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Committee opts not to form an IFD now, asks staff to pursue alternatives and report back
Summary
After reviewing scenarios for an Improved Financing District to fund affordable housing, the Finance Committee directed staff not to form an IFD at this time and to continue exploring Measure C debt and county partnerships; the committee emphasized timing, project readiness and risk to the general fund.
City staff and external advisors presented multiple models for an Improved Financing District (IFD) and compared alternatives for delivering affordable housing and other infrastructure finance.
The presentation explained the IFD mechanism: a formation year establishes a base assessed value; future incremental growth above that base is redirected to an IFD fund rather than the usual taxing entities and can be used for infrastructure, debt service, or PayGo projects. Staff modeled three primary approaches: a city-only IFD, a city-plus-county participation model, and internal policy options that would capture incremental…
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