EDIC shortens, simplifies core‑neighborhood housing incentive to seven years at 100 percent

The Economic Development Incentive Committee voted May 27 to simplify the core neighborhood housing incentive program by eliminating detailed documentation of extraordinary costs for small projects and converting the term structure to seven years at 100 percent rather than a phased 100 percent/50 percent schedule.

Jim Gilmore presented the staff proposal, noting that many core‑neighborhood projects are small infill apartment developments—often 10 to 20 units—and that the current documentation requirement consumes staff time while offering little additional oversight for modest projects. Gilmore said the assessor’s office also had difficulty tracking multi‑step schedules, which can lead to administrative errors when an incentive should expire but continues on the tax rolls.

Under the committee’s approved change staff removed the requirement to itemize and justify extraordinary costs for typical small projects, and adopted a simplified term of seven years at 100 percent. Staff and several committee members said the present‑value cost of the new seven‑year, 100 percent structure is typically similar to the prior phased approach but is easier for the assessor and staff to administer.

Members discussed the original policy intent—gradual phase‑down to reduce “sticker shock” when the tax bill rises—and acknowledged that for modest projects the simplification likely has equivalent fiscal effect while reducing administrative burden. The committee approved the motion by voice vote; no roll call or vote tally was recorded in the meeting transcript.

The change is intended to make it easier for small infill projects to qualify and for staff and the assessor to manage incentive expiration and billing.