For immediate release:
Feb. 21, 2013
INDIANAPOLIS - The Indiana House of Representatives today approved legislation authored by Rep. Phil GiaQuinta (D-Fort Wayne) that helps cities redeveloped distressed housing areas.
GiaQuinta’s bill would expand Tax Increment Financing (TIF) districts from 150 acres to 300 acres, which would allow housing programs to grow in communities where property values are plummeting.
“Currently, cities are limited to TIF districts of 150 acres, or about 36 city blocks, which is a pretty big area,” said GiaQuinta. “However, cities like Fort Wayne are noticing benefits to expanding their 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, and I’m pleased to have support from both parties on this issue.”
House Bill 1270 passed through the House 93-1 and now advances to the Senate for further review.