8.0. HRSR 11-01-2004 - Laserfiche WebLink

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GREATER MINNESOTA HOUSING FUND'S �� a kyRowni LORRIDOR INIT A I R dI1 MINIMUM REQUIREMENTS 1) NEIGHBORHOOD DESIGN a) Site i) Proposed neighborhood shall be located near or adjacent to existing infrastructure, connected to city sewer and water,and be within a reasonable distance to neighborhood amenities,e.g.schools,parks,libraries and retail. ii) Site design shall preserve and enhance existing natural amenities and should integrate the new neighborhood development with the surrounding area. b) Lot Sizes i) The lot frontage for Building Better Neighborhoods lots shall be within the range of 40- 65 feet.Market-rate lots can be larger. c) Streets i) The streets in the neighborhood shall be within the range of 18-34 feet. ii) The street layout shall make efficient connections with the surrounding area and be efficiently designed. d) Homes i) Homes shall have a minimum of 2 bedrooms.Additional finished bedrooms and bathrooms are encouraged to attract families with children. • ii) Homes shall have attractive facades and home plans should have direct connections to the front and rear yard. iii) Home designs shall minimize the impact of the garage on the streetscape (setback from the front of home or where feasible utilizing service alleys at the rear of homes). e) Landscape Systems i) Boulevard trees and individual lot landscaping shall be provided for in the development package. e.g 2) PROJECT a) In order for the project to be eligible for full funding (i.e.interim financing and/or gap assistance to homebuyers),the Local Government shall participate financially,providing 3-5% of the total development costs through tax increment financing or financial equivalent. b) Community shall have a demonstrated need for affordable starter homes,documented through a recent market study or housing needs assessment. c) Developer shall utilize volume building to maximize economies of scale (construct a minimum of 5 homes per year). d) Homebuyers receiving GMHF gap financing must have household incomes equal to or less than 80% of the statewide median income and must be families with children. However, mixed-income neighborhoods are strongly encouraged and a wide range of other financing resources are available to help households with different income levels and family types. e) Homes must be connected to city sewer and water. f) Homebuyer Acquisition Cost Limit(ACL) is not to exceed the GMHF ACL. Current ACL limits can be found on the GMHF website. www.gmhf.com • GREATER MINNESOTA HOUSING FUND 13