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St. Joseph council backs support for tax-credit application to build 46-unit workforce housing project
Summary
The council voted to support MG Real Estate LLC—9s tax-credit application for the Humboldt School Apartments, a proposed 46-unit development aimed at workers who commute to St. Joseph; council questioned how tax credits lower rents and were told the credits reduce developer debt, enabling lower monthly rents.
The St. Joseph City Council on Sept. 3 approved a resolution expressing city support for a Missouri Housing Development Commission tax-credit application from MG Real Estate LLC to redevelop a vacant structure at 1520 North Second Street as "Humboldt School Apartments and townhomes" intended in part for workforce housing.
A representative of MG Real Estate told the council the project will include both tax-credit and market-rate units and is targeted at employees who commute into St.…
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