Board advances tax agreement for River Square rehabilitation to add affordable units

The Mahoning Board of Alders moved to approve a tax agreement application from Property Tax Research LLC, submitted on behalf of Community Preservation Partners (CPP), for rehabilitation of River Square at 97 River Road, Parcel Number 8038.

The project’s backers told the aldermen the rehabilitation would expand the property’s mix of units from the current level (reported in remarks as 36 and elsewhere as 38) to 84 affordable units and 20 market-rate units, preserving and renewing an existing Housing Assistance Payments (HAP) contract tied to project-based vouchers and extending affordability controls through Low-Income Housing Tax Credit (LIHTC) requirements. ‘‘We are utilizing historic tax credits as part of the financing for this, which requires us to abide by certain historic standards,’’ said Diana of Beacon Communities, a project partner.

Why it matters: Aldermen and residents said the plan preserves a longtime, historically significant…