that are the <br />result of foreclosure. <br />On July 16, 2015, The U.S. Department of <br />Housing and Urban Development (HUD) <br />released a final rule on affirmatively <br />furthering fair housing (AFFH) with an aim <br />to provide communities that receive HUD <br />funding with clear guidelines to meet their <br />obligation under the Fair Housing Act of <br />1968 to promote and reduce barriers to fair <br />housing and equal opportunity. <br />Households with Section 8 housing choice <br />vouchers face many barriers to securing <br />housing in the private rental market, <br />especially when rental vacancy rates are <br />low. Currently rental vacancy rates are at a <br />historic low in much of the state. As a <br />result, many families and individuals may be <br />unable to use their Section 8 housing choice <br />vouchers and thus unable to secure safe, <br />decent and affordable housing. <br />Response: The Legislature should: <br />a) Support the strategic priorities that <br />Minnesota Housing has adopted, <br />which include making resources and <br />methods available to maintain and <br />improve existing affordable homes, <br />especially housing stock that is aging. <br />b) Provide stable and long term funding <br />for Minnesota Housing and other <br />affordable housing programs, <br />including a state low-income housing <br />tax credit to help rebuild the state's <br />partnership with local governments in <br />the development of homeownership, <br />multi -family rental assistance and <br />housing renovation programs, and <br />allow flexibility for cities to achieve <br />partnerships and leverage resources <br />with private and public entities. <br />c) Consider establishing a non- <br />competitive program to provide a <br />League of Minnesota Cities <br />2016 City Policies Page 52 <br />