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Board approves TIF for 10-unit Second Street Trust conversion, four units designated affordable
Summary
The Tax Increment Finance Board unanimously approved a local TIF/TIE agreement for a 10-unit conversion at the former Dery Buffington property. Four units will be affordable to households at 60% AMI for up to 30 years; one-bedroom rents were estimated at about $1,340.
The Fall River City Tax Increment Finance Board approved a TIF/TIE agreement on June 12 for the Second Street Trust to convert the former Dery Buffington Insurance property into 10 housing units, four of which will be designated as affordable.
Attorney Thomas introduced the item and noted the agreement's valuation figures. Mr. Po presented for the project team and described the site as a previously vacant building in a highly distressed census tract that will be repurposed for residential use.
Mr. Po said four of the 10 units will be affordable and will take advantage of HOME funding administered through the community development agency; affordability restrictions were described as lasting up to 30 years and targeted to households at 60% of area median income (AMI). He said one-bedroom rents for those units were estimated at about $1,340, while market-rate units would command higher rents. Mr. Po also noted that this is a local TIF only and the project is not seeking state HDIP credits.
Following brief questions, the board moved and seconded approval; the motion carried 5–0.
The board did not record a formal mover or seconder on the public record. No additional conditions or amendments were noted at the meeting.
