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Wyoming council backs local support for two affordable-housing projects, approves housing trust loan
Summary
The City of Wyoming voted to support tax-increment financing requests for two affordable-housing proposals on the Fairview property and approved a $200,000 low-interest housing trust loan; developers said refinements to their applications improve competitiveness for state tax credits.
The City of Wyoming on June 17 voted to provide preliminary local support for two affordable-housing proposals, endorsing tax-increment financing as part of developers’ applications to the Minnesota Housing Finance Agency and approving a $200,000 low‑interest loan via the local housing trust process.
Consultant Michaela Hewitt of Baker Tilly briefed the council on how tax-increment financing (TIF) would work for the two projects proposed on the Fairview property: a roughly 60‑unit senior housing building and a 72‑unit workforce housing development. Hewitt said TIF is a ‘‘gap‑closing’’ tool that captures new tax revenue generated by a project and redirects that increment to finance eligible pre‑development costs. She described pay‑as‑you‑go financing and the statutory ‘‘but‑for’’ test used to justify TIF districts.
Hewitt presented preliminary estimates showing the senior project would seek approximately $317,000 in TIF assistance…
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