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Developers seek tax arrangement to preserve Heritage Towers senior housing; seeks THDA tax credits
Summary
A prospective buyer of Heritage Towers plans roughly $7 million in repairs and is applying for low-income housing tax credits; county and city support on taxes is being requested to make the project financially feasible, officials said.
A prospective buyer of Heritage Towers in Henderson is applying for low-income housing tax credits and is seeking a property tax arrangement from the city and Chester County to preserve long-term affordable housing for the building's residents, officials said.
The presiding commissioner read a prepared statement from the prospective owner, Heritage Towers LP, saying the owner intends to apply in 2025 for low-income housing tax credits administered by the Tennessee Housing Development Agency (THDA). If awarded credits, the statement said, Heritage Towers LP would purchase the building at 301 East University Street and provide approximately $7,000,000 in repairs and replacements to meet standards required by HUD and THDA, improve resident safety and reduce operating costs.
The prepared statement said neither the city nor county has received property taxes from the building since it was developed more than 40 years ago and that the new owner is proposing an adjusted tax structure commonly used in affordable housing tax credit projects to enable the property to remain affordable. The statement warned that without such an arrangement, the owner ' as presented in the record ' could be unable to afford the new loan and might sell the property to a buyer who would not preserve affordable senior housing for approximately 75 residents.
Mayor Bell was recorded recommending that the developer consider adding sprinklers throughout the building; the statement and subsequent remarks said sprinklers currently exist only on the top floor hallway and that expanded sprinklers were under consideration as part of negotiations.
The record is an informational update from the presiding commissioner and the prepared statement; no county action or vote on a tax arrangement was recorded in the transcript.
