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182 <br />Comprehensive Plan <br />Plans prepared and updated by cities, townships and, in some cases, counties, for local land <br />use and infrastructure. Comprehensive plans provide guidelines for the timing and sequence <br />of the adoption of official controls to ensure planned, orderly, and staged development and <br />redevelopment. <br />Consolidated Request for Proposals (Super RFp\ <br />To streamline the process of securing and deploying funding for affordable housing <br />development, Minnesota Housing coordinates the Consolidated Request for Proposals <br />(Super RFP). The Super RFP allows Minnesota Housing and its funding partners (the <br />Metropolitan Council, Department of Employment and Economic Development, Family <br />Housing Fund, and Greater Minnesota Housing Fund) to use a single funding application and <br />aUovvo developers to apply for multiple funding resources at once. Creative finance packages <br />that best fit each project andtheutrategicprioritieuofeachfundercanbeauuernb|eddurin@ <br />the project revievvandoe|ectionproceooeo. <br />Construction Loan <br />Aohort-tenn loan typically with a high interest rate used tofinance the building of housing <br />or other real estate. Developers or builders take out a construction loan in order to begin the <br />project while they obtain long-term funding. <br />Credit Enhancement <br />Credit enhancement is a measure taken with the goal of reducing credit risk and boosting <br />the credit rating of an entity. Through credit enhancement, the lender is provided with <br />reassurance that the borrower will honor the obligation through additional collateral, <br />insurance, or a third -party guarantee. <br />Debt Financing <br />Debt financing iothe result ofaprivate firm, government entity, ornonprofit organization <br />raising money for a project by selling notes or other instruments (e.g., a mortgage or <br />promissory note) to investors. In return for lending the money to support the project, the firm, <br />entity or organization becomes a creditor and receives a legal pledge that the principal and <br />interest onthe debt will be repaid. <br />Debt Service and Debt Service Coverage Ratio <br />Debt service is the amount of cash required for a particular time period to cover repayment <br />0finterest and principal on 8debt. The debt service coverage ratio is derived by dividing net <br />operating income bytotal debt service. <br />[)eD8itv <br />The Council measures minimum net density across all areas identified to support forecasted <br />growth by taking the rninirnurn number of planned housing units and dividing by the net <br />acreage. Net acreage does not include land covered by wetlands, water bodies, public parks <br />and trai|u, public open upace, arterial road righ1u-of-vvay, and other undeve|opab|e acres <br />identified inorprotected bylocal ordinances such aosteep slopes. <br />Appendices <br />