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Recent economic studies conclude that demand in downtown's current real estate market <br /> is not sufficient to overcome the obstacles and related costs. Therefore, the public sector <br /> must take an active role in facilitating downtown housing projects. Tools that can play an <br /> important role in stimulating downtown housing include the Multi-Unit Property Tax <br /> Exemption program (MUPTE), a Vertical Housing Development Zone, revenue from <br /> urban renewal districts, public lending, parking, land assembly, Federal Low-Income <br /> Housing Tax Credits and bonding. <br /> <br /> Neighborhood Preservation <br /> Residential neighborhoods on the periphery of downtown provide a relatively high <br /> residential density bordering the commercial core. Residents in these areas take <br /> advantage of the proximity of downtown activities and nearby open space. These <br /> neighborhoods have a high concentration of historic properties, with walkable, tree-lined <br /> streets. The Downtown Plan recognizes the value of these neighborhoods to the <br /> community and to downtown. <br /> <br /> Policies <br /> <br />1. Stimulate multi-unit housing in the downtown core and on the edges of downtown <br /> for a variety of income levels and ownership opportunities. <br /> <br />2. Reinforce residential use in neighborhoods abutting the downtown commercial core <br /> to help contain commercial activity in downtown and maintain the historic character <br /> and livability of adjacent neighborhoods. <br /> <br /> Implementation Strategies <br /> <br />A. Expand the MUPTE program boundary to encourage housing on the edges of <br /> downtown. Periodically review boundaries and expand to include areas where <br /> additional housing is appropriate. <br /> <br />B. Establish a vertical housing tax exemption zone in order to encourage residential <br /> density and mixed-use development. <br /> <br />C. Develop additional financial tools to assist with the development of housing, <br /> including the use of bonds, tax increment financing, land assembly and parking. <br /> <br />D. Remove regulatory barriers to the development of housing in commercially zoned <br /> areas downtown, while ensuring compatibility of uses and design. <br /> <br />E. Reinforce opportunities for home ownership downtown. <br /> <br />F. Seek opportunities to equalize the costs of building housing in and near downtown <br /> compared with locations elsewhere in the city. <br /> <br /> 26 <br /> <br /> <br />