Comments on: Tax Increment Financing 101 http://rethinkcollegepark.net/blog/2007/465/ Helping imagine a great college town for a great university Wed, 15 Feb 2012 18:30:13 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: David Daddio http://rethinkcollegepark.net/blog/2007/465/comment-page-1/#comment-46502 David Daddio Thu, 27 Sep 2007 12:57:49 +0000 http://rethinkcollegepark.net/blog/2007/465/#comment-46502 They have some stuff from the 200's. I'm guessing those are condos. The point about hosing supply still stands. The development doesn't occur in a vacuum... It is part of a bigger picture. No development does not translate to affordable housing. Obstacles to development in addition to extreme housing shortage (these two things are not mutually exclusive) contribute to the price tag substantially. Also the cost of building materials is way up. They have some stuff from the 200′s. I’m guessing those are condos. The point about hosing supply still stands. The development doesn’t occur in a vacuum… It is part of a bigger picture.

No development does not translate to affordable housing. Obstacles to development in addition to extreme housing shortage (these two things are not mutually exclusive) contribute to the price tag substantially. Also the cost of building materials is way up.

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]]> By: jane doe http://rethinkcollegepark.net/blog/2007/465/comment-page-1/#comment-46489 jane doe Thu, 27 Sep 2007 12:23:58 +0000 http://rethinkcollegepark.net/blog/2007/465/#comment-46489 The EYA development south of the University on Route 1 has increased the housing supply. How much would it cost to live there? Your monthly payment-- for the mortgage *only* would be $2,435. Add property taxes and insurance and I think this amount could rise to $3,000. See below for the text of an email from EYA: Thank you for your interest in Arts District Hyattsville, the DC area’s hottest new neighborhood. We're excited to share a new financing program with you. Our lending partner, George Mason Mortgage, and EYA have teamed up to offer you a reduced interest rate on your new home loan, called the 3-2-1 Loan Program. Here is a sample*: New Home Sales Price $495,455 Monthly Payment $2,435 3.875% Reduced Interest Rate Year 1 4.875% Reduced Interest Rate Year 2 5.875% Reduced Interest Rate Year 3 6.875% Low Long-Term Rate for Years 4 – 30 Let’s schedule some time to get together this week and review how this new financing program might work for you. I can be reached at (301) 209-0116. Our sales office, which is located at 4424 Longfellow Street, Hyattsville, MD 20781, is open daily from 11 am to 6 pm. I look forward to seeing you at Arts District Hyattsville! *See sales center for details. Subject to credit verification and application guidelines. Sample loan is based on a 1st trust of $396,000 at 6.809% and a 2nd trust of $74,250 at 8.538%. A 5% down payment is required. Payment does not include taxes, insurance, and homeowners association dues. Offer valid with the use of George Mason Mortgage and builder’s title company. Prices and incentives are subject to change without notice. Sam Greer hyattsville@eya.com The EYA development south of the University on Route 1 has increased the housing supply. How much would it cost to live there?
Your monthly payment– for the mortgage *only* would be $2,435.
Add property taxes and insurance and I think this amount could rise to $3,000.

See below for the text of an email from EYA:

Thank you for your interest in Arts District Hyattsville, the DC area’s hottest new neighborhood.

We’re excited to share a new financing program with you. Our lending partner, George Mason Mortgage, and EYA have teamed up to offer you a reduced interest rate on your new home loan, called the 3-2-1 Loan Program. Here is a sample*:

New Home Sales Price $495,455

Monthly Payment $2,435

3.875% Reduced Interest Rate Year 1

4.875% Reduced Interest Rate Year 2

5.875% Reduced Interest Rate Year 3

6.875% Low Long-Term Rate for Years 4 – 30

Let’s schedule some time to get together this week and review how this new financing program might work for you.

I can be reached at (301) 209-0116. Our sales office, which is located at 4424 Longfellow Street, Hyattsville, MD 20781, is open daily from 11 am to 6 pm.

I look forward to seeing you at Arts District Hyattsville!

*See sales center for details. Subject to credit verification and application guidelines. Sample loan is based on a 1st trust of $396,000 at 6.809% and a 2nd trust of $74,250 at 8.538%. A 5% down payment is required. Payment does not include taxes, insurance, and homeowners association dues. Offer valid with the use of George Mason Mortgage and builder’s title company. Prices and incentives are subject to change without notice.

Sam Greer
hyattsville@eya.com

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]]> By: jane doe http://rethinkcollegepark.net/blog/2007/465/comment-page-1/#comment-46484 jane doe Thu, 27 Sep 2007 12:02:31 +0000 http://rethinkcollegepark.net/blog/2007/465/#comment-46484 In my opinion, the View is ugly. But it's been built and there is no longer anything to be done about it. This is one reason why people are ambivalent about development. So sorry I didn't fully understand the subtleties of your post with respect to populism and elitism. In my opinion, the View is ugly. But it’s been built and there is no longer anything to be done about it.

This is one reason why people are ambivalent about development.

So sorry I didn’t fully understand the subtleties of your post with respect to populism and elitism.

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]]> By: Eric Fidler http://rethinkcollegepark.net/blog/2007/465/comment-page-1/#comment-46393 Eric Fidler Thu, 27 Sep 2007 03:29:26 +0000 http://rethinkcollegepark.net/blog/2007/465/#comment-46393 I was being a bit facetious with the words 'elitism' and 'populism.' Both are just popular forms of rhetoric thrown around these days. However, affordable housing is a worthy goal all communities try to achieve. A sure way to dash that goal is to restrict the supply of housing while the demand remains high. College Park has an especially high demand due to the 150-year-old university in town; a difficult development process (high market prices, odd property sizes, time-consuming regulations, etc.) only exacerbates the shortage. Though citizens certainly have the right to protest development they believe detriments the community, one must remain aware that strong opposition to development in College Park is <i>antithetical to the goal of affordable housing</i>. Also consider that on Route 1, the alternative to new development is the status quo: a large array of blighted and abandoned properties. Certainly there are better alternatives to boarded-up shops and cracked, abandoned parking lots. Rather than adopting the role of obstructionist for developers or apologist for developers, a more sensible method would probably fall somewhere in between (depending on what features of development are valued and to what degree they are valued). For instance, though the View may be a bit tall for the city, its height does increase the housing supply. Which is more important: being free from the sight of a bland cornice peering above the trees or an increase in the housing supply in an under-served market? Different people have different answers. As for 911 calls, the costs associated with responding to calls are probably lower than the total new tax revenue generated. People who make frivolous calls are already subject to hefty fines. I was being a bit facetious with the words ‘elitism’ and ‘populism.’ Both are just popular forms of rhetoric thrown around these days.

However, affordable housing is a worthy goal all communities try to achieve. A sure way to dash that goal is to restrict the supply of housing while the demand remains high. College Park has an especially high demand due to the 150-year-old university in town; a difficult development process (high market prices, odd property sizes, time-consuming regulations, etc.) only exacerbates the shortage. Though citizens certainly have the right to protest development they believe detriments the community, one must remain aware that strong opposition to development in College Park is antithetical to the goal of affordable housing.

Also consider that on Route 1, the alternative to new development is the status quo: a large array of blighted and abandoned properties. Certainly there are better alternatives to boarded-up shops and cracked, abandoned parking lots. Rather than adopting the role of obstructionist for developers or apologist for developers, a more sensible method would probably fall somewhere in between (depending on what features of development are valued and to what degree they are valued). For instance, though the View may be a bit tall for the city, its height does increase the housing supply. Which is more important: being free from the sight of a bland cornice peering above the trees or an increase in the housing supply in an under-served market? Different people have different answers.

As for 911 calls, the costs associated with responding to calls are probably lower than the total new tax revenue generated. People who make frivolous calls are already subject to hefty fines.

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]]> By: jane doe http://rethinkcollegepark.net/blog/2007/465/comment-page-1/#comment-46265 jane doe Wed, 26 Sep 2007 16:18:25 +0000 http://rethinkcollegepark.net/blog/2007/465/#comment-46265 "If development regulations are correctly worded to require public facilities capacity based on an adequate level of service, then the developer would be required to show that public facilities are available to serve the project or to provide them. As for an increase in police or fire calls, taxes are designed to provide for the continuation of these services. If this were not the case, local governments would operate in the red." Thanks ofr the info re:development regulations. Re: taxes I realize that taxes fund the cops and fire department. It seems obvious to me that residential development would cause an increase in police/fire calla and this doesn't seem to be considered when people discuss how great development is because it will increase tax revenues. “If development regulations are correctly worded to require public facilities capacity based on an adequate level of service, then the developer would be required to show that public facilities are available to serve the project or to provide them. As for an increase in police or fire calls, taxes are designed to provide for the continuation of these services. If this were not the case, local governments would operate in the red.”

Thanks ofr the info re:development regulations.
Re: taxes
I realize that taxes fund the cops and fire department. It seems obvious to me that residential development would cause an increase in police/fire calla and this doesn’t seem to be considered when people discuss how great development is because it will increase tax revenues.

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