LD 858
pg. 6
Page 5 of 13 An Act To Establish a Municipal Affordable Housing Development District Tax Inc... Page 7 of 13
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LR 787
Item 1

 
G.__The duration of the program, which may not exceed 30
years from the date of designation of the district; and

 
H.__All documentation submitted to or prepared by the
municipality under section 5247, subsection 2.

 
3.__Financial plan for affordable housing development
district.__The financial plan for an affordable housing
development district must include:

 
A.__Cost estimates for the affordable housing development
program;

 
B.__The amount of public indebtedness to be incurred;

 
C.__Sources of anticipated revenues;

 
D.__A description of the terms and conditions of any
agreements, contracts or other obligations related to the
affordable housing development program; and

 
E.__For each year of the affordable housing development
program:

 
(1)__Estimates of increased assessed values of the
district;

 
(2)__The portion of the increased assessed values to
be applied to the affordable housing development
program as captured assessed values and resulting tax
increments in each year of the program; and

 
(3)__A calculation of the tax shifts resulting from
designation of the affordable housing development
district.

 
4.__Limitation.__For affordable housing development
districts, a municipality may expend the tax increments
received for any affordable housing development program only
in accordance with the financial plan.

 
§5249. Project costs

 
1.__Authorized project costs.__The director shall review
proposed project costs to ensure compliance with this
subsection. Authorized project costs are:

 
A.__Costs of improvements made within the affordable
housing development district, including, but not limited
to:


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