When they met Tuesday, Leavenworth city commissioners approved a resolution to support an application for tax credits for a $4 million renovation project at a senior housing complex.
The resolution voices support for Fulson Housing Group’s application to the Kansas Housing Resources Corporation for Low-Incoming Housing Tax Credits. Fulson Housing Group is seeking the tax credits to help with the renovation of Hillcrest Manor, 3414 Hughes Road.
When it’s time to get serious about our finances, we often begin by budgeting our money, finding out how much we have, and how we spend it. That’s a sensible move, but our financial health and future aren’t just dictated by cash alone. The loans and debts that factor into our budget also factor into our credit, which can often be more important to future plans than money alone.
The information on credit scoring is essentially a record of how good we are at managing debt, repaying short term loans, and keeping up with payment contracts. Our credit score is a number that takes all those factors into account to show us to give us a judgement on how trustworthy we are with credit. Every loan paid off in full and every time we pay more than the minimum into our credit card debt, for instance, raises the score. Every time we miss a debt repayment and every unpaid bill lowers it.
Commissioners approved the resolution while acting as the Leavenworth Public Housing Authority board.
According to the resolution, the renovations will result in improvements to the apartments at the complex as well as to the exterior of buildings. Tarold Davis, development analyst for Fulson Housing Group, said the apartment complex was originally developed in the early 1980s. He said it has 95 units supported by the U.S. Department of Housing and Urban Development.
Davis said some tenants will have to be relocated off-site during the renovations, but they will be compensated.Leavenworth City Manager Paul Kramer said officials with Fulson Housing Group may seek a local tax incentive from the city through the use of industrial revenue bonds.
“That will come back to you at some point,” Kramer told commissioners.
(Read more: Leavenworth Times)