1,351
Nebraska State Auditor Mike Foley issued a 26-page advisory letter warning state and local lawmakers about the potential consequences of rapidly increasing use of Tax Increment Financing (TIF) funds across the state. TIF projects allow developers to “freeze” property valuations on a parcel that would otherwise be unattractive for development, defined as
“blighted” or “substandard”. In theory, the increased value of the property after redevelopment will be added to the tax rolls for local school districts and other political subdivisions.
In his letter, Foley detailed the explosive growth of TIF projects statewide, from 828 projects in 2016 to the current total of 1,351 just 5 years later, with what he calls “little monitoring and oversight across the state.” He takes particular aim at the City of Omaha’s streetcar project, which he calls the “largest diversion of property tax dollars for an economic development project in Nebraska history.”
$800 Billion
September 15 began National Hispanic Heritage Month, a recognition of the contributions of Hispanic individuals to our nation’s history, culture, leadership and success. Hispanic entrepreneurship is a significant economic engine for our country and state, as well.
According to the Congressional Joint Economic Committee, Hispanic Americans are a key driver of job creation. Nearly 1 in 4 new businesses—which provide critical sources of new jobs—are Hispanic-owned, and the nearly 5 million Hispanic-owned businesses contribute over $800 billion to the American economy annually. In the decade preceding the pandemic, the number of Hispanic business owners increased 34%, compared to an increase of just 1% among non-Hispanic business owners.
21 Million
Over 21 million renter households spend more than 30% of their income on housing costs, which represents nearly half (49.7%) of all renter households in the United States, according to the most recent American Community Survey released by the United States Census Bureau.
While overall, the average percent of household income spent on rent remained relatively constant compared to 2022, there are growing differences in the percentage when comparing various racial groups. The highest percentage paid was by Black or African American households with 4.6 million (56.2%) paying more than 30% of their income on housing costs in 2023. Another 4.8 million, or 53.2% of Hispanic renter households were cost-burdened.
Generally, rental costs continue an upward trend across the country and for the first time in 10 years, outpaced home price increases, according to the survey. The real median gross cost of renting — rent plus the average monthly cost of utilities and fuels adjusted for inflation — grew faster annually (3.8%) than real median home values (1.8%) in 2023.
45
Just 45 days left until this year’s election! This is your most powerful opportunity to make your voice heard on who will represent your interests in a variety of roles, from your local school and utility boards, our state legislature (for odd-numbered districts), two United States Senate races, and a variety of ballot initiatives, to mention a few. Take a moment today and verify that you are registered to vote by clicking here. If you have questions about voting, visit your local county election office, or the Secretary of State website to learn more.