40R Smart Growth & Starter Home Zoning Districts

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Presentation transcript:

40R Smart Growth & Starter Home Zoning Districts have to meet three basic criteria relative to location, affordability and as-of-right allowable density 3 types of payments: 1) an upfront Zoning Incentive Payment for simply adopting the zoning overlay (this payment ranges in size from $10-$600K depending on net increase in as of right units on Developable/Underutilized Land); 2) Density Bonus Payment based on $3,000K per unit that receives a building permit consistent with the zoning requirements; and 3) under c. 40S the potential for reimbursement of any net increase in eligible school cost attributable to any children living in 40R units. = positive difference b/t standard state cost projection (avg. cost x # of students) & product of the educational % (% of overall state $ on education) & sum of the associated real estate and excise taxes + any additional c. 70$ otherwise received. 40R Smart Growth & Starter Home Zoning Districts Housing Development Incentive Program (HDIP) Urban Center Housing - Tax Increment Financing (UCH-TIF) Bill Reyelt 617.573.1355 william.reyelt@state.ma.us

Starter Home Zoning Districts 40R Smart Growth & Starter Home Zoning Districts Encourage housing production & smart growth Financial incentives to municipalities for adoption & implementation of smart growth zoning overlay districts Smart growth locations Allow by-right densities based on housing type Minimum 20% affordable Zoning incentive payment Density bonus payment 40S/school-reimbursement

Incentive Program (HDIP) Housing Development Incentive Program (HDIP) Promotes market-rate housing in Gateway Cities Encourages development consistent with a locally adopted Plan & Zone Flexible local tax increment exemption on improvements Up to 25% state tax credit on qualified improvements Predominantly market rate – affordability is capped

Tax Increment Financing (UCH-TIF) Urban Center Housing Tax Increment Financing (UCH-TIF) Promotes housing/mixed-use in commercial centers consistent with adopted plan & zone New tax revenue for municipalities Amended to allow more flexibility Tax exemptions on improved value Allows for special assessments Flexible affordability requirements Not limited to Gateway Cities Linda Balzotti 617.573.1446 linda.balzotti@state.ma.us