5.1. PCSR 08-24-2021 - Laserfiche WebLink

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v i ti- ,r r 3 Potential Funding Low-Income Housing Tax Credit The Minnesota Housing Finance Agency(MHFA)adminis- Sou rces ters the Low-Income Housing Tax Credit(LIHTC)program. This program offers deferred financing options that The following is a description of potential funding mech- provide incentives that make affordable housing feasible anisms and sources currently available to the City and for developers to build .The MHFA's Qualified Allocation its partners for Plan implementation.As the funding Plan(QAP)is updated yearly and contains information sources and streams are subject to change over time,it on their top priorities for distributing these competitive is important to continue to research and monitor grants, grants.A LIHTC-funded project must pass the 20/50 or funding agencies,and programs to identify new oppor- 40/60 tests:at least 20%of residential units must be rent tur ities as they become available.It is also important to restricted and occupied by individuals with incomes at or note that at the time of the Comprehensive Plaris adoption below 50%of the area's Multifamily Tax Subsidy Project major federal pandemic-related stimulus spending was (MTSP)limits,or 40%of the units and residents must be at still working its way through legislation,as such the City or below the 60%MTSP limit.Recently completed projects should be aware that more financial resources maybe in Elk River include the Coachman Ridge Apartments at available in the near future and should be added to this 17250 Twin Lakes Road and The Depot at Elk River Station document. at 10653172nd Avenue NW. Housing Homeowner Assistance Fund Minnesota Housing Finance Agency The purpose of the Homeowner Assistance Fund(HAF)is to prevent mortgage delinquencies and defaults,fore- The Minnesota Housing Finance Agency(MHFA)has a closures,loss of utilities or home energy services,and wide range of programs aimed at improving access to displacement of homeowners experiencing financial safe,decent and affordable housing and to build stronger hardship after January 21,2020.Funds from the HAF may communities across the state.The MFFA distributed$1.62 be used for assistance with mortgage payments,home- billion in resources and served more than 72,900 house- owner's insurance,utility payments,and other specified holds.Programs range from homeowner refinancing and purposes.Funds are prioritized for homeowners who home improvement lending to rental assistance and the have experienced the greatest hardships,leveraging local construction and rehabilitation of new housing units. and national income indicators to maximize the impact. Over$50 million in funding is available for the State of Minnesota,to be administered by the Minnesota Housing Finance Agency . Funding is allocated based on home- owner need,determined by the average number of unem- ployed individuals and the number of individuals with mortgage payments that are more than 30 days past due or in foreclosure in the state. Elk River Comprehensive Plan•Implementation Plan 119 DRAFT FOR REVIEW ONLY