09-11-1995 Council Packet - Laserfiche WebLink

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movein me community ot their choice, it is an opportunity tor families '"‘"S ^ incomes and single people pursuing independence. Couples you g a out of their community simpty because they can ’t afford to live there. Housing atfordaCiity allows people who commute to work in "9 su^* Vm jobs. It allows unemployed and underemployed people to have ^«ess >° and nvable wages. It provides a labor supply for businesses in growing abes and towns. Closing me gap between where me jobs are —and where IM people live who need jobs will help ensure continued prospenty and community stability in the Twin Cities area. To help pay (or me programs outlined in the new law. the Legislature created the Metropolitan Livable Communities Fund. The fund is made up of three accounts administered by the Metropolitan Council. The Local Housing Incentives Account is at the heart of the Uvable me Legislature ’s answer, with bipartisan and wide-ranging local support, to one of the hotly-debated issues of me decade —affordable housing. outlined in mis section of the new law and must work toward housing goals developed cooperation with the CounciK One source of funding to help achieve housing goals is the -Affordable and L'^e-Cycle Housing OoDortunities Amount' calculated for each community according to a formula prescnbed in Ss law tocslly-^^ dollars cibes ahd .owns can apply toward affordable and life-cycie housing within their own communities. Beginning in 1998. however, participating communities that aren ’t meeting housing goals, or spending^heir affordable and life-cycle housing opportunities amount to meet heir joals. must dLnbute this amount to their city or county housing authority or to the regional housing fund. A second source of funding is the account itself, which is a regional fund to help Pa^cipating communities that have not met their housing goals, but are actively and life-cvcie housing opportunities. This account will generate about SI milhon m 199®- ooo^in 1^97 and approximately SI .5 million a year beginning in 1998. Funds from the Housma Rnance Agency totaling S3.5 million and S600.000 from the Mpis.-St. Pau' ^^THouXFunrXcSesourc^^^ ,o S5.I million for 1996. All three agencies will work together to coordinate housing investment in the region. Communities that receive un i. match these grant dollars. ThP Tax Base Revitalization Account provides grants to communities to help dcan op II toH land and oave the way for economic development and job growth. Dollars availaj.'e Si* gh mis aolnnoflfan esfima.ed S6.5 million a year and come from a Council levy for .he Righhof-Way Acquisibon Loan Fund (HALF) and a portion of me fiscal disparities pool. X« hw wiinihle for funds from this account, communities must choose to participate in me housing f nronram and work toward housing goals developed in cooperation with the Council. Grants from this account may be used as a local match tor dean up funds of S7.8 million li.-m the