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Kenai approves cooperative agreement with tribally designated housing entity to support senior and low‑income housing
Summary
Council approved a cooperative agreement with a tribally designated housing entity that would support construction of senior housing and acquisition of low‑income units; legal counsel said income and use restrictions required by the funding source are central to the agreement and that such housing likely would be tax‑exempt under borough rules.
The Kenai City Council on Tuesday approved a cooperative agreement with a tribally designated housing entity that seeks to build senior housing and purchase existing apartments for low‑income housing.
City Attorney Bloom explained the structure: the federal funding the entity will use requires coordination with local taxing jurisdictions, typically a payment in lieu of taxes or an agreement limiting…
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