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Redevelopment and TIF• Lowry GroveOptions for TIF Districts• Housing (only housing can be assisted and has to be affordable)At least 20% of units affordable at 50% of AMI or 40% at 60% of AMI • Redevelopment (no income restrictions and any use allowed)Each have 26 year term• Just because you can qualify an area or project for TIF, doesn’t mean a developer or development is entitled to itCouncil can just say “no” as they have in the past to other requests for this site and othersIf the Council is interested, still a rigorous review process of project financials to determine level of need, if anyUnit Size 50% Rent 60% RentStudio $791 $9491 $848 $1,0172 $1,017 $1,2213 $1,175 $1,410Maximum Rents By Unit SizeFamily Size 50% AMI 60% AMI1 $31,650 $37,9802 $36,200 $43,4403 $40,700 $48,8404 $45,200 $54,240Maximum Income By Family Size