New Residential Incentive Program Will be Implemented in June
After analyzing the 2014 Housing Study findings and after carefully considering all aspects related to the housing needs of the community, the City’s Economic Development Board (EDB) has developed a new program to encourage developers and/or residents to invest in the City’s housing stock to help reduce and/or eliminate the gaps identified in the study.
One finding of the study indicated an inadequate supply of desirable owner-occupied housing the City under $200,000 that were “acceptable” to potential buyers.
“Since the completion of the 2014 Marshfield Housing Study, the Economic Development Board has been working to address the identified housing needs and gaps of the community,” said Jason Angell, Director of Development Services for the City of Marshfield, representing the Economic Development Board. “The creation of new housing incentive program has been something that the EDB has been discussing for the past 18 months.”
Called the “Marshfield Residential Incentive” (MRI) program, the grant program is designed to help encourage the construction of single- and two-family residential units within the City of Marshfield.
Those looking to build a new single-family or two-family construction would submit an application at the same time they are applying for a building permit. The incentive program does not apply to additions, remodeling, or construction of accessory buildings/uses. New multifamily developments (3+ units) are not eligible for an incentive payment.
Examples of Payment Graph:
Staff is currently in the process of developing the program materials based upon the direction provided at the March 30, 2017 EDB meeting, as well as meeting with the various stakeholders typically involved in residential construction (such as bankers, realtors, builders, developers, and residents that are currently considering a build). Meetings with potential future investors are also being arranged.
“Thus far, the two entities that have provided funding to support the launch of the program are Marshfield Economic Development Board and Marshfield Utilities,” said Angell.
The program is set to launch June 1, and any building permit issued after June 1st will be eligible for the program.
“Anyone that constructs a new single- or two-family residential unit can benefit from the program,” said Angell. “The program does not discriminate between spec homes, owner occupied, or rental units.”
In order to receive the incentive payment, applicants will need to meet the following criteria:
- An occupancy permit is granted by the Building Inspector
- All required inspections will need to have been completed
- A final assessed value of the home (land value not included) is determined by the City Assessor
- Individuals with outstanding fees owed to the City are not eligible
Angell further wished to note that all of his responses are based upon the discussion and direction of the EDB, which “has been working to develop the program and therefore deserves credit for it.”