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Developers describe $4.2M rehab and 50-year affordability restriction for South 40 senior apartments
Summary
At a public hearing, project counsel and the sponsor outlined plans to acquire and rehabilitate the South 40 Apartments in Billings, seek federal tax credit financing and apply for a property-tax exemption; no public opposition was recorded.
The Board of County Commissioners opened a public hearing on the South 40 Apartments, a proposed rehabilitation of an existing affordable senior-housing project in Billings.
Cassie, an attorney with the Montana law firm of Bjornson Jones Mungus, told the board the project team is planning to acquire and rehabilitate the property and will seek federal tax credit financing and a property-tax…
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