SUMMARIZE IN ONE SENTENCE — COSA continues to draft a policy that will offer tax freezes to eligible residents in fast-changing neighborhoods.
drafting policy currently
The policy is allowed under a 1999 state law, which lets municipalities designation neighborhood empowerment zones, or NEZs. In the zones, property owners can receive incentives, including tax abatements on the city portion of their tax bill, for up to 10 years.
The law was written as a way to incentivize more investment in underserved neighborhoods. Home owners, for example, get a tax freeze if they invest a certain percentage of the value of their homestead into their home in terms of upgrades.
San Antonio officials are looking to use the policy the opposite way—to help keep residents in their homes by giving them some tax relief.
overall anti displacement strategy
impact on general fund
no select areas yet
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In an attempt to stabilize the lives of homeowners who are experiencing gentrification around them, the city of San Antonio is tapping into statewide mechanism that was actually designed to do the opposite—attract new investment into desolate areas.
They're called neighborhood empowerment zones, or NEZs. Don't get caught up by
A few months ago, we reported that a state program that freezes city property taxes for eligible residents was in the works here in San Antonio.
City officials were eying Government Hill, Denver Heights and the near West Side as the first communities from which to launch the program. But now they've opened it up, and are also considering Hot Wells and a neighborhood near Brooks.
Beyond those possibilities, there isn't a whole lot of information to share about how the program will work and who will be eligible.
For example, the state law allows the municipalities to freeze properties on their portion of a property owners' tax bill, but it's up to the municipality to set the criteria. According to state law, a city can set the neighborhood empowerment zone (NEZ) for up to 10 years.
Taxes on city portion of a homeowners' tax bill
I know more about the way development deals are put together probably more than any journalist in this town, and the Alazan Lofts project on the near West Side still baffles me.
We know that the San Antonio Housing Authority and NRP Group are the main partners. We also know that the low-income housing tax credits
alazan lofts / nrp group profit???
what is NRP Group making???