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Anna council hears overview of HFC/PFC tools as members question multifamily growth
Summary
City officials and outside advisers briefed the council on how the city's Housing Finance Corporation (HFC) and Public Facility Corporation (PFC) have been used to support multifamily developments, prompting debate about impacts on schools, public safety and when the city should use those incentives.
The Anna City Council on Tuesday heard a detailed briefing on the city's use of Housing Finance Corporation and Public Facility Corporation tools to support multifamily projects, and several council members said the city should be cautious about offering more incentives.
Advisers and city staff said the two corporate vehicles provide tax and financing benefits that can be structured to yield lower rents for residents while recapturing some financial benefit for the city. Ryan Bowen, an attorney with Chapman and Cutler, told the council the HFCs and PFCs operate under state law — chapter 394 for HFCs and chapter 303 for PFCs — and typically come before the council at multiple points because the city council serves as the entities' board of directors.
"By partnering with private developers ... you do bring an ad valorem tax exemption," Bowen said, adding that federal tax…
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