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West Side Phase 2 added to DDA boost; board to pursue tax-credit and bond options with $460,000 municipal match
Summary
Staff reported West Side Phase 2 is in a DDA boost and the authority will pursue tax-credit applications; a $460,000 municipal grant match is required to apply for tax credit and staff outlined options including 9% competitive credits or 4% bond-based financing.
Theresa told the board that West Side Phase 2 is now included in a DDA (designated development area) boost for 2026 and staff will pursue funding to support tax-credit applications.
She said the authority must supply a municipal match of $460,000 to be eligible for tax-credit applications and described financing options: a competitive 9% tax-credit application or a noncompetitive 4% bond-based tax-credit path with sale opportunities and possible CDBG or county funding. "We have a couple different options moving forward since we're in the DDA boost now," Theresa said, and staff will prepare applications for multiple funding sources this year.
Board members discussed submission timing and whether to pursue the 4% model if a sale path is available; staff said they would submit all necessary applications this year and report back on awards and match commitments.
