Laserfiche WebLink
approximately $115,000. For rental housing this income is 50 percent of median. In 1990 this was <br />approximately $500 per month. <br />“Life-cycle” housing refers to housing available for people at all stages of their lives, offering a choice <br />and variety of housing types and cost to accommodate people s changing needs and preferences as their <br />incomes and circumstances change. <br />5. Whflt are the aff irdable and life*cycle housing opportunities amount? <br />The Affordable and Life-Cycle Housing Opportunities Amount (“ALHOA amount ”) is an amount, <br />established by formula in the Act. that a participating municipality must spend to create affordable and <br />life-cycle housing or to maintain existing affordable and life- <br />cycle housing. A participating municipality ’s .ALHOA amount is established each year. <br />6. Does the ALHOA amount have to be a property tax levy? <br />No. The ALHOA amount can be derived from a levy, or it can be derived from fundsfrom another <br />source. Regardless of the source of funds for the municipality's ALHOA amount, a participating munici <br />polity that did not meet its negotiated affordable and life- <br />cycle housing goals, and did not spend 85 percent of its .ALHOA amount to create affordable and life- <br />cycle housing opportunities in the previous year, must distribute the entire .ALHOA amoimt to a local <br />housing and redevelopment authority to create affordable and life-cycle housing opportunities in the <br />municipality, or to the .Metropolitan Council for distribution through the Local Housing Incentives <br />Program. <br />7. If my municipality elects by November 15. 1995. to participate in the Local Housing Incen­ <br />tives Account Program, must the municipality spend an ALHOA amount in calendar year 1996? <br />No Because of various timing provisions in the .Act. the .ALHO.A amount requirement does not apply <br />until your municipality's election to participate in the Local Housing Incentives Account Program made <br />by November 15. 1996. for calendar year 1997. <br />8. If my municipality elects to participate in the Local Housing Incentives Account Program <br />bv November 15. 1995. but is unable to agree on housing goals with the Metropolitan Council, <br />must the municipality participate in the program?