With its downtown booming, Austin, Texas is trying to help homeowners who are feeling the squeeze from rising property values -- by buying their land.
"A homestead preservation district is modeled after tax increment financing. In a TIF district, a percentage of revenue generated by property taxes in a geographic area is designated to fuel future growth, repair, upkeep, or development;"
Now this financing model, which is often used as a tool to raise an areas property values, is being used to help owners effected by its success.
"The idea is that if a resident has trouble keeping pace with rising property taxes, the city could buy the homeowner's land and lease it back to her at no cost. This drastically lowers taxes by leaving homeowners to pay tax only on their homes and any subsequent improvements, not on the spiraling land costs. The city would pay for the lands by garnering a percentage of the increased appraisal costs in the district."
FULL STORY: TIFing the Eastside
Trump Administration Could Effectively End Housing Voucher Program
Federal officials are eyeing major cuts to the Section 8 program that helps millions of low-income households pay rent.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Canada vs. Kamala: Whose Liberal Housing Platform Comes Out on Top?
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Washington State’s Parking Reform Law Could Unlock ‘Countless’ Acres for New Housing
A law that limits how much parking cities can require for residential amd commercial developments could lead to a construction boom.
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LA to Replace Inglewood Light Rail Project With Bus Shuttles
LA Metro says the change is in response to community engagement and that the new design will be ready before the 2028 Olympic Games.
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Central Transportation Planning Staff/Boston Region MPO
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