The municipality must define the district and document a development program describing, among other issues, how the DIF will encourage increased residential, commercial and industrial activity within that district. It must also detail the project improvements, financing plans and community benefits. After the local public hearings and approvals, the municipality must submit an application to the EACC for final approval prior to implementing the program.
DIF Application Form
- The municipal investment is designed to stimulate private investment which in turn increases the taxable value of property and generates the incremental taxes.
- The DIF flexibility empowers municipalities to forward public purpose while assisting their private partners in accomplishing their goals.
- All cities and towns are eligible to utilize this financing alternative without qualifying as open-blighted, decadent, substandard, or economically impaired.
- Financing terms are negotiable and can be tailored to suit the situation.
- No new taxes are levied, and the DIF does not reduce or redirect current property tax revenues.
DIF is available to all cities and towns in the Commonwealth of Massachusetts that have projects meeting DIF regulations and guidelines.
- Municipalities will follow a prescribed application process in order to complete a standard application and secure local approval
- Application Pre-review Team will provide a technical review of each application prior to submission to the full EACC
- EACC will:
- Review each completed application
- Approve the DIF project (district and financing)
- Monitor via annual municipal reports and
- Enforce Program compliance