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Hiawatha Commission Agrees to Support Tax Credit Application

By Greg Bebermeyer

01/08/2013

( KNZA )-The Hiawatha City Commission Monday evening agreed to support a housing tax credit application to fund renovations at the Pemberton Village Apartments.

Topeka-based Commercial Group Inc., which manages the facility, plans to submit a tax credit application to the Kansas Housing Resources Corporation for funds to complete a renovation of the entire 48 units of Pemberton Village I and II located in the 14-hundred block of North First Street.

The renovation will include a complete replacements of roofs, siding, new interior flooring, cabinets, and appliances.

City Administrator Lynne Ladner says the previous management group submitted a similar application last year, but were unsuccessful in getting tax credits.

As part of the Tax Reform Act of 1986, Congress created the Low-Income Housing Tax Credit Program to promote the development of affordable rental housing for low-income individuals and families.

The housing tax credit encourages investment of private capital in the development of rental housing by providing credits to offset an investor’s federal income tax liability.

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