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Potential Funding <br />Sources <br />The following is a description of potential funding mech- <br />anisms and sources currently available to the city and <br />its partners for plan implementation. As the funding <br />sources and streams are subject to change overtime, it <br />is important to continue to research and monitor grants, <br />funding agencies, and programs to identify new oppor- <br />tunities as they become available. It is also important to <br />note that at the time of the comprehensive plan's adoption <br />major federal pandemic -related stimulus spending was <br />still working its way through legislation, as such the city <br />should be aware that more financial resources maybe <br />available in the near future and should be added to this <br />document. <br />Housing <br />Minnesota Housing Finance Agency <br />The Minnesota Housing Finance Agency (MHFA) has a <br />wide range of programs aimed at improving access to <br />safe, decent and affordable housing and to build stronger <br />communities across the state. The MFFA distributed $1.62 <br />billion in resources and served more than 72,900 house- <br />holds. Programs range from homeowner refinancing and <br />home improvement lending to rental assistance and the <br />construction and rehabilitation of new housing units. <br />ak�Stiiaie'uw <br />ISM <br />Low -Income Housing Tax Credit <br />The Minnesota Housing Finance Agency (MHFA) adminis- <br />ters the Low -Income Housing Tax Credit (LIHTC) program. <br />This program offers deferred financing options that <br />provide incentives that make affordable housing feasible <br />for developers to build. The MHFAs Qualified Allocation <br />Plan (QAP) is updated yearly and contains information <br />on their top priorities for distributing these competitive <br />grants. A LIHTC-funded project must pass the 20/50 or <br />40/60 tests: at least 20% of residential units must be rent <br />restricted and occupied by individuals with incomes at or <br />below 50% of the areas Multi -family Tax Subsidy Project <br />(MTSP) limits, or 40% of the units and residents must be at <br />or below the 60% MTSP limit. Recently, completed projects <br />in Elk River include the Coachman Ridge Apartments at <br />17250 Twin Lakes Road and The Depot at Elk River Station <br />at 10653172nd Avenue. <br />Homeowner Assistance Fund <br />The purpose of the Homeowner Assistance Fund (HAF) is <br />to prevent mortgage delinquencies and defaults, fore- <br />closures, loss of utilities or home energy services, and <br />displacement of homeowners experiencing financial <br />hardship after January 21, 2020. Funds from the HAY may <br />be used for assistance with mortgage payments, home- <br />owner's insurance, utility payments, and other specified <br />purposes. Funds are prioritized for homeowners who <br />have experienced the greatest hardships, leveraging local <br />and national income indicators to maximize the impact. <br />Over $ 50 million in funding is available for the State of <br />Minnesota, to be administered by the Minnesota Housing <br />Finance Agency. Funding is allocated based on homeowner <br />need, determined by the average number of unemployed <br />individuals and the number of individuals with mortgage <br />payments that are more than 30 days past due or in fore- <br />closure in the state. <br />Elk River Comprehensive Plan • Implementation Plan <br />07MITI ad10]C1SWAIMAM97ilk1W1 <br />119 <br />