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Council discusses housing TIF and pilot policy to encourage affordable housing; favors middle-ground approach
Summary
City staff briefed the Wyoming City Council on new state-authorized housing tax increment financing (housing TIF) and proposed updates to the city's pilot (payment in lieu of taxes) policy. Council gave preliminary guidance favoring a blended approach (limits on duration and capture) and asked staff and the Wyoming Brownfield Redevelopment
Wyoming City Council discussed the city's options for using a newly expanded housing tax increment financing (housing TIF) tool and revisions to the municipal pilot (payment-in-lieu-of-tax) policy at the March 10 work session.
Nicole, staff member, told the council the 2023 statutory change allows certain housing projects to qualify for brownfield-style tax increment reimbursement for eligible housing-related costs and that the Michigan State Housing Development Authority (MSHDA) will review housing TIF plans. "It prioritizes bringing affordable housing to the market," Nicole said, noting housing TIF may support rental and owner-occupied housing at or below 120% of area median income (AMI) and can apply to greenfield parcels as well as contaminated sites under specific conditions.
How the tool works and what it can cover: Staff explained that housing TIF captures new tax increment (the increase in property tax revenue after development) and returns that increment to the developer under an approved work plan to reimburse eligible costs such as remediation, infrastructure and some…
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