CEDAR FALLS COMPREHENSIVE PLAN
Table 14.2 Potential Funding Sources SOURCE & ADMINISTRATOR
DESCRIPTION
Safe Routes to Schools; IDOT
Section 42 Low Income Housing Tax Credit; HUD
Self-Supported Business Improvement District; Local Business Association
Surface Transportation Program (STP); Local COG
Tax Abatement; City of Cedar Falls
Funding for infrastructure and non-infrastructure improvements that will result in more students walking or bicycling to school.
Tax credits for affordable housing developers through the State. Developments can utilize either a 4% or 9% credit, depending on the mix of low-income residents.
Contributions by business owners used for various business district enhancements. This strategy is already in use for the downtown through the Community Main Street organization.
Funding for road or bridge projects on the federal aid system.
Reduction or elimination of property taxes for set period of time on new improvements to property granted as an incentive to do such projects.
Tax Increment Financing (TIF); City of Cedar Falls
Traffic Safety Improvement Program (TSIP); IDOT
Use added property tax revenues created by growth and development to finance improvements within the boundaries of a redevelopment district.
Traffic safety improvements or studies on any public road.
Transportation and Community and System Preservation Program; IDOT
Funding for planning and implementing strategies that improve the efficiency of the transportation system, reduce the environmental impacts of transportation, reduce the need for costly future public infrastructure investments, ensure efficient access to jobs, services and centers of trade, and examine private sector development patterns and investments that support these goals.
POSSIBLE USES
Sidewalk installation and improvements, pedestrian safety improvements.
Multi-family housing development for low and moderate-income families.
Physical improvements to business district, upper-story restoration of downtown buildings.
Road or bridge projects. Trails improvements. Bicycle facilities.
Available for commercial, industrial, or residential developments.
New residential, commercial, or industrial developments, including public improvement, land acquisition, and some development costs.
Traffic safety and operations at specific site with an accident history. New traffic control devices. Research, studies or public information initiatives.
DEADLINE Oct 1
AVAILABLE FUNDS
$1.5 million annually
REQUIRED MATCH
No
NA
NA
NA
NA
NA
NA
Check with local COG
NA NA
Check with local COG
NA
NA
NA
NA
June 15
$500,000 maximum per project
No
Innovative transportation improvements that address stated goals.
Established yearly
$61,250,000 (annually)
No
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