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The plan adequately meets the stated housing needs of the <br />city; and <br /> <br />De <br /> <br />The plan furthers the adopted regional housing policies of <br />the Council, and including: <br /> <br />POLICY 81 <br /> <br />Tax exempt bonds issued by municipalities, counties or the state <br />of Minnesota should be used to help municipalities meet all or <br />a portion of their share of the areawide need for low- and <br />moderate income housing, as shown in Table 10, and their share of <br />the areawide need for modest-cost housing, as shown in Table 10A. <br />(References are to Housin~ Policy Plan, as amended.) <br /> <br />REVIEW CRITERIA <br /> <br />The Council will review and comment on the proposed municipal <br />or county uses for tax-exempt bonds as follows: <br /> <br />If there are other methods available or planned by the <br />municipality or county to meet their full share of the <br />areawide need for low- and moderate income housing, as <br />delineated in the housing implementation program of the <br />comprehensive plan, then the bonds should be used to <br />meet modest-cost housing needs. Otherwise, the bonds <br />should first be used to meet low- and moderate income <br />housing needs, if possible. <br /> <br />Be <br /> <br />The bonds should not, however, be used to provide <br />financing for subsidized housing for which financing <br />would otherwise be available at a comparable interest <br />rate through the Minnesota Housing Finance Agency or <br />the U.S. Department of Housing and Urban Development. <br /> <br />CJ <br /> <br />Housing opportunities provided by tax-exempt bonds <br />should serve to increase the variety of housing types <br />and costs in the municipality or county, giving <br />priority to reduced-cost non-subsidized rental units <br />and such homeownership options as multi-family <br />condominiums, townhouses, detached single family homes <br />and mobile homes. The municipality or county should <br />provide information to demonstrate that these housing <br />options are possible within the existing local <br />ordinances during the time when the bond proceeds will <br />be available. <br /> <br />De <br /> <br />Housing opportunities provided by tax-exempt bonds <br />should be available throughout the city or the <br />urbanized portion of the county, and not just in a few <br />concentrated lower-income areas. The municipality or <br />county should provide-information to demonstrate that <br />there are locations available throughout the city or <br />county in which housing can be provided using the bond. <br />proceeds. <br /> <br />-4- <br /> <br /> <br />