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Council approves TIFF-backed upstairs residential grant with five-year clawback to limit short-term rentals
Summary
The council cleared a program to subsidize conversion of upper-floor space above downtown commercial buildings into long-term residences; the grant reimburses up to 75% of city-eligible costs (25% owner share), capped at $50,000, with a five-year payback schedule if ownership changes or the unit becomes a short-term rental.
The Pontiac City Council approved staff’s proposal to launch an upstairs downtown residential grant program funded through the city’s TIFF district to encourage conversion of upper-floor commercial space into long-term residential units.
Under the program described by staff, property owners may be reimbursed for…
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