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Norman council explores TIF, CDBG and revolving-loan ideas to boost owner-occupancy in historic districts
Summary
At an oversight meeting, staff and councilmembers discussed using East Main TIF revenue and federal CDBG tools to create a preservation grant or revolving-loan program aimed at increasing owner-occupancy in Norman27s historic districts and lowering barriers for first-time buyers.
City staff and several councilmembers discussed options on how to use tax increment financing and federal block-grant tools to encourage owner-occupied housing in Norman27s three historic districts.
Staff outlined that a city-funded historic-district preservation program could be seeded with TIF revenue and administered as grants or a revolving loan fund. "If you had a revolving loan fund with $1,000,000 in it, you can solve all kinds of interesting problems," said a staff member (Speaker 2), arguing that TIF-backed revolving loans could…
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