The funding mechanism exchanges public funding for a certain number of affordable units.
An article by David Erickson in The Missoulian explains a new form of development incentive called Tax Increment Financing (TIF), recently approved by the Missoula Redevelopment Agency board.
“The Missoula Redevelopment Agency is inviting housing developers to discuss options for receiving Tax Increment Financing for projects that include workforce housing units after a new set of guidelines for a pilot project was approved last month by the agency’s board,” Erickson adds.
The program would provide public assistance to eligible projects that include units that meet affordability requirements, including remaining affordable for 30 years for rentals and 75 years for sales projects. “The Montana Legislature in 2021 amended state law to allow workforce housing to be included in the list of infrastructure types that can be paid for by TIF.”
The TIF mechanism has funded other major projects around the country, including the Chicago Red Line extension and infrastructure repairs in Cincinnati, Ohio.
FULL STORY: Missoula aims to incentivize income-restricted workforce housing through TIF
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