Rep. Lindsay Powell June 10, 2024 | 3:46 PM
HARRISBURG, June 10 – State Rep. Lindsay Powell’s bill that would help keep individuals and families in their homes passed the Pennsylvania House of Representatives today.
The legislation, H.B. 1064, would update the Tax Increment Financing Act and allow TIF districts to fund affordable housing, foreclosure and rental assistance, and workforce programs with funds collected from the implementation of the act. The bill would also increase the lifespan of TIF districts from 20 to 25 years, allowing more revenue generated from these projects to ensure development is equitable and to support homeowners who may be impacted by resulting property tax increases.
“These commonsense changes to the TIF Act are investments not only in the economic health and viability of neighborhoods but are investments in our neighbors who call these communities home,” said Powell, D-Allegheny. “Strengthening our community bonds and supporting residents is a bipartisan issue, and I'm glad my colleagues on both sides recognized the need for these protections.”
TIF districts are communities deemed “blighted” or “distressed” and coordinated through a partnership with a city and its respective county and school districts.
The legislation now moves to the Senate for consideration.
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