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for the additional 55 new affordable housing units in the amount of$780,000 plus interest over a period of up <br /> to 15 years. <br /> The February 15, 2018,Maxfield Housing Study indicated a need for 93 affordable rental housing units and 40 <br /> units of independent senior housing. The study includes the Jackson Hills project,in which eight of the 40- <br /> units are affordable. <br /> In addition to TIF financing, the applicant has also indicated that they intend to apply for $11,958,804 in Low <br /> Income Housing Tax Credits (LIHTC) from the MN Housing Finance Authority which requires a resolution of <br /> support from the City Council, and will be considered by the Council later this evening. <br /> The resolution of support does not approve the project or the TIF application and the city will not be required <br /> to approve future land use applications for the site should the HRA adopt the resolution. However,high <br /> density uses are a permitted use on this site. <br /> Financial Impact <br /> Per city policy, there is more than enough tax increment available to assist with the project well within the <br /> maximum timeline. <br /> Subject to project eligibility,it is at the city's discretion to capture the remaining 11-16 years of estimated <br /> surplus increment from this project to assist in future housing projects. <br /> Attachments <br /> ■ JFC Meeting Packet <br /> ■ Resolution of Support <br /> ■ Maxfield Housing Study <br />