For immediate release:
April 5, 2013
INDIANAPOLIS - The Indiana General Assembly has approved legislation authored by Rep. Phil GiaQuinta (D-Fort Wayne) that helps cities redeveloped distressed neighborhoods.
House Bill 1270 passed through the Senate without amendments on a 41-8 vote and now awaits Governor Pence’s signature.
The bill expands Housing Tax Increment Financing (TIF) districts from 150 acres to 300 acres. According to GiaQuinta, this will help housing programs grow in urban communities.
“Currently, cities are limited to TIF districts of 150 acres, or about 36 city blocks, which is a pretty big area,” he said. “However, cities like Fort Wayne are noticing benefits to expanding their Housing TIF districts as a way to redevelop distressed neighborhoods. With improvement in these housing districts, more tax dollars come into the community to help the city pay for things like better roads and sidewalks, which in turn improve the quality of these communities.”
The TIF district expansion proposal applies to cities and counties in Indiana that have a Redevelopment Commission to approve the plan.
“This type of redevelopment program benefits cities like Fort Wayne that need a boost to help its neighborhoods thrive,” said GiaQuinta. “A lot of communities have struggling neighborhoods. I’m pleased to have the support of the Indiana General Assembly on this bill.”