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Board directs staff to proceed with Low and Moderate Income housing support program using TIF funds
Summary
Story County supervisors directed staff to implement draft guidelines for an LMI Housing Support Program using Tax Increment Financing (TIF) increment funds for forgivable loans and grants to cities with qualifying projects, with staff consulting outside counsel to ensure legal compliance.
The Story County Board on April 14 directed staff to proceed with a draft Low and Moderate Income (LMI) Housing Support Program designed to use Tax Increment Financing (TIF) increment funds to provide forgivable loans and grants to cities with qualified housing projects.
Planning and Development Director Leanne Harter said staff has worked with the Story County Housing Trust, the Ames Alliance and the Mid‑Iowa Planning Association (MIPA) on the program and outlined qualifying elements, application timelines and TIF debt certification. Harter noted the county is "working with outside legal counsel to keep efforts within the proper legal boundaries." The board gave direction to proceed with the process, policies and program as presented.
The draft guidelines presented would allow funding to support both rehabilitation and new construction targeted to low‑ and moderate‑income residents. No specific project awards, loan recipients, or dollar amounts for the program were approved at the meeting; staff will return with implementation details and any required legal certifications or TIF debt documentation.
