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HRA / Housing <br />August 25, 2003 <br />Page 8 <br /> <br />Density bonuses / Amend zoning requirements. The zoning code could be amended <br />to allow higher densities in developments. The higher density would reduce the cost <br />for each unit. The city could also offer density bonuses if builders include affordable <br />umts in the development. A formula could be developed that would allow extra <br />market rate units for affordable units. <br /> <br />Housing Rehabilitation. The city could establish a housing preservation and <br />rehabilitation program. Since most of the affordable single family housing is older, a <br />plan to preserve and rehab this existing housing stock would be an effective way to <br />maintain the city's affordable housing supply. <br /> <br />Tax Increment Financing. State law enables cities, HRAs and EDAs to administer <br />development, redevelopment or rehabilitation activities that are financed by the <br />increase in property taxes generated by the activity. This tool can be used to <br />redevelop blighted areas and construct low and moderate income housing. The city <br />and HRA could consider a policy to provide TIF for the redevelopment of blighted <br />residential areas and/or new construction of low and moderate income housing. <br /> <br />Staff believes that the most effective way to address the issue of providing an opportunity <br />for affordable housing would be to utilize each of the options outlined above. There is no <br />one "silver bullet" that can address the need to strike a balance in housing stock, both by <br />type and affordability. Each of the above options provides an opportunity to deal with <br />housing in a comprehensive matter. <br /> <br />S:\PLANNING\Scott\HRA 8-25 housing, doc <br /> <br /> <br />