Legislation Quick Search
10/17/2021 08:14 AM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20210&cosponId=36204
Share:
Home / House Co-Sponsorship Memoranda

House Co-Sponsorship Memoranda

Subscribe to PaLegis Notifications
NEW!

Subscribe to receive notifications of new Co-Sponsorship Memos circulated

By Member | By Date | Keyword Search


House of Representatives
Session of 2021 - 2022 Regular Session

MEMORANDUM

Posted: September 15, 2021 01:44 PM
From: Representative Ed Gainey
To: All House members
Subject: TIF District Reform
 
In our Commonwealth, Tax Increment Financing (TIF) districts are an effective tool for real estate redevelopment. Improvements made in TIF districts often provide substantial benefit and increased market value to nearby property, both inside and outside the district. While this provides current residents and businesses greater economic opportunity, it also puts these communities at risk to the downsides of gentrification.
Pennsylvania’s Tax Increment Financing Act currently allows for financing of direct improvements of real property inside the district, but there is no way to dedicate TIF proceeds to fund anti-displacement strategies both inside and outside the district. In order to better serve struggling communities and encourage investment and revitalization without displacement, I will soon offer legislation that will amend our TIF Act as follows;
  • Extend TIF district authorization from 20 to 25 years
  • Expand eligible use of funds to include anti-displacement activities inside and outside the district
The extended length of the TIF district makes more tax increment available to finance the anti-displacement activities. These shall include, but are not limited to, direct & indirect costs for the following activities, inside and outside the TIF district:

  • Creation/preservation of affordable housing
  • Creation/preservation of affordable commercial space
  • Affirmative marketing strategies
  • Landbanking activities
  • First right of return programs
  • Foreclosure and rental assistance
  • Job-linkage and workforce programs
  • Public realm improvements
It is my hope that these changes will better serve the needs of our communities and encourage more economic growth without displacement.
 



Introduced as HB1920