- Economic Development
Fort Scott Lofts
The City of Fort Scott will be re-applying for the State’s Housing Tax Credits to support the redevelopment of the Union Block building. The funding opportunity is very competitive. In order to gain the appropriate attention from decision makers, letters of support are critical.
Themixed use / mixed income development with 27 loft-style apartments with up to 1500 square feet of commercial space will produce 10 permanent jobs and anadditional 40 residents. Flint Hills Holdingshas a proven track record with several success stories including the WesternBuilding. Fort Scott is one of only 3 focus areas for this award winning Development Company.
The City of Fort Scott has committed EconomicDevelopment funds up to $400,000 to assist with the $5,563,000 project.
Low-Income Housing Tax Credit (LIHTC)
As part of the Tax Reform Act of 1986, the United States Congress created the Low-Income Housing Tax Credit (LIHTC) Program to promote the development of affordable rental housing for low-income individuals and families. To date, it has been the most successful rental housing production program in the nation, creating thousands of residences withvery affordable rents.
The housing tax credit, rather than a direct subsidy, encourages investment of private capital in the development of rental housing by providing credits tooffset an investor's federal income tax liability.
In exchange for the financing provided through the credit, owners agree to keep rents affordable over a 30-year period for families with incomes at or below 60 percent of the local median income.
- The average median income for a renter in FortScott is $21,263
- For a single, the occupantmust make less than $25,380
- For a double occupancy, combined income must be less than $28,980