The City Council finds and declares the following:
(a) The health, safety and economic welfare of the present and future residents of Bloomington depends on the availability of a range of housing choices affordable to persons and families who comprise the city’s workforce;
(b) Stable, safe, and affordable housing has measurable health benefits for persons and families;
(c) There is a need to encourage and assist in the development of affordable housing for families who are part of the workforce in Bloomington who fall within the extremely low to low income categories;
(d) The preservation of naturally occurring affordable housing (NOAH) is of concern to the City of Bloomington, as rental housing costs are increasing and creating tools and incentives for the redevelopment or substantial renovation of NOAH units, which may impact their relative affordability, is a city priority;
(e) The City of Bloomington’s Comprehensive Plan Update Forward 2040, as required by the Metropolitan Council, establishes the portion of Bloomington’s regional share of affordable housing under Housing goal #3 at least 842 new units of affordable housing and under Housing Strategy #2.1 states the city will encourage most new housing, especially high density housing, to be located near transit, amenities, services and employment; and
(f) The City Council of the City of Bloomington find it to be in the best interests of the residents of this community to develop initiatives to provide various affordable housing programs to aid in the development, financing and acquisition of affordable housing.
(Ord. 2019-16, passed 2-25-2019)