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190 <br />Metropolitan Land Planning Act <br />The Metropolitan Land Planning Act, passed in 1976, provides the basis for local <br />comprehensive plans inthe seven -county Twin Cities region. <br />Minnesota Housing (also known @SMinnesota Housing Finance Agency) <br />Created in 1971, Minnesota Housing issues mortgage revenue bonds to raise capital for <br />first-time homebuyer loans, allocates Low Income Housing Tax Credits, and distributes <br />federal and state funds to support single-family and multifamily affordable housing. For more <br />information on Minnesota Housing, vioitvvvvvv.rnnhouoing.gov. <br />Minority -Owned Business Enterprise (MBE) <br />A minority -owned business is a business at least 51 % of which is owned and controlled by <br />people of color; or, in the case of a publicly owned business, at least 51 % of the stock of <br />which is owned and controlled by people ofcolor. <br />Mixed -Income Housing <br />A mixed -income housing development is comprised of housing units with differing levels of <br />affordability, typically with some market -rate housing and some housing that is affordable to <br />low- or moderate -income households below market -rate. <br />Mixed -Use Development <br />Mixed -use developments provide more than one use or purpose within a shared building <br />or development area and may include any combination of housing, office, retail, medical, <br />recreational, commercial, or industrial components. <br />Mortgage Insurance <br />An insurance policy that compensates lenders or investors for losses due to default of a <br />mortgage loan. It is provided publicly by the Federal Housing Administration (FHA) and <br />privately by network of corporate insurers. <br />Mortgage Interest Deduction <br />Acornrnon itemized income tax deduction that aUovvo homeowners to deduct the interest <br />they pay on any loan used to build, purchase, or make improvements upon their residence. <br />Mortgage Revenue Bond (yNRF)Programs <br />Mortgage revenue bonds raise capital used as a funding source for home mortgages. <br />Mortgage revenue bonds help low- and middle -income first-time home buyers obtain <br />long-term mortgages at below -market rates. In order to qualify, prospective home buyers <br />must earn less than stated threshold levels for annual income and must otherwise financially <br />qualify for amortgage from aconventional lender. <br />yNulhf@O0ik/ Housing <br />Multifamily housing refers to residential structures of five or more attached units. <br />Appendices <br />