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Council approves substitute to expand mixed‑income pilot, raises AMI and extends abatement term
Summary
The Metropolitan Council committee approved a substitute to the mixed‑income pilot program that extends tax abatement to the full 15‑year affordability period, makes the abatement renewable for a second 15 years, raises the income limit to 80% of AMI, and switches to a dynamic calculation intended to improve developer financing.
The Metropolitan Council committee approved a substitute to the mixed‑income pilot program designed to encourage for‑profit builders to include affordable units in new developments.
Councilmember Allen moved the substitute and said the changes respond to market conditions that have made financing projects harder to secure. “We are always working to try to make these programs work better,” Allen said, noting the substitute updates the program’s abatement term, calculator, and income target.
The substitute makes three substantive changes described during the meeting: it extends the tax abatement to cover the full 15‑year…
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