Submitted by: Mayor Hollingsworth
Submitting Department: Community & Economic Development
Agenda Section: Consent
Item Title:
title
Hyattsville Ordinance 2020-05: Revisions to Chapter 108, Revitalization Tax Credit
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Suggested Action:
recommendation
I move that the Mayor and Council adopt Ordinance 2020-05, an Ordinance whereby the City of Hyattsville amends its taxation provisions to permit the granting of revitalization tax credits to the production of affordable housing for individuals and families and to allow for certain exceptions in tax credit limitations pursuant to the production of affordable housing units (SECOND READING & ADOPTION).
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Summary Background:
The Hyattsville City Council adopted HO2013-03 establishing the Revitalization Tax Credit. Since that time, the City has received comment from residents regarding the urgency of ensuring affordability in housing in the city. As proximity to transit areas promotes access for jobs and regional mobility, concentrating our efforts on affordable housing within the existing transit zones appears to be ideal. This legislation will offer the Mayor and Council guidance for consideration of abatement requests.
The City Council has directed the City Attorney to amend §108-4 of the City Code to include eligible real property which is dedicated to the production of affordable housing units for individuals and families whose taxable income constitute sixty percent (60%) of Average Median Income (AMI).
This amendment was discussed by the City Council at the meeting of July 20, 2020, a first reading was held on August 10, 2020.
Next Steps:
A first reading was held on August 10, 2020. After adoption, staff will publish the legal notice and the ordinance will be effective after 20 days.
Fiscal Impact:
TBD
City Administrator Comments:
The City staff understands the amendment is intended to provide eligibility criteria for the creation and/or preservation of affordable housing units. The amended language may be effective at incentivizing affordable housing developers or market rate developers to construct affordable dwelling units within the City limits.
Upon receipt of applications, the City will commission a financial evaluation to determine a project’s financial gap and asses the City’s capacity to support the request. Once complete, the staff will bring the action back to Council for resolution.
Community Engagement:
The creation and preservation of affordable housing was adopted as a goal of the 2017-2021 Community Sustainability Plan and is the subject of the City’s ongoing Affordable Housing Strategy.
Strategic Goals:
Goal 2 - Ensure the Long-Term Economic Viability of the City
Legal Review Required?
Complete