Agenda - Planning Commission - 09/06/2018

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115 not have the option to purchase a home without these types of programs, specifically low-income residents and people of color. These of ugt ai..6 have income limits, and therefore would be helpful for residents with lower incomes. FHA Loans Federal Housing Administration (FHA) loans typically have lower interest rates and smaller down payments than other loans. They also have low closing costs and are typically available to first-time homebuyers and those who are trying to make their homes more energy efficient (FHA Energy - Efficient Mortgage). FHA Down Payment Assistance Federal Housing Administration (FHA) loans typically have lower interest rates and smaller down payments than other loans. They also have low closing costs and are typically available to first-time homebuyers and those who are trying to make their homes more energy efficient (FHA Energy - Efficient Mortgage). Other Tools Public -Private Partnerships The City of Ramsey is actively creating relationships with local businesses, developers, and potential partners. The Economic Development Department works diligently to find opportunities for public -private partnerships, when private dollars can assist a public project with a mutually beneficial outcome. When we would use this: Public -private partnerships work best when the City and the partner have similar goals and desired outcomes for a project. Potential projects that the City is actively looking at are new park spaces around affordable housing projects, a new parking ramp near affordable, multi -family housing, park spaces, and The COR, as well as roadway improvements. For new single-family housing development projects proposed through the PUD process, the City will attempt to suggest the cost -sharing of public amenities and improvements to adjacent spaces - such as parks, trails, open spaces, roadway improvements, or pedestrian crossings. city of RAMSEY August 2018 Draft Comprehensive Plan 2040