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Committee reviews language to let special-assessment bonds coexist with TIF/CHIP
Summary
The House Committee on Federal and Housing examined draft changes (sections 7a and 7b) that would carve out certain special assessments from being swept into tax-increment financing (TIF/CHIP) retention so revenue bonds secured by those assessments remain marketable; the committee agreed to report the language to Ways and Means for further consideration.
The House Committee on Federal and Housing reviewed proposed statutory language intended to let special-assessment bonds operate alongside tax-increment financing programs such as TIF and CHIP.
John Gray of the Office of Legislative Council told the committee the draft adds a condition so that special assessments that secure a special-assessment bond ‘‘are not swept into the retention’’ of a TIF or housing development district, preserving the security investors expect for assessment-backed bonds. He explained the bills aim ‘‘to increase the toolkit available to folks’’ by preventing a conflict between two financing tools, and said the change is tied to the chapter of…
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