Committee reviews draft project-based TIF to fund housing infrastructure; debate on affordability test, scope and administration

John Grama, legislative counsel to the Legislature, presented Draft 2.2 of a project-based tax increment financing proposal to the Senate Economic Development, Housing & General Affairs Committee and stakeholders, outlining new language that would require infrastructure financed by incremental tax revenues to "serve a public purpose" and proposing an affordability test tied to 200% of area median income.