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Developer seeks quick support for Veil Ridge MHDC tax-credit application to preserve affordable units
Summary
A developer asked the council for a letter or resolution supporting a Missouri Housing Development Commission (MHDC) tax-credit application to rehab and preserve Colonial Village and Fairway Apartments; the application deadline is the first week of August, and the developer seeks a timely letter if a resolution cannot be produced before the deadline.
A representative for a proposed Veil Ridge project told councilors the developer plans to purchase and rehab existing affordable rental properties (Colonial Village and Fairway Apartments) and is applying for MHDC tax credits. The representative said the application requires municipal support for scoring points and that the application deadline is the first week of August.
"We're gonna spend approximately 100,000 a unit," Christina Ott said, describing planned rehabilitation per unit to keep the apartments affordable. She asked whether the city could provide a letter of support immediately or provide a resolution at the August 13 meeting; staff said they would check with the city attorney about what the city can provide on short notice and, if necessary, call a special meeting to provide a resolution prior to the MHDC deadline.
