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• Item # 7 <br /> City of <br /> Elk -� <br /> River <br /> MEMORANDUM <br /> TO: Housing and Redevelopment Authority <br /> Mayor & City Council <br /> FROM: Catherine Mehelich, Director of Economic Development <br /> DATE: June 24, 2002 <br /> SUBJECT: Consider Affordable Housing Initiatives <br /> Issue <br /> The city has received a request for an apartment project. At this time the proposed project <br /> is for market rate apartments, however the developer is open to including affordable units <br /> with assistance from the city. Staff requests the HRA and Council discuss and provide <br /> direction to staff regarding if affordable housing (housing that does not exceed 30% of a <br /> household's income) should be a component of this and other proposals. <br /> The City of Elk River Housing Plan, completed by Central MN Housing Partnership last <br /> fall, suggested that the city consider providing financial/resource assistance to multi-family <br /> housing projects that will develop affordable rental units. The city may consider <br /> encouraging the development of affordable units by offering various forms of participation, <br /> including use of Tax Increment Financing and Tax Abatement. <br /> Requested Action <br /> Following discussion,if the HRA and Council provide staff direction to pursue affordable <br /> housing in new developments then details on financing options will be presented at a later <br /> date. <br /> Attached Information <br /> • 2002 Law Summaries, Housing,LMC Cities Bulletin <br />