Financial Incentives

Financial incentives are an important tool to facilitate housing production. Like regulatory incentives, the City also makes available financial incentives that meet certain criteria. For instance, impact fee reductions are allowed for projects built in the Downtown. The City is financially assisting a variety of nonprofit organizations to provide senior housing, housing for homeless people, and other services. Density bonuses allowed for qualified projects work as a financial incentive by increasing the revenue stream of projects. Finally the City continues to grant low-cost leases (e.g., $1 per year leases) to qualified organizations to provide senior housing and homeless housing. These types of financial incentives will be provided to allow the City to meet its community development and housing objectives.