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Committee advances pilot to preserve 40 affordable units at 707 North Apartments
Summary
The Metropolitan Economic Development Committee voted to advance a payment-in-lieu-of-tax pilot that TWG says will preserve and deepen affordability at 707 North Apartments (707 E. North St.), a 40-unit development, in exchange for a 15-year PILOT and a 40-year affordability commitment.
The Metropolitan Economic Development Committee advanced Proposal 95, a payment-in-lieu-of-tax (PILOT) request from TWG 707 LP, to the full council after a committee voice vote.
Marissa Kanatzer, senior development director at TWG, told the committee that 707 North Apartments is a 40-unit, mixed-income building completed in 2009 and that its initial 15-year low-income housing tax-credit compliance period expired last year. Kanatzer said TWG won new tax credits and proposes a substantial rehabilitation to preserve and deepen affordability, serving households at 30%, 50% and 60% of area median income and extending the affordability term.
"We are seeking a pilot starting at just over…
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