Housing development plans for Upsala

As finding affordable housing in Minnesota remains an issue for many people, Upsala is being considered for housing development. In its very early stages, Shawn Tenney with Tenney Construction told the council, March 2, that a better understanding of the financial aspect of building the housing needs to be reached before moving forward with actual plans. Tenney said he will know more March 17.

As establishing a tax increment financing (TIF) district is considered, Jason Murray with David Drowns Associates said there are three types of TIFs — housing, economic and redevelopment. While economic TIFs tailors more to a community’s jobs, wages and manufacturing, housing TIFs focus on rental and ownership and redevelopment TIFs seek to address blighted, substandard conditions of a property.

Click here to read the original article from the Morrison County Record.