Bloomington Opportunity Housing Incentives and Tools for Developers
Opportunity Housing Ordinance
The Opportunity Housing Ordinance (full ordinance found here) requires developers of new housing and substantial housing rehabilitation projects to provide a minimum number of affordable units. The ordinance is comprehensive in scope and helps increase the supply of affordable housing units throughout the city.
The ordinance provides several flexibility measures to incentivize more affordable units, such as:
Housing tax increment financing
A full list of available incentives is found in the ordinance starting in § 9.15.
Affordable Housing Plan
Residential developments of 20 units or more must submit an Affordable Housing Plan to the City of Bloomington as a part of the application for a final site and building plan, a final development plan or for NOAH preservation. An Affordable Housing Plan is not required for a development in which the affordable housing obligation is satisfied by a payment in lieu.