Sioux Falls’ first accessible housing TIF gets approval
New homes will have to be between $204,000 and $340,000
Sioux Falls Mayor Paul TenHaken’s proposal for what will be the city’s first accessible housing tax increment financing (TIF) package earned passage this week.
City councilors voted 7-1 Monday to approve what’s being called the East Ridge District TIF, a $2.1 million incentive for Nielsen Construction to build 65 housing units near Madison Street and Veterans Parkway. The project calls for more than $20 million in private investment, but the TIF will help the developer offset the cost of building infrastructure to the site, including roads, water and sewer.
In return, Nielsen Construction will offer housing units – 39 single-family homes and 26 twin homes – at or below first-time homebuyer prices.