Second Neighborhood Infill Finance and Transit Improvements Act (NIFTI-2)
Established by Senate Bill 961 in 2018, NIFTI-2s are very similar to NIFTIs but have some key differences. Like NIFTIs, NIFTI-2s do not require public vote for creation and are governed by a Public Financing Authority made up at least 3 elected officials and 2 local community members who live or work in the area (5+ members total). NIFTI-2s also require 55% of registered voters, or landowners vote (1 vote per acre), to issue bonds and the district must be coterminous with the boundary of the city or county establishing the NIFTI-2.
NIFTI-2s fund affordable housing, transit, and urban greening projects, such as multifamily affordable housing, transit-oriented development, complete streets capital, parks/open space/urban forestry/greening improvements, and active transportation projects. Because NIFTI-2s have a greater focus on affordable housing and urban greening, NIFTI-2s have a 40% affordable housing AND 10% park/public space set-aside requirement. Additionally, NIFTI-2s can only fund projects that are within ½ mile from major transit stops.
No approved NIFTI-2s in the State yet.