|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;
Introduced as HB1920