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Committee hears sweeping CHIP update: caps, affordability incentives and TIF sunset considered
Summary
John Gray of the Office of Legislative Counsel briefed the Senate Economic Development, Housing & General Affairs Committee on May 13 about the latest public draft of S.127, the Housing Infrastructure Program (CHIP), and related changes to tax-increment financing.
John Gray of the Office of Legislative Counsel briefed the Senate Economic Development, Housing & General Affairs Committee on May 13 about the latest public draft of S.127, the Housing Infrastructure Program (CHIP) and related changes to tax-increment financing (TIF).
Gray said there is not yet a final Ways and Means version but summarized major changes in the most recent public draft: broader project definitions to include rehabilitation and renovation, a narrower definition of the housing development site (limited to parcels where construction occurs), an exhaustive list of infrastructure improvements eligible for CHIP financing, a 65% minimum floor-area threshold for projects to qualify as housing-focused, and a system of incentives for affordability.
Why it matters: the plan would replace new TIF district applications with a CHIP program that channels education and municipal…
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