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Developer seeks tax credits to turn MAC into housing
Cedar Rapids City Council backed a plan to use local incentives to apply for competitive 9 percent Low-Income Housing Tax Credits. KCG Companies would convert the 1220 Jacolyn Dr. SW site into a $16 million, three story building with 58 units for households at or below 60 percent of area median income. Amenities include a clubhouse, kitchen, walking paths, gazebo, sports court and playground. Local match offers a 10 year 100 percent exemption on improved value. about $1 million in taxes would be exempt over a decade. IFA will evaluate credit applications later this year.
MENTIONED IN THIS ARTICLE
Cedar Rapids
Midwest Athletic Club
KCG Companies
Iowa Finance Authority
Jacolyn Dr. SW
Scott Mather
Scott Olson
Westside Public Library
Westside Library
20Th Avenue
Wiley Boulevard
Fareway Groceries
Olson
IFA