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
Missoula Opens New Affordable Housing Complexes
The city is adding hundreds of new housing units in an effort to ease the region’s housing crunch.
Santa Barbara Could Build Housing on County Land
County supervisors moved forward a proposal to build workforce housing on two county-owned parcels.
Shuttered Baltimore Hotel Will Become Affordable Housing
The project will create 303 new workforce housing units in a former downtown hotel.
Montreal Mall to Become 6,000 Housing Units
Place Versailles will be transformed into a mixed-use complex over the next 25 years.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Four Reasons Urban Planners Can’t Ignore AI
It’s no longer a question of whether AI will shape planning, but how. That how is up to us.
Bend, Deschutes County Move to Restrict Major Homeless Encampment
City and county officials are closing off portions of an area known as Juniper Ridge where many unhoused residents find shelter, hoping to direct people to housing and supportive services.
High Housing Costs Driving Down Transit Ridership in LA
When neighborhoods gentrify and displace lower-income residents, transit ridership suffers, new research shows.
Iowa Legalizes Accessory Dwelling Units
A new law will allow property owners to build ADUs on single-family lots starting on July 1.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
City of Mt Shasta
City of Camden Redevelopment Agency
City of Astoria
Transportation Research & Education Center (TREC) at Portland State University
City of Camden Redevelopment Agency
Municipality of Princeton (NJ)
Regional Transportation Commission of Southern Nevada