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Council presses finance on tax-payment plans, TIF treatment of rehabbed properties and affordable-housing revenues
Summary
Council members pressed the Department of Finance for a timetable on tax payment plans and clarifications on how rehabbed vacant-property tax increments will be routed to a noncontiguous TIF and what portion of transfer-and-recordation revenue will feed the Affordable Housing Trust Fund.
Council members used the Budget & Appropriations Committee hearing to press the Department of Finance for specifics on tax-payment plans, TIF treatment of rehabbed vacant properties and the expected Affordable Housing Trust Fund revenues.
Councilwoman Odette Ramos asked whether revenue from properties that are rehabbed and receive new use-and-occupancy certificates is incorporated into property-tax forecasts. Laura Larson said SDAT assessment data drives projections but BBMR also monitors…
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