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NEDC seeks council approval to reserve LMI/TIF funds for downtown facade grant and affordable-home pilot
Summary
Nevada Economic Development Council requested $50,000 from the city's low- and moderate-income (LMI) tax-increment set-aside to match a planned $100,000 catalyst grant for facade and upper-story rental improvements and proposed a pilot to support construction of up to 10 single-family homes under $300,000.
Jordan, an economic development presenter, told the council the city’s LMI set-aside—funds required when tax-increment financing (TIF) is used without on-site LMI units—has a balance of about $400,000 and continues to grow with new subdivisions.
Jordan said the NEDC plans to apply for a $100,000 catalyst grant to improve the KPPM building at the corner of Jefferson and Lincoln Highway and requested $50,000 from the city’s LMI funds to serve as a state match for the application. “We’ll be requesting $50,000 from your LMI funds, that would be used as a…
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