This Fiscal Note is not an official copy and should not be quoted or cited.
This Fiscal Note is not an official copy and should not be quoted or cited.
Fiscal Note - SB 0878 - Cities must use part of certain TIF funds for affordable housing
COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. NO. 2887-01
BILL NO. SB 878
SUBJECT: Tax Increment Financing: Housing
TYPE: Original
DATE: February 17, 1998
FISCAL SUMMARY
|
ESTIMATED NET EFFECT ON STATE FUNDS | |||
| FUND AFFECTED | FY 1999 | FY 2000 | FY 2001 |
| None | |||
| Total Estimated
Net Effect on All State Funds |
$0 | $0 | $0 |
|
ESTIMATED NET EFFECT ON FEDERAL FUNDS | |||
| FUND AFFECTED | FY 1999 | FY 2000 | FY 2001 |
| None | |||
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
|
ESTIMATED NET EFFECT ON LOCAL FUNDS | |||
| FUND AFFECTED | FY 1999 | FY 2000 | FY 2001 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses
This fiscal note contains 3 pages.
FISCAL ANALYSIS
ASSUMPTION
Officials of the Department of Economic Development's Missouri Housing Development indicated that there would be no fiscal impact to their agency.
For purposes of this fiscal note, Oversight assumes that there would be a redistribution of local Tax Increment Financing (TIF) revenues from the TIF Fund to the Affordable Housing Fund. However, the overall impact to local governments would result in a net impact of $0.
| FISCAL IMPACT - State Government | FY 1999 | FY 2000 | FY 2001 |
| (10 Mo.) | |||
| 0 | 0 | 0 | |
| FISCAL IMPACT - Local Government | FY 1999 | FY 2000 | FY 2001 |
| (10 Mo.) | |||
| TIF FUND | |||
| Loss - Monies diverted to Affordable | |||
| Housing Fund | (Unknown) | (Unknown) | (Unknown) |
| AFFORDABLE HOUSING FUND | |||
| Income - TIF funds | Unknown | Unknown | Unknown |
| NET EFFECT ON POLITICAL | |||
| SUBDIVISIONS | 0 | 0 | 0 |
FISCAL IMPACT - Small Business
This proposal would not directly affect small businesses.
DESCRIPTION
This legislation would require that local governments which authorize tax increment financing redevelopment projects after December 31, 1997 set aside 20% of the tax increment in an
DESCRIPTION (continued)
Affordable Housing Fund to be used to provide low-interest loans and grants for affordable housing.
This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space.
SOURCES OF INFORMATION
Missouri Housing Development Commission
Jeanne Jarrett, CPA
Director
February 17, 1998