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Council OKs revenue bonds and tax exemptions for two downtown affordable housing rehabilitations
Summary
The council unanimously approved letters of intent and resolutions to issue revenue bonds to support two scattered-site rehabilitation projects (Interdale/Marjoy) seeking low-income housing tax credits; developers said the deals rely on LIHTC and historic credits to be financially feasible.
The Wichita City Council on Dec. 2 approved resolutions closing public hearings and authorizing letters of intent to issue multifamily housing revenue bonds for two downtown rehabilitation projects aimed at providing affordable housing.
Troy Anderson, assistant city manager, described two linked applications from Interdale Marjoy Apartments LLC as part of a scattered-site low‑income housing tax credit (LIHTC) submission. The Intersdale properties include historic masonry buildings on North Broadway (30 units) and several adjacent parcels; the combined scope of the projects relies on federal and state LIHTC, state historic tax credits and 35‑year fixed loans.
Developer Shane Pullman said the buildings are in substantial disrepair (scope of renovations he estimated at roughly $32 million) and that the projects would not move forward absent LIHTC awards. For the first cluster Interdale requested approximately $8 million in revenue bonds (estimated per‑unit public support reflected in staff cost‑benefit materials); for the second cluster the request was roughly $7 million. Staff reported the projects would qualify for an 85% property tax abatement based on capital investment and be eligible for sales tax exemptions. In a revenue bond transaction the developer pays issuance and annual origination fees and the city bears no lender risk.
Council members praised the renovation proposals and emphasized the need for more affordable housing; staff and the applicant noted that the state's LIHTC allocation process and project costs are central to whether the projects can proceed. Council closed the hearings and adopted the resolutions on both items by 7–0 votes.
