17C-2-203. Part of tax increment funds in urban renewal project area budget to be used for housing -- Waiver of requirement.
(1) Except as provided in Subsectionsand, each urban renewal project area budget adopted on or after May 1, 2000, that provides for more than $100,000 of annual tax increment to be paid to the agency shall allocate at least 20% of the tax increment for housing as provided in Section. (1)(b) (c) 17C-1-412 The 20% requirement of Subsectionmay be waived in part or whole by the taxing entity committee if the taxing entity committee determines that 20% of tax increment is more than is needed to address the community's need for income targeted housing. (1)(a) An agency is not subject to the 20% requirement described in Subsectionif: (1)(a) an inactive industrial site is located within an urban renewal project area; and the inactive industrial site's remediation costs are estimated to exceed 20% of the project area funds under the urban renewal project area budget.
(2) An urban renewal project area budget not required under Subsectionto allocate tax increment for housing may allocate 20% of tax increment received by the agency over the life of the project area for housing as provided in Sectionif the project area budget is under a project area plan that is adopted on or after July 1, 1998. (1)(a) 17C-1-412