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Council approves General Development Plan for East Broadway project; developer explains tax-credit partnership
Summary
The council approved a general development plan for a multi-unit project on East Broadway. Developers described a 15-year tax-credit ownership structure that will yield eventual local ownership and said CARPC approved a reduced setback for placement of the building.
The City Council approved a general development plan for an East Broadway project by Northpointe Development Corporation and partners.
At second reading, a Northpointe representative explained how the federal Low-Income Housing Tax Credit (LIHTC) financing works for the project: an investor (for example, Lake Ridge Bank on a prior project) buys the tax credits and owns the vast majority of the partnership…
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