Agenda - Council - 06/28/2016 - Laserfiche WebLink

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Distribution Plan—i.e., innovation in the Livable Communities Demonstration Account or cleanup of the most contaminated sites for the Tax Base Revitalization Account. The LCA not only provides access to Council funding opportunities but also aims to elevate engagement and awareness of affordable housing need among participating cities. As a result, participation also requires local matching funds, known as the affordable and life - cycle housing opportunities amount (ALHOA). The amount of the match is determined by the municipality's share of the property tax levy that supports both the Livable Communities Demonstration Account and the Local Housing Incentives Account. Cities must certify that they have spent at least 85% of their ALHOA toward the creation of affordable and life -cycle housing opportunities to be eligible for LCAfunding. A review of what local expenditures may count toward ALHOA and how it is certified helps the Council ensure that the purpose and intent of the match is being met. Table 7: Housing Units Assisted with Livable Communities Act Grants Since 1995 Inclusionary Housing Account (IHA) Livable Communities Demonstration Account (LomA) Local Housing Incentives Account (Lm/) Tax Base Revitalization Account (Tsnx) Total Source: Metropolitan Council, Livable Communities Act Affordable Housing Units Housing Other Units Total Housing Units 636 $4^577,700 14'173 $1*2,407.522 8,317 $29,145,706 17'5e1 $10e.500.5*9 The Inclusionary Housing Account was funded by a one-time legislative appropriation that supported grant rounds in 1999 and 2000 but has been unfunded since. Funding for the Inclusionary Housing Account would support both this Housing Policy Plan and regional efforts to expand choice and opportunity because the Account: * Is flexible in terms of types of projects (e.g, single- or multifamily development), award aize, and how funds can be used (e.g.. loans or8rants). * Is limited to new construction that will lead to wholly new affordable opportunities. * Funds mixed -income development with affordability provisions that allow nnarket-rate-heavymixed-income scenarios. * Focuses on lowering the cost of affordable housing construction and reducing local impediments t0affordable housing. * Works within existing statutory authority and the administrative structure of the other Livable Communities Act funding streams. Council actions to expand the role that Livable Communities Act resources play in housing * Explore how to fund the Inclusionary Housing Account, which has been unfunded since 2000. * Work with our partners and stakeholders to identify indicators to measure how projects supported with Livable Communities Act resources advance equity, including helping HOUSING POLICY PLAN Three: Council Policies and Roles to Expand Viable Housing Options