09-11-1995 Council Packet - Laserfiche WebLink

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i ^rtnnuint'A't*move Metropolitan CouncileirI jobs ill help . It is litan Department of Trade and Economic Development totaling $20.5 million in resources.The Livable Communities Demonstration Account provides loans and grants to revitalize neighborhoods and promote efficient development. Dollars available through this account total $4.6 million a year initially and are generated by taxes formerly levied by, and payments formerly made to, the Metropolitan Mosquito Control District. (Beginning in 1997, $500,000 a year will be transferred into the Local Housing Incentives Account) Dollars in this account will provide opportunities for metro-area communities to be creative about development and redevelopment initiatives. To lend greater perspective to this part of the program, the Council will work with an advisory committee to set criteria for determining which projects qualify for funds from this account, based on guidelines in the legislation. Demonstration projecte eligible for funding, for example, must foster more compact development, housing diversity and development within close proximity to transit and other existing services. To be eligible for funds from this account communities must choose to participate in the housing incentives program and work toward housing goals developed in cooperation with the Council. A final ccmoonent of the Livable Communities Act is the urPan homestead program, which will give income tax exemptions to people who purchase and move into homes in certain declining neighborhoods. The law requires the Council to designate one or more “urban revitalization and stabilization zones ” by September 1995. Anyone who buys and occupies a home within a designated area would receive an income tax break for up to five years, provided they do not move out of the home, sell the house, fail to comply with building codes or get convicted of a felony. The law establishes a maximum exemption and subjects the exemption to certain income limits. r-c^-€ss The Metropolitan Livable Communities Act requires the Council, beginning in 1996, to issue an annual city-by-city report card on affordable and life-cycle housing in the metro area. The Council must also report to the Legislature on the probable development patterns in the metro area over the next 25 years and their impact on the region. This is an effort that has been underway at the Council since early 1995. the ^ue^tcon^P The Metropolitan Livable Communities Act is a complex piece of legislation. The Council will often look to communities to help define and interpret various aspects of the law. Direct your questions to your Uvable Communities staff team. Also, check the Metro Information Line by calling 229-3780. Or check the Twin Cities Computer Network for on-line program information You can access TCCN with your computer by dialing (612) 33^-5400, or contact TCCN Client SuDDort at (612) 332-2101. .Aiifuxt 1996