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Cascade Council moves to develop residential incentives for workforce housing; TIF caveats noted
Summary
The council directed staff to draft a formal proposal for residential incentives exceeding $1,000 per home to support a potential subdivision, noting that TIF rebates require a 35.93% set-aside for low-to-moderate-income uses and rebates are limited to infrastructure costs.
The Cascade City Council on March 9 authorized staff to prepare a formal proposal to offer residential incentives for a possible workforce housing subdivision, after discussion of financing options and administrative constraints.
A council speaker summarized an important limit on Tax Increment Financing (TIF): if the city uses TIF rebates for residential incentives, 35.93% of the TIF dollars must be set aside for low-to-moderate-income (LMI) purposes and remain in…
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