Roseville hopes $5 million in aid will attract apartment buyer
February 25, 2021 — 8:48pm
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In an effort to entice the sale of a troubled apartment complex, the city of Roseville is offering as much as $5 million in aid to new owners who fix up the property and keep it affordable.
The Roseville City Council, acting as the Economic Development Authority, voted this week to create an affordable housing tax-increment financing district that primarily encompasses the privately owned Marion Street/The Brittanys Apartments.
The TIF district allows the city to redistribute property-tax dollars to new owners of the 277-unit complex who improve the property while keeping rents affordable. City staff estimated that will amount to about $5 million over the next two decades.