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Council hears proposal for affordable housing performance grant; staff to draft ordinance for April
Summary
Housing director Ruthie Hill proposed a project-specific affordable housing performance grant tied to incremental real-estate tax revenue; council members generally supported moving forward and asked staff to prepare ordinance and program documents for April consideration.
Ruthie Hill, director of housing and neighborhood preservation, presented a proposed affordable housing performance grant to City Council on March 3 that would use incremental real-estate tax revenue to subsidize new affordable rental development.
Hill said the program—authorized by a 2022 amendment to the Industrial Development and Revenue Bond Act (referenced by HB 1194)—would let a local development authority, working with the city, grant to a for-profit developer a portion of the incremental real-estate taxes generated by a new, completed affordable rental project. The incremental tax is defined as taxes on the land and completed improvements minus the base tax on the land prior to development. The grant would be payable only if the developer met program requirements and…
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