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Board reviews draft housing TIF policy; Brownfield authority urges 120% AMI baseline for rentals
Summary
Kalamazoo County planning and housing staff presented a first draft of a county housing tax-increment financing (housing TIF) policy at the Sept. 2 Committee of the Whole that proposes affordability requirements for housing developments seeking TIF support.
Kalamazoo County planning and housing staff presented a first draft of a county housing tax-increment financing (housing TIF) policy at the Sept. 2 Committee of the Whole, asking commissioners for direction on affordability thresholds and waiver procedures.
Rachel Grover, director of planning and development, summarized the draft policy’s core elements: a proposed affordability target of 20 percent of rental units at or below 80 percent of area median income (AMI) and 20 percent of for-sale units at or below 120 percent of AMI. For for-sale homes, the draft would require deed restrictions that limit equity gains for a period of years in proportion to the subsidy received, a commonly…
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