SIOUX FALLS, S.D. (KELO.com) -- Legacy Development has decided against building a $12 million affordable housing complex near downtown Sioux Falls.
Most of the units at Third Avenue Lofts, planned for 13th Street near Sunshine Foods, would have been based on income.
City Council is being asked to dissolve the tax breaks for the project, the so-called TIF or tax increment financing. A TIF allows a company to use property taxes it would normally owe on a project, to pay for specific construction costs over 20 years.
Affordable housing is a big piece of the challenge of workforce development in the Sioux Falls area, especially as housing values continue to rise.