Creating public-private partnerships to make projects happen.
Avesta Housing, a nonprofit developer and manager of affordable housing, proposed a 50-unit affordable housing development that included rehabilitating a historic structure and creating a new multiplex building on the site. Seeking to take advantage of MaineHousing’s Tax Increment Financing (TIF) program for incentivizing affordable housing, Avesta Housing turned to Camoin Associate’s TIF expertise to prepare the TIF application and run the financial modeling. Under a TIF agreement, a portion of the real estate property taxes paid after the project is complete can be returned to the developer, which makes the project more financially feasible.
Camoin prepared the financial tables for the application including how a TIF agreement would change future tax flows and calculated the projected revenue that would be returned to both the developer and the town under different TIF scenarios. This helped Avesta Housing reach an agreement with the Town that was successfully passed by The Town Council in August of 2015.
- TIF Scenario Analysis
- Revenue Projections
- Tax-Shift Calculations