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Council approves 20-year property tax exemption for Alma Apartments to preserve below‑market units
Summary
The City Council voted to grant a 20-year Low Income Rental Property (LRP) tax exemption to Cornerstone Community Housing for the 39-unit Alma Apartments; all units will serve households at or below 60% of area median income and 10 units will be reserved for Hope and Safety Alliance clients.
Katie Carroll, the city’s housing analyst, presented an application from Cornerstone Community Housing asking the council to approve a 20‑year Low Income Rental (LRP) property tax exemption for the Alma Apartments, a 39‑unit project under construction at 1875 Sixteenth Street. Carroll said the LRP is a state‑authorized exemption that cities may implement to encourage income‑qualified rental housing and that Springfield’s local program has been in place since 1993 (amended in 2018). "In its application,…
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