The Oneida County Industrial Development Agency adopted a new Uniform Tax Exemption and Agency Benefits Policy (the “Policy”) for rental and owner-occupied projects, expanding its prior market-rate rental housing policy and broadening the types of housing projects that may qualify for IDA benefits.
The revised Policy is designed to encourage smart, strategic growth to address Oneida County’s housing needs, including:
- Expanded eligibility for owner-occupied projects, not just rental housing;
- A new emphasis on senior housing and compact development models such as duplexes, triplexes, condos and co-ops;
- Fewer geographic and minimum investment restrictions, with a preference for projects using existing infrastructure;
- Additional support for affordable housing, Brownfield redevelopment and projects using federal or state funding sources; and
- Encouragement of modern construction methods, including modular, prefabricated, manufactured, tiny home, micro-unit and 3D-printed housing concepts.
The Policy was developed in response to findings from the county’s housing strategy report, which identified an aging housing stock, limited new development and increasing demand fueled by economic growth and new job opportunities in emerging industries. The Policy establishes a scoring system that rewards projects incorporating adaptive reuse, compact development, green building practices, infrastructure utilization and community benefits. Projects that meet eligibility requirements may qualify for varying levels of real property tax abatements, sales tax exemptions and mortgage recording tax exemptions.
To help facilitate new housing development, the county also released a step-by-step housing guidebook for municipalities to help streamline local processes for housing development.
For housing developers, municipalities and community stakeholders, this is a policy worth watching closely as Oneida County continues to respond to the demand for more diverse and attainable housing options.
Associate Kate Silverstrim-Jensen contributed to this report.
For further details on how OCIDA’s new Policy might impact your projects, or if you have questions for our lawyers, please reach out to attorney Michael A. Discenza at (212) 912-3605 and mdiscenza@harrisbeachmurtha.com, or the Harris Beach Murtha attorney with whom you most frequently work.
This alert is not a substitute for advice of counsel on specific legal issues.
Harris Beach Murtha’s lawyers and consultants practice from offices throughout Connecticut in Bantam, Hartford, New Haven and Stamford; New York State in Albany, Binghamton, Buffalo, Ithaca, New York City, Niagara Falls, Rochester, Saratoga Springs, Syracuse, Long Island and White Plains; as well as in Boston, Massachusetts, and Newark, New Jersey.
