Picente and Oneida County Industrial Development Agency Announces New Housing Incentives
Oneida County Executive Anthony Picente announced that the Oneida County Industrial Development Agency (OCIDA) in furtherance of the Oneida County Vision 2020 – “Path Toward Prosperity Initiative,” has created a Uniform Tax Exemption and Agency Benefits Policy to encourage development of specific types of market rate rental housing.
“Our Vision 2020 Initiative continues to produce concrete action items that move this county forward. The OCIDA Housing Incentive package will spur much needed housing development in our urban core and throughout the county. We continue to prepare and improve this region for future generations and today is another positive step in the right direction.”
The policy has three tiers of ranging benefits for projects located in targeted urban areas and that meet certain criteria. Benefits range from exemption of sales tax and mortgage recording tax to exemption of real estate taxes.
This Policy meets the demands of changing population and workforce demographics and takes into account an evolving housing market that places an increasingly higher preference on lifestyle choice and geographic mobility. The expansion of OCIDA’s policy to support eligible market rate rental housing is largely driven by the anticipated employment opportunities that will be created by the nanotechnology and emerging innovation economy.
The types of housing eligible for OCIDA consideration include market rate rental apartments, townhouses, condominiums, loft-style housing and new urbanism type of housing developments. In order to be considered for OCIDA financial assistance projects must have a minimum of five units in a renovation or conversion of a building and twenty-four units for new construction.
In addition, all applications for consideration must have a minimum project investment of $400,000 in renovation/construction projects and $1.2 Million for new construction rental housing projects. Projects have to be located in eligible areas that include downtowns, along main street corridors, neighborhood commercial districts, in an approved Local Waterfront Revitalization Plan (LWRP), defined areas proposed by the municipality or directly adjacent to colleges/universities campuses.
OCIDA will not consider housing applications that propose new suburban subdivisions that serve single family detached housing or projects that are not located within the eligible areas.
“With the expansion of the innovation economy, a segment of this new work force will be attracted to market rate rental housing and unique urban living lifestyles,” said David Grow, Chairman of the OCIDA. “The Agency took this type of scenario into account when it established a housing policy. Prior to an established policy the Agency granted only exemptions from sales and mortgage recording tax benefits on a case by case basis. Using County Executive Picente’s Vision 2020 as a pillar of economic growth, the OCIDA developed a comprehensive policy to address a crucial community need.”
For more detailed information on the policy and map of eligible areas: www.OneidaCountyIDA.org