UCH-TIF District Proposed in Salem
November 22nd at 2:30pm.
Salem is considering implementing an Urban Center Housing Tax Increment Finance District (UCH-TIF) to help facilitate the redevelopment of Leefort Terrace. The UCH-TIF program authorizes cities and towns to promote housing and commercial development by proving real estate exemptions on all or part of the increased values of the improved real estate.
Currently, Leefort Terrace consists of 50 public housing units located on the ground floor in a coastal flood plain. The proposed redevelopment of Leefort terrace will be comprised of 124 new units of affordable rental housing. The project proposes 100% affordable rental housing reserved for households with extremely low-, low-, and moderate-incomes as defined by the U.S. Department of Housing and Urban Development, serving households earning at or below 60% of the AMI.
The project will be spearheaded by a collaboration of the Salem Housing Authority and Beacon Communities. Total development costs for the project are estimated at $92,082,574, with funding coming from both public and private sources, including Federal and State LINTC, DHCD soft funds, City of Salem Community Preservation Act funds, permanent debt and private equity, among other possible sources. The project is expected to be completed by 2025.
Updates will be posted on the NSR blog.