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Can anyone shed some more light (detail) on the Many Rivers project? How =
many units? How many stories? How many units per acre? How much open =
space for children?
Here's what I know:
Contrary to what has been written, the Minnesota Housing Finance Agency =
(not the city or the Met Council) is responsible for awarding Low Income =
Housing Tax Credits and the MHFA's Qualified Allocation Plan favors =
apartments for large families and smart growth developments with =
apartments near (light rail) transit.
What seems to be working against Many Rivers is MHFA's requirement that =
developments with family units "provide play areas to accommodate the =
child population [and] locate the play area with child security and =
safety from traffic and outside influences in mind."
Receiving tax credits is a competitive process. This year, the MHFA has =
$6 million in tax credits to award and received applications totaling =
$20.5 million (including $405,000 for Many Rivers). I don't know how =
Many Rivers stacked up against the competition, but it's conceivable =
that the project could be thrown out for not meeting the MHFA's design =
standards, regardless of how the project scored.
Side note: With only 1 in 3 proposed tax credit projects receiving =
funding each year (and it's much worse in other states), it's important =
for Congress to finally pass the stalled bill increasing the amount of =
annual tax credits from $1.25 to $1.75 per capita.
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<DIV><FONT face=3DArial size=3D2>Can anyone shed some more light =
(detail) on the=20
Many Rivers project? How many units? How many stories? How many units =
per acre?=20
How much open space for children?</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>Here's what I know:</FONT></DIV>
<DIV><FONT face=3DArial size=3D2>Contrary to what has been written, the =
Minnesota=20
Housing Finance Agency (not the city or the Met Council) is responsible =
for=20
awarding Low Income Housing Tax Credits and the MHFA's Qualified =
Allocation Plan=20
favors apartments for large families and smart growth developments=20
with apartments near (light rail) transit.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>What seems to be working against Many =
Rivers is=20
MHFA's requirement that developments with family units "provide play =
areas to=20
accommodate the child population [and] locate the play area with =
child=20
security and safety from traffic and outside influences in =
mind."</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>Receiving tax credits is a competitive =
process.=20
This year, the MHFA has $6 million in tax credits to award and =
received=20
applications totaling $20.5 million (including $405,000 for Many =
Rivers). I=20
don't know how Many Rivers stacked up against the competition, but it's=20
conceivable that the project could be thrown out for not meeting the =
MHFA's=20
design standards, regardless of how the project scored.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>Side note: With only 1 in 3 proposed =
tax credit=20
projects receiving funding each year (and it's much worse in other =
states), it's=20
important for Congress to finally pass the stalled bill increasing =
the=20
amount of annual tax credits from $1.25 to $1.75 per=20
capita.</FONT></DIV></BODY></HTML>
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