Press release:
The Genesee County Economic Development Center Board of Directors formally adopted a Phase 1 Housing Policy at the agency’s meeting on Oct. 29. The Phase 1 policy establishes incentives and criteria for multifamily rental/market-rate and multifamily rental/affordable housing projects.
The Phase 1 Housing Policy is the result of the findings from a study and assessment of Genesee County’s housing stock conducted by LaBella Associates in 2018 and an economic development strategic assessment of Genesee County conducted by the Rockefeller Institute of Government in 2019.
Among the key findings of both assessments:
- Genesee County has an extremely aged housing stock with an average median age of 73+ years;
- There is a marketplace demand demand/need for approximately 4,800 new housing units, market-rate apartments, and owner-occupied units $100,000+;
- Grants and/or incentives should be provided to promote new housing construction;
- Incentives should be created to spur investment in the housing stock.
- Failure to meet market housing demand will negatively impact economic development, including potential out-migration of current residents.
“I want to thank and acknowledge the great work of the members of the GCEDC Housing Committee, including our Housing Committee Chair Paul Battaglia that took a methodical approach in developing this policy,” said GCEDC President and CEO Steve Hyde. “It is irrefutable that there is a demand in the marketplace for new housing and if we do not address the supply there will be negative economic impacts.”
The GCEDC Phase 1 Housing Policy would offer property tax exemptions for new construction and/or rehabilitation of multifamily rental market rate and affordable housing projects; sales tax exemptions for the purchase of construction materials, equipment rentals and purchases; and mortgage tax exemptions. These are the typical incentives available through the GCEDC for projects across the county.
“The members of the Housing Committee and the GCEDC Board recognize that housing is an integral part of economic development, including the demand among employers who are concerned about being able to attract new workers as they expand their operations because of a lack of quality housing near their workplaces,” Battaglia said.
“We are confident in the review by our legal counsel that we can begin to offer these incentives to developers to improve the County’s housing stock and we are excited about moving forward to get some projects started.”
