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Council advances TWG pilot for affordable housing and creates an Affordable Housing Fund (first readings)
Summary
Council approved the first reading of a pilot agreement with TWG Development LLC and established an Affordable Housing Fund required by Indiana law; both measures passed on first reading 9-0. Council discussion centered on the fund—s structure, board makeup and tradeoffs with tax abatements and TIFs.
The Columbus City Council on Feb. 18 approved on first reading a pilot agreement with TWG Development LLC tied to Indiana—s affordable-housing pilot statute and established a city Affordable Housing Fund required by state law; both measures passed their first readings by roll call vote, 9-0.
City staff said the agreement will be the first local use of Indiana—s 2021 affordable-housing pilot statute in Columbus. Under the pilot TWG would make pilot payments to the city over a 15-year schedule; state statute requires a nonreverting local housing fund to receive those payments and sets certain spending and advisory requirements for that fund.
City economic-development and planning staff (Eric Fry and Paul [last name on transcript]) explained that TWG used the…
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