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Council approves one-year TID extensions to direct roughly $741,000 toward affordable housing
Summary
Council approved one-year tax incremental district (TID) extensions for TID #6 (estimated $303,000) and TID #8 (approximately $438,000) to capture increments for affordable housing; TID #6 passed 7–1 and TID #8 passed unanimously.
The council approved one-year extensions to two tax incremental districts so the city can direct their final increment years toward affordable housing projects.
Ald. Tim explained Wisconsin law allows a TID nearing statutory closure to extend one additional year and use that increment for affordable housing. For TID #6 the council discussed directing roughly $303,000 of estimated increment to an affordable-housing fund; the resolution passed 7–1.
Council then considered TID #8, which staff said would produce an estimated $438,000 of increment to assist housing projects. Council approved the extension for TID #8 unanimously.
Council members described the extensions as a tool to increase housing stock and noted that at least 75% of the additional increment must benefit affordable housing under the plan discussed. No specific projects were authorized at the meeting; staff said funds would be available for future affordable-housing initiatives once the extensions take effect.
