The Joint Policy Advisory Committee (JPAC) meeting held on March 14, 2024, focused primarily on transportation issues, with significant discussions surrounding housing development and funding mechanisms. Key highlights included the allocation of $775 million into the Tax Increment Financing (TIF) program, with an additional $300 million earmarked for low-interest loans aimed at increasing affordable housing availability.

During the meeting, it was emphasized that the $300 million would be utilized for short-term loans to support affordable housing projects, with the expectation that these funds would be repaid to the TIF. This initiative is seen as a positive step towards enhancing housing options in the region.

The committee also discussed recent legislative developments that provide local governments with new tools for housing development, rather than imposing mandates. Notably, the Housing and Transit Reinvestment Zones (HTRZ) and the newly introduced First Home Investment Zones (FIZZ) were highlighted as significant legislative achievements. HTRZ allows for collaboration among taxing entities to fund developments near high-capacity transit stations, while FIZZ targets areas outside these zones, promoting housing development in city centers with lower density requirements.

Senator Harper was recognized for his pivotal role in advancing housing legislation, having sponsored numerous bills that facilitate these new housing initiatives. The meeting concluded with a commitment to share detailed summaries of the legislative changes with JPAC members, ensuring that local governments are well-informed about the new tools available to them.

Overall, the discussions underscored a collaborative approach to housing development, aiming to align new projects with transportation and community planning goals, reflecting the broader vision for the Wasatch region.