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House Co-Sponsorship Memoranda
House of Representatives
Session of 2023 - 2024
Regular Session
MEMORANDUM
| Posted: | January 18, 2023 02:11 PM |
|---|---|
| From: | Representative Sara Innamorato |
| To: | All House members |
| Subject: | Expanding Eligible Projects for Tax Increment Financing Districts |
| In 1990, the General Assembly passed the Tax Increment Financing Act to give municipalities the opportunity to finance projects that improve undesirable conditions, such as overcrowding or environmental contamination. These projects within tax increment financing (TIF) districts often increase property values both in and around the district, promoting economic growth. Although these projects improve these communities and provide economic opportunity, they do not protect communities and residents from adverse impacts, such as displacement and gentrification. Communities within TIF districts need to be able to fund projects that combat these issues. That is why I am introducing legislation that will update the Tax Increment Financing Act and allow municipalities to use these funds for anti-displacement activities in and around TIF districts, such as the creation of affordable housing, foreclosure and rental assistance, and workforce programs. This legislation would also extend the time that TIF districts can exist from 20 to 25 years, which would allow for more tax increments to fund these projects. This will ensure that communities across Pennsylvania can fund projects that will holistically improve communities and promote economic growth without displacing residents. We need to ensure communities can make improvements and increase economic growth without displacing residents in the process. I hope you will join me in supporting this important legislation that will help communities and improve the lives of Pennsylvania residents. |
Introduced as HB1064