Tuesday, October 28, 2014

Boise Council Gets Update on Downtown Housing Incentives

Posted By on Tue, Oct 28, 2014 at 10:06 AM

When the Boise City Council meets today, they'll be updated on a downtown housing incentive program, designed to encourage more dense multifamily housing in Boise's central core. The program would "redefine Boise's downtown," according to planners, and combines financial incentives and what planners say will be "progressive regulations with the inherent advantages of locating in Boise's vibrant downtown."

In particular, the boundary of the Downtown Planning Area includes several Urban Renewal Districts: the 30th Street, Westside Downtown, Central, and River-Myrtle/Old Boise districts.

Incentives would be scored based on several criteria for downtown housing, including sustainability, optimal location, diversification, adaptive reuse and parking and density.

Among the incentives:
- A minimum of $1,000 per unit for projects at or below 80 percent of median income
- $1,000 per unit in "gap financing" with favorable repayment terms
- Expedited permitting processes
- Coordinated development approvals
- Reduction of onsite parking requirements
- Renewable energy credits
- Low interest sewer financing
- Fee deferrals
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