Published On: Fri, May 19th, 2017

Rural housing bill takes step forward after filibuster

LINCOLN — Small towns in Nebraska could get an economic boost to build workforce housing under a bill that beat back a filibuster Monday in the Legislature.
LB496, introduced by Sen. John Stinner of Gering, would use tax increment financing to support housing development in communities outside Omaha and Lincoln. Tax increment financing, or TIF, is a subsidy designed to use increased property taxes from a newly developed area to pay for streets, sidewalks and other public infrastructure associated with the development.
TIFs are often used to finance the redevelopment of blighted or substandard areas in cities where development has stalled. This puts new structures in the development area, which increases property values and helps city growth.

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