Infill Development Incentive on Vacant Lots: $1,500,000

TIF-Housing funds may be used by the Community Development Department to create new grants, loans, forgivable loans that individuals, developers, builders, nonprofits, and others may seek in order to construct new housing on vacant properties. Preference may be given to vacant lots within established neighborhoods that are already served with utilities, sidewalks, transit, etc. Ideas for this program category include offering forgivable loans of up to $25,000 (single-family) or $50,000 (two-family) to builders for the construction of speculative (spec) homes on vacant land for future owner-occupancy. The City reserves the right under this program to include deed restrictions which include income limitations and/or percentage-of-income restrictions or another method to guarantee the long-term affordability of the properties benefitted by TIF Housing funds. The Community Development Department shall lead this program.