Laserfiche WebLink
188 <br />|nC|U8ion@rVHousing ACC0Unt,Livable Communities Act <br />The Inclusionary Housing Account was created under the Livable Communities Act but has <br />only been funded once by one-time state appropriation. The account was created to help <br />spur construction ofnew mixed -income development. <br />|nC|U8ion@p/Z0ning <br />Zoning code requirements that originated inthe early 1970oaiming tostimulate the <br />production of affordable housing. Generally, these ordinances require that a rninirnurn <br />percentage of new housing units be set aside for low-income households. Inclusionary <br />zoning can bemandatory orvoluntary. <br />Income Limits <br />Household income hvcounty or Metropolitan Statistical Area, adjusted for household <br />size and expressed as a percentage of the Area Median Income (AMI) for the purpose of <br />establishing an upper limit for eligibility for aspecific housing program. <br />IDfill Development <br />Infill development is the construction of a building or buildings on vacant land within <br />otherwise developed neighborhoods. <br />Investment Guarantee <br />Aproviaion designed to protect investors from incurring losses as a result ofan investment <br />opportunity that carries a high degree of risk. <br />Livable Communities Act (LCA) <br />The 1995 Livable Communities Act (LCA) funds community investment that revitalizes <br />economies, creates affordable housing, and links different land uses and transportation. The <br />LCA's voluntary, incentive -based approach leverages partnerships and shared resources to <br />help communities achieve their regional and local goals. Under the LCA, the Council makes <br />grant and loan awards from three accounts: <br />* Livable Communities Demonstration Account (LCDA): Supports development and <br />redevelopment that links housing, jobs,and services while demonstrating innovative, <br />efficient and cost-effective use ofland and infrastructure. <br />p L0C8| Housing Incentives Account (LH|A): Produces and preserves affordable housing <br />choices for households with low to moderate incomes to help municipalities meet their <br />negotiated LCAhousing goals. <br />* Tax Base Revitalization Account (TBR/A: Cleans up brovvnfie|dofor redevelopment, job <br />creation, and affordable housing. <br />A portion of the funds in the LCDA and TBRA are targeted for trans it-orie nted development <br />(TOD) projects. <br />Livable Communities Demonstration Account (see Livable Communities Act) <br />Appendices <br />