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Center City Housing Incentive Policy
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Center City Housing Incentive Policy

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Center City Housing Incentive Policy Center City Housing Incentive Policy Presentation Transcript

  • 1City of San AntonioCENTER CITY DEVELOPMENT OFFICEInfill Development WorkshopJune 7, 2013Center City Housing Incentive Policy
  • WHY A PREDICTABLE INCENTIVE SYSTEM?• Infill development is challenging• Assists in normalizing land values• Reduces the risk for the developer• Attracts developers
  • CENTER CITY HOUSING INCENTIVE POLICY• Eligibility– Multi-Family for sale or rental– Must be within CRAG• Incentive amount increases if in 1 of 8Target Growth Area’s; and/or• Adaptive Reuse, Brownfields, or HistoricRehabilitation in the ICRIP.• Goals and Objectives– Historic Rehabilitation– Adaptive Reuse– Brownfields Redevelopment– Transit Oriented Development– Community Use– Mixed Income Development– Good Urban Design
  • RECOMMENDED INCENTIVES• Fee Waivers• Real Property TaxReimbursement Grants• Inner City Incentive FundLoans• Mixed Use DevelopmentForgivable Loans• NO CASH GRANTS
  • INCENTIVE TIERSTier 1•Urban CoreTier 2•Near River South•HemisFair/Cesar Chavez•Near East Side•Near West Side•Civic Core•Medical DistrictTier 3•River NorthTier 4•Midtown
  • CITY AND SAWS FEE WAIVERS• Certain City fees are waived asoutlined in the Inner City ReinvestmentInfill Policy.• SAWS Impact Fee Waivers to bewaived on all housing projects withinthe CRAG.• Contingent upon funding availability
  • REAL PROPERTY TAX REIMBURSEMENT GRANTS• 10 year tax reimbursement– CRAG– Icrip• 15 year tax reimbursement– 1 of the 4 Tiers– Adaptive Reuse, BrownfieldsRedevelopment, Historic RehabilitationProject in the ICRIP• Historic Tax Exemption or Tax Abatement
  • INNER CITY INCENTIVE FUND LOANCategories• Mixed Income• Community Use• Adaptive Reuse• Brownfield Redevelopment• Historic Rehabilitation• High-rise Development• Student Housing• Transit Oriented Development within ¼ mile of the WestSide Multi-Modal Center or Robert Thompson TransitCenter
  • LOAN AMOUNT• Tier 1 (light blue)– $3,000 per category– Not to exceed $6,000 per housing unit• Tier 2 (light brown)– $1,500 per category– Not to exceed $3,000 per housing unit• Tier 3 (blue)– $1,000 per category– Not to exceed $2,000 per housing unit• Tier 4 (yellow)– $500 per category– Not to exceed $1,000 per housing unit
  • INNER CITY INCENTIVE FUND LOAN BONUS• Tiers 1 – 4– $1,000 per unit if theproject includesstructured parking– $500 per unit if theproject includes LowImpact Developmentstandards
  • LOAN TERMS• Fixed rate– one year LIBOR Rate plus 75 basis points• Interest compounds annually• Balloon repayment in year 7• Contingent upon funding availability
  • MIXED USE FORGIVABLE LOAN• Loan Amount– $20 per square foot of retail– $10 per square foot ofcommercial office• 20% forgiven every yearfor 5 years– Space must be leased– Tenant finish outimprovements• Contingent upon fundingavailability
  • ADMINISTRATION• Center City Development Office– Process CCHIP applications and agreement– Initiate marketing efforts• Economic Development Department– Monitor agreements
  • 14City of San AntonioCENTER CITY DEVELOPMENT OFFICEInfill Development WorkshopJune 7, 2013Center City Housing Incentive Policy
  • 15Project Examples Multi-Family Housing Project within the CRAG, not withinan Incentive Tier and not considered a brownfieldredevelopment project, historic rehabilitation project, oradaptive reuse project. City Fee Waivers as identified in ICRIP SAWS Fee Waivers (contingent upon funding availability) 10 year real property tax reimbursement (participationlevel is 100% if the project is within a Tax IncrementReinvestment Zone and 66% if it is not within a TaxIncrement Reinvestment Zone)
  • 16Project Examples 300 Unit Multi-Family Housing Project within the CRAG,not within an Incentive Tier, and considered a brownfieldredevelopment project. City Fee Waivers as identified in ICRIP SAWS Fee Waivers (contingent upon funding availability) 15 year real property tax reimbursement (participationlevel is 100% if the project is within a Tax IncrementReinvestment Zone and 66% if it is not within a TaxIncrement Reinvestment Zone)
  • 17Project Examples 300 Unit Multi-Family Housing Project within the CRAG, withinIncentive Tier 2, qualifies as an adaptive reuse project, mixedincome project, includes 10,000 square feet of 1st floor retail,and includes a structured parking garage. City Fee Waivers as identified in ICRIP SAWS Fee Waivers (contingent upon funding availability) 15 year real property tax reimbursement (participation level is100% if the project is within a Tax Increment Reinvestment Zoneand 66% if it is not within a Tax Increment Reinvestment Zone) $1.2 million low interest loan ($4,000 per unit) Adaptive Reuse ($1,500 per unit) Mixed Income ($1,500 per unit) Structured Parking ($1,000 per unit) $200,000 Mixed Use Forgivable Loan
  • 18Project Examples 300 Unit Multi-Family Housing Project within the CRAG, within IncentiveTier 1, qualifies as a historic rehabilitation project, community use, includes10,000 square feet of 1st floor retail, and includes a structured parkinggarage. City Fee Waivers as identified in ICRIP SAWS Fee Waivers (contingent upon funding availability) Historic Tax Exemption (requires HDRC approval) 100% for Years 1-5 50% for years 6-10 15 year real property tax reimbursement that runs concurrently with the HistoricTax Exemption (real property tax reimbursement participation level is 100% if theproject is within a Tax Increment Reinvestment Zone and 66% if it is not within aTax Increment Reinvestment Zone) $2.1 million low interest loan ($7,000 per unit) Historic Rehabilitation ($3,000 per unit) Community Use ($3,000 per unit) Structured Parking ($1,000 per unit) $200,000 Mixed Use Forgivable Loan