New Subdivision Incentive: $1,000,000

TIF Housing funds may be awarded to property owners, developers, or lessees of vacant land within the City to encourage the development of market rate housing. Subject to an approved Development Agreement with the City, developers may use TIF-Housing funds to construct, alter, rebuild water, sanitary sewer, storm sewer, electric, natural gas, roadway, and landscaping infrastructure. Developers will be expected to treat TIF-Housing funds as “gap financing” and will need to demonstrate how the funds will be used to reduce the cost of the development, thereby enhancing the affordability of all types of new housing being constructed in the City. The City does not intend to directly expend TIF-Housing funds on City-constructed infrastructure, but rather to partner with private sector developers needing gap financing. The Economic Development Department shall lead this program.