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Read the article at The Electric by Jenn Rowell
Excerpt:
“During the July 18 City Commission meeting, CPP presented the project and commissioners held a public hearing on community housing needs, as required by state law for tax credits and tax exemption applications.
Commissioners do not take action on the tax credit applications.
The firm is partnering with NeighborWorks Great Falls on the project.
CPP is applying for low-income housing tax credits from the Montana Board of Housing to finance the preservation of the 60-unit apartment building as affordable housing.
Low-income housing tax credits are federal tax credits that service as a primary financing source for rent and income restricted housing. The Montana Board of Housing administers the tax credit program in the state.
Ryan Kucich with CPP said the project would keep the current income levels for the apartments in place for another 50 years.
He said during the July 18 meeting that the plan is to preserve the affordable housing for those already living there.”