Developers seek $1.45M from workforce-housing sales tax to close $1.8M funding gap for 40-unit infill project

Summary

Developers and city staff asked the Manhattan City Commission July 22 to authorize a $1,450,000 grant from the city's workforce-housing sales tax and to consider IRB tax incentives to close a roughly $1.8 million funding gap on a 40-unit infill workforce housing project that leverages KHRC grants and tax credits.

Community Development Director Stephanie Peterson and developers presented a revised Manhattan "infill housing" package July 22 that proposes 40 workforce units across three infill sites and requests $1,450,000 from the city's workforce-housing sales tax fund plus property-tax and sales-tax incentives on a subset of rental units. Peterson said the combined proposal would yield 40 new three-bedroom, two-bath homes: 26 at the LK townhomes site, eight workforce for-sale units (plus four market-rate units) at Lee Mill Village, and six rental townhomes at Parkside. All 40 units would be targeted to households at or below 120% of area median income under the city's workforce definition. The developers propose staging construction over three years, with about 20 units in year one and 10 units in years two and three. Peterson said 50% of the requested workforce-housing grant would be reimbursed at foundation-and-footings inspection and the remaining 50% at certificate of…

Developers seek $1.45M from workforce-housing sales tax to close $1.8M funding gap for 40-unit infill project

Summary

Subscribe to keep reading