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Advisor outlines Housing and Transit Reinvestment Zone (HTRZ) tool for Provo Town Center Mall
Summary
DA Davidson presenter Sam Hartman summarized how the Housing and Transit Reinvestment Zone (HTRZ) program works, eligibility and requirements (including a 12% affordable set‑aside), and how Provo might configure an application around commuter‑rail or BRT stations to capture tax increment for transformative redevelopment.
Sam Hartman of DA Davidson presented an overview to the Provo City Council of Housing and Transit Reinvestment Zones (HTRZs), a state program created in 2021 to encourage high‑density housing near transit by capturing property tax increment to close financing gaps on transformational projects.
Hartman explained the core objectives the state looks for: build new housing that is affordable, and site it near public transit. He said a successful HTRZ application must demonstrate a “but‑for” financing gap — that the proposed development would not proceed at the desired density, mix or affordability without the HTRZ tax increment support — and noted that the governor’s review committee favors projects that are clearly transformative.
Key statutor…
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