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Fairbanks North Star Borough adopts tiered tax incentive to spur multifamily, family-sized housing
Summary
The assembly on Jan. 29, 2026 adopted Ordinance 2026-01, a mayor-sponsored property-tax exemption program to encourage new multifamily construction with an emphasis on two-plus‑bedroom units; members amended the water-connection requirement to allow wells or holding tanks and passed the measure unanimously, 7–0.
The Fairbanks North Star Borough Assembly on Jan. 29 adopted Ordinance 2026-01, a property-tax incentive intended to accelerate construction of multifamily rental housing with a focus on two- and three-bedroom units, after amending the measure’s water-connection language. The ordinance, sponsored by Mayor Hopkins, passed on a 7–0 vote as amended.
Supporters and borough staff said the borough faces a tightening housing market made acute by rising prices and inbound military personnel. In a staff presentation, Tom Hewitt said for-sale inventory in the Fairbanks-North Pole area runs about two to two-and-a-half months and that average home-sale prices are roughly $330,000 in Fairbanks and about $370,000 in North Pole. Hewitt told the assembly three-bedroom rental units have seen particularly large increases; he said the bureau’s rental survey showed a rise from about $1,500 in March 2020 to…
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