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Committee approves RHID policy tweak to allow higher cap rates for targeted projects
Summary
The Policy and Finance Committee approved a change July 8 allowing the RHID review team to recommend higher capitalization rates for projects that meet specific criteria, increasing potential incentives for targeted developments.
The Policy and Finance Committee on July 8 approved a staff recommendation to amend the Reinvestment Housing Incentive District (RHID) policy to allow the RHID review team to recommend higher capitalization rates for certain projects, increasing the potential incentive available to developers.
Staff explained that RHID incentives use a “but‑for” test to determine whether a project needs public assistance to be viable, comparing projected rates of return with and without incentive. The proposed change gives the review team objective…
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