Councilors question proposed TIF-policy changes aimed at improving LIHTC competitiveness
Staff proposed clarifying TIF eligibility definitions and fast-tracking 75%/30-year TIF consideration for LIHTC (LITEC) applicants to improve competitiveness for MaineHousing QAP scoring; several councilors urged safeguards to avoid over-subsidizing developments and to preserve fiscal oversight.
The full story
City staff presented three proposed amendments to the city's tax-increment financing (TIF) policy: add definitions and sample documents for evaluating financial necessity and capacity; automatically consider a 75% 30-year TIF for projects applying for Low-Income Housing Tax Credit (LIHTC/LITEC) to align with a new MaineHousing QAP scoring category; and allow projects seeking LITEC to undergo staff review (in-house underwriting) rather than full third-party underwriting to meet MaineHousing's QAP schedules.
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