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Developer says Belmont Village rezoned and awarded 9% tax credits; project will not require board inducement
Summary
Nelson Community Partners reported the Belmont Village project was rezoned, previously occupied households found replacement housing at similar rents, and the project received a 9% low-income housing tax credit allocation, removing the need for a bond inducement from the board.
Nelson Community Partners provided an informational update that the Belmont Village redevelopment has cleared key early hurdles and received a 9% low-income housing tax credit award.
Mick Nelson said the project was rezoned with the support of council person Terry Voe and that residents who remained on the property during early work have found replacement units with the same rents and longer lease terms in upgraded apartments. Nelson told the board the developer applied for 9% tax credits; the preliminary ranking indicates the project was awarded a 9% allocation, which the developer said removes the need to pursue the board's preliminary inducement for tax-credit access. The developer thanked the board for prior preliminary inducement that preserved qualified census tract status while planning continued.
The item was presented as informational only; staff told the board informational debt reports and other nonaction items will continue to appear on future agendas.
