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Monmouth approves limited tax credit for developer to create a few income‑restricted homes
Summary
The board approved a credit enhancement agreement returning 50% of tax increment on a limited set of lots to a private developer to enable several income‑restricted single‑family homes; the 20‑year agreement is limited to specific lots and intended to leverage state housing financing.
The Monmouth Select Board voted to approve a credit enhancement agreement with ANO Properties LLC to enable a small cluster of income‑restricted, owner‑occupied homes.
Under the agreement the town will return 50% of the property‑tax increment on a limited number of lots for up to 20 years. Town staff said the subsidy is restricted to a specific roadway and number of lots (discussion referenced seven or eight units as the affected subset) and is intended to qualify the developer for subsidized financing through the state housing authority, making the homes affordable to teachers, first responders and other local workforce households.
Board members discussed the tradeoffs: some members stressed the forgone tax revenue on the small subset of lots, while others said enabling construction of market‑rate and subsidized homes increases the town’s housing stock and overall tax base. Staff said the project could generate more units where the town otherwise has a shortage of houses and noted the developer may eventually offer the roadway for town acceptance if voters approve.
The motion to approve the credit enhancement passed by voice vote.
Next steps: staff will finalize the agreement paperwork with the developer and the state housing authority and oversee conditions required to maintain income restrictions over the term of the subsidy.
