Economic Development Subcommittee Meeting
The meeting focused on adopting a policy and criteria (Resolution Number 2018-090) for considering the inclusion of real property in multi-county industrial parks to apply for special source revenue credit incentives for rental affordable and workforce housing development within the City of Columbia's corporate limits. Key discussions involved proposed changes to the policy, including adjustments to affordability periods (from 15 to 18 years) and unit targeting percentages (from 10%/80%/10% to 25%). Participants discussed feedback from developers, the complexity of income averaging for designated units, and ensuring the incentives are complementary to existing programs like the 4% program. There was also consideration of how the proposed framework impacts bond financing versus conventional deals, and the need for language flexibility to accommodate various project sizes, including smaller multi-family deals.