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<br />. --~ :-: . ~;"1.,-:')/' ~:'\.;'~.: <br />! .-::;'t_'7:;'~ ~J.R,;;': GREATER MINNESOTA HOUSING FUND'S <br />~,~ -~ 'k' \ c.~ <br />-._'~ ;~~ :\"..' ~~'~ GROWTH CORRIDOR INITIATIVE <br />_ _ .....~.t:: "'~;.~ ~ ?'"'il,1\ <br /> <br />MINIMUM REQUIREMENTS <br /> <br />1) NEIGHBORHOOD DESIGN <br /> <br />a) Site <br />i) Proposed neighborhood shall be located near or adjacent to existing <br />infrastructure, connected to city sewer and water, and be within a reasonable <br />distance to neighborhood amenities, e.g. schools, parks, libraries and retail. <br />ii) Site design shall preserve and enhance existing natural amenities and should <br />integrate the new neighborhood development with the surrounding area. <br /> <br />b) Lot Sizes <br />i) The lot frontage for Building Better Neighborhoods lots shall be within the <br />range of 40,65 feet. Market-rate lots can be larger. <br /> <br />c) Streets <br />i) The streets in the neighborhood shall be within the range of 18-34 feet. <br />ii) The street layout shall make efficient connections with the surrounding area and <br />be efficiently designed. <br /> <br />d) Homes <br />i) Homes shall have a minimum of 2 bedrooms. Additional finished bedrooms and <br />batbrooms are encouraged to attract families with children. <br /> <br />ii) Homes shall have attractive facades and home plans should have direct <br />connections to the front and rear yard. <br /> <br />iii) Home designs shall minimize the impact of the garage on the streetscape <br />(setback from the front of home or where feasible utilizing service alleys at the <br />rear of homes). <br /> <br />e) Landscape Systems <br />i) Boulevard trees and individual lot landscaping shall be provided for in the <br />development package. <br /> <br />2) PROJECT <br /> <br />a) In order for the project to be eligible for full funding (i.e. interim fmancing and/ or gap <br />assistance to homebuyers), the Local Government shall participate fmancially, providing <br />3,5% of the total development costs through tax increment fmancing or financial <br />equivalent. <br />b) Community shall have a demonstrated need for affordable starter homes, <br />documented through a recent market study or housing needs assessment. <br />c) Developer shall utilize volume building to maximize economies of scale (construct <br />a minimum of 5 homes per year). <br />d) Homebuyers receiving GMHF gap fmancing must have household incomes equal <br />to or less than 80% of the statewide median income and must be families with <br />children. However, mixed-income neighborhoods are strongly encouraged and a <br />wide range of other financing resources are available to help households with <br />different income levels and family types. <br /> <br />" <br /> <br />GREATER MINNESOTA HOUSING FUND <br />III "II: 1<'.1, Ii j., <br />1'\, 15o(I() <br />