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Committee recommends TIF credit enhancement for Front Street Phase 3 to support eight homeownership units
Summary
The committee recommended creation of an affordable housing TIF district and a credit-enhancement agreement to support Front Street Phase 3, a Portland Housing Development Corp. project that would produce eight townhome condominiums, six of them income-restricted.
The Housing & Community Development Committee voted to recommend that the full council create an affordable-housing tax-increment financing (TIF) district and approve a credit-enhancement agreement to support Phase 3 of the Front Street redevelopment, a Portland Housing Development Corporation (PHDC) project.
Project and public benefits
Mary Davis and PHDC staff described the Phase 3 proposal as eight townhouse-style condominium units, six of which would be income-restricted and sold to households at or below 120% of area median income (AMI). The developer told the committee the project targets modest-price homeownership in a market with high costs…
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