Tax Increment Financing (TIF)
A program designed to leverage private investment for economic development projects in a manner that enhances the benefits accrued to the public interest.
Term of Affordability
A specific period of time during which project rents are restricted for a specified number of units and during which the borrower agrees to provide annual operating data to verify compliance.
Minimum requirement proposals must meet to be considered by selection committee for funding.
Tax Increment Financing
Total Development Cost
All project related expenses including acquisition, refinancing, rehabilitation/construction, contingency, soft costs, closing, financing and developer's fees.
Transit Oriented Housing
Housing development that addresses Region 2040 goals of increased density and improved utilization of public transportation systems. See definition of Innovative Projects and details of project requirements outlined in the Transit Oriented Tax Exemption guidelines.