HASTINGS — Residential properties located within eligible Hastings redevelopment areas can now utilize Micro-TIF to help cover the cost of renovations.
Members of the Hastings City Council approved on April 14, 2025 Resolution No. 2025-18 to establish the Expedited Review of Redevelopment Plans for Small Projects program in Hastings, as allowed by Nebraska Revised Statutes 18-2155.
The micro-TIF program will begin June 1 and be limited to 15 applications per calendar year to prevent staff from being overwhelmed with new work.
The Expedited Review of Redevelopment Plans for Small Projects program is commonly referred to as “Micro-TIF.” The program allows for smaller residential redevelopment projects on individual properties to use a simplified Tax Increment Financing process to help offset construction costs for a project, such as the construction of a home, or rehabilitating, remodeling, or building an addition to an existing home. This is important to help properties be redeveloped that may otherwise not be redeveloped.
This financial tool collects the difference between the property taxes paid before and after the Micro-TIF project and returns that money to the applicant to help offset costs for the project. Please note that the proceeds gained from a Micro-TIF project will not cover the entire cost incurred for that project and will vary for each project, depending on the type of project, the current and future assessed property value.
The Community Redevelopment Authority works with the county treasurer on the necessary diversion of improvement-related tax dollars.
The Micro-TIF process begins by discussing the application with Development Services staff members, followed by a discussion with county appraisers and application to Development Services.
By Nebraska law, any applications that are accepted must be reviewed by the staff and either approved or rejected within 30 days.
Program details, including the limit on application numbers, will be reviewed every six months for possible changes.
The approval criteria for a Micro-TIF application are as follows:
• The redevelopment plans include only one single-family residential project on one property;
• The redevelopment project includes the repair, rehabilitation, replacement of a single-family home, or the construction of a new single-family home on a vacant lot located within one of the redevelopment areas in the community;
• The property has been within the City limits for at least 60 years;
• If the project involves new construction on a vacation lot, the property has to be both within the City limits AND platted for at least 60 years; and
• The estimated assessed value of the redevelopment property, once the project is completed, cannot be more than $350,000.
If you have any questions or are ready to apply for a Micro-TIF project, please contact the Development Services Office at 402-461-2331.
More information about Micro-TIF is also available on EngageHastings at engage.cityofhastings.org/hastings-micro-tif.
