- Associated Press - Sunday, December 6, 2015

CLINTON, Iowa (AP) - A project to convert a former middle school in Clinton into apartments for senior citizens is getting nearly $550,000 in financial assistance.

The Clinton Herald reports (http://bit.ly/21yRxnf ) city leaders are excited about the project, so they are offering a combination of grants and tax increment financing to help.

“Whenever we have a residential TIF (tax increment financing) that doesn’t serve low-to-moderate income housing we get to withhold a specific percentage,” City Administrator Jessica Kinser said. “So there’s a bank that we’ve built up of these funds so we’re putting them to use as pledges of support. This does fit in financially with what we have available.”

So the city if offering Ales up to $472,000 in tax breaks over 15 years to help pay for the project.

“The project hasn’t changed. We still plan to redevelop the school with 50 apartments for seniors using the affordable housing tax-credit program as we committed a year ago,” Ales said. “We successfully did get the property placed on the National Register and everything has continued to fall into place.”

___

Information from: Clinton Herald, http://www.clintonherald.com

LOAD COMMENTS ()

 

Click to Read More

Click to Hide