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Herkimer County IDA adopts housing-focused tax-exemption policy, asks staff to cite HUD AMI
Summary
The IDA approved a Universal Tax Exemption Policy (UTEP) for housing projects and directed staff to explicitly cite HUD area-median-income (AMI) calculations in the policy language.
The Herkimer County Industrial Development Agency adopted a Universal Tax Exemption Policy for housing at its June 18 meeting and asked staff to add a specific citation that AMI be calculated using HUD figures.
Board members discussed how the UTEP would apply to sales tax, mortgage recording tax and property-tax benefits for housing projects. Staff explained that in Herkimer County a 1% mortgage-recording-tax rate applies at the county level and that some counties allocate portions of that revenue differently; the board discussed limits on local waivers.
Board member John (IDA board member) told colleagues that area median income figures come from the census and HUD and recommended adding a clear line in the document. "The area median median income is usually put out by HUD annually," he said. Staff agreed to insert wording such as "AMI as calculated by HUD" before the policy is posted on the agency website.
Board members also reviewed highlighted figures in the draft UTEP that staff had left for the board's decision; staff said no additional board comments were received, and the board directed staff to remove the highlighting and finalize the document for posting.
The agency's action to adopt the UTEP passed by majority vote in the meeting and staff listed a follow-up task to publish the final policy with HUD AMI language.
