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Council approves $884,851 in TIF support for Habitat for Humanity infill project in North Omaha
Summary
The council approved up to $884,851 in tax-increment financing for a Habitat for Humanity-led infill project to build 27 for-sale homes in North Omaha. Planning staff said the TIF dollars do not exist until property taxes are collected after construction and sale, and do not draw from current city operating funds.
The Omaha City Council voted unanimously to approve a tax-increment financing (TIF) redevelopment plan that could provide up to $884,851 to support Habitat for Humanity's plan to build 27 for'sale affordable houses in North Omaha (Item 28).
Don Seaton of Omaha City Planning told the council the parcels are vacant and Habitat will construct 27 homes with a total neighborhood investment of more than $7 million. "They're asking for $884,851 in TIF support," Seaton said, and "this is in compliance with the city's master plan."
Council member Goodwin asked staff to clarify how TIF works and whether the city was spending existing taxpayer funds. Seaton explained that the TIF dollars do not exist until the development is built, tax bills are issued on the new value, and those incremental tax revenues fund the TIF. "They don't come from city funds; they come from the property owner when tax bills go out," Seaton said.
Council approved the TIF resolution on a 7'to'0 roll call. Supporters said infill affordable homeownership would contribute to neighborhood reinvestment in North Omaha.
