Agenda - Council Work Session - 04/28/2020

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CHALLENGES AND OPPORTUNITIES • Housing Resources & Programs. Many communities and local Housing and Redevelopment Authorities (HRAs) offer programs to promote and preserve the existing housing stock. In addition, there are various regional and state organizations that assist local communities enhance their housing stock. The City of Ramsey does not have a tool kit of housing pro- grams that are found in other suburban communities that have a local HRA. However, many of these cities have funding mechanisms and other levies to assist with the cost of of- fering these programs. The following is a sampling of potential programs that could be ex- plored to aid and improve Ramsey's housing stock. o Construction Management Services — Assist homeowners regarding local building codes, reviewing contractor bids, etc. Typically provided as a service by the building depart- ment. This type of service could also be rolled into various remodeling related pro- grams. o Corridor Housing Program - Program where city provides a funding source to acquire sites for multifamily housing development on or near community, commercial, or transit corridors. Funds can also be utilized to assemble larger redevelopment sites for new mixed -income and ownership multifamily housing. At least 20% of the units need to be affordable. Typically located near a TOD or BRTOD location. o Density Bonuses — Since the cost of land is a significant barrier to housing affordability, increasing densities can result in lower housing costs by reducing the land costs per unit. The City of Ramsey can offer density bonuses as a way to encourage higher -density resi- dential development while also promoting an affordable or mixed -income housing com- ponent. o Fast Track Permitting — Program designed to reduce delays during the development process that ultimately add to the total costs of housing development. By expediting the permitting process costs can be reduced to developers while providing certainty into the development process. Typically, no -cost to the local government jurisdiction. o Home Improvement Area (HIA) - HIAs allow a townhome or condo association low inter- est loans to finance improvements to common areas. Unit owners repay the loan through fees imposed on the property, usually through property taxes. Typically, a "last resort" financing tool when associations are unable to obtain traditional financing due to the loss of equity from the real estate market or deferred maintenance on older properties. o Infill Lots —The City or HRA purchase blighted or substandard housing units from willing sellers. After the home has been removed, the vacant land is placed into the program for future housing redevelopment. Future purchasers can be builders or the future owner -occupant who has a contract with a builder. Typically, all construction must be completed within an allocated time -frame (one year in most cases). o Land Banking— Land Banking is a program of acquiring land with the purpose of devel- oping at a later date. After a holding period, the land can be sold to a developer (often at a price lower than market) with the purpose of developing affordable housing. MAXFIELD RESEARCH AND CONSULTING 153