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Proposed Senior Center IS subsidized - New Markets Tax Credit (N

Proposed Senior Center IS subsidized - New Markets Tax Credit (N

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by: SamG Active Indicator LED Icon  OP  New Member
~ 10 years ago   Mar 26, '13 6:31am  
This is interesting. Jervon from Norsouth, the Georgia company proposing a senior center in Kingwood, Texas, posted on a Kingwood Underground thread that the senior center is not subsidized housing and went to great lengths to say its not section 8 housing.
 
Technically it's not section 8, but it does appear subsidized. The new name of subsidized housing is New Markets Tax Credit program (NMTC).
 
The proposed complex appears to be using the New Markets Tax Credit program (NMTC) which is a subsidy in the form of a tax credit.
 
In a nutshell, the NMTC program encourages investments into low income communities by providing a tax credit for making those investments. The credit equals 39 percent of the investment, earned over seven years. For qualifying businesses, NMTCs can provide a permanent net subsidy of 15 to 20 percent of the amount financed. The best candidates are businesses that are:
- Located in or serve the residents of a distressed or low-income community 
 
More info here:
cdfifund.gov/what_we _do/programs_id.asp? programID=5
 
Since Jervon from Norsouth is actively monitoring this Kingwood message board, he has the opportunity to retort. 4951
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KingwoodDotCom Active Indicator LED Icon 18 Site Admin
~ 10 years ago   Mar 26, '13 10:41am  
@SamG -- Good info, thanks for posting. 4951
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SamG Active Indicator LED Icon  OP  New Member
~ 10 years ago   Mar 26, '13 10:45am  
Thanks. This just doesn't appear to be good for Kingwood.The city council is scheduled to vote this afternoon.  If you agree this is not good for Kingwood, please call Council Member Dave Martin's office and 832-393-3008. 4951
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KellyG Active Indicator LED Icon 3
~ 10 years ago   Mar 26, '13 11:20am  
What is the issue here? Is it that the developers are getting a tax break for this project (most of the area's major employer's receive tax breaks for a variety of reasons) or is it just that any development in the area would cause increase stress on area roads or is it that it is senior housing or is it that is is for low-income seniors? 4951
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TexINS Active Indicator LED Icon 12
~ 10 years ago   Mar 26, '13 12:28pm  
@KellyG my guess is all of the above. 4951
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Fallon Active Indicator LED Icon 18
~ 10 years ago   Mar 28, '13 1:45am  
Removed By Request 4951
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TexINS Active Indicator LED Icon 12
~ 10 years ago   Mar 28, '13 6:58am  
I am beginning to think socialists don't want to spread the wealth but the misery. 4951
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kingwood99 Active Indicator LED Icon
~ 10 years ago   Mar 28, '13 9:43am  
Where exactly would this development be? Off Kingwood Dr? 4951
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mgw300e Active Indicator LED Icon 11
~ 10 years ago   Mar 28, '13 9:44am  
I am beginning to think socialists don't want to spread the wealth but the misery.
 
@TexINS:
You're just *starting* to think that? We need to talk, lol.
4951
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Fallon Active Indicator LED Icon 18
~ 10 years ago   Mar 28, '13 11:02am  
Removed By Request 4951
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KellyG Active Indicator LED Icon 3
~ 10 years ago   Mar 28, '13 11:05am  
The development is going to be on Mills Branch, at the back of Kingwood.
 
@Fallon:
 
There is a TON of development going on back there. It's probably why they want to make KWD 8 lanes. 4951
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missunder Active Indicator LED Icon
~ 10 years ago   Mar 28, '13 4:15pm  
All of the City Council Members voted no, that probably means it will not be built I guess. 4951
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Retired_Engineer Active Indicator LED Icon 13
~ 10 years ago   Mar 28, '13 4:20pm  
The development is going to be on Mills Branch, at the back of Kingwood.
 
@Fallon:  That's what I was afraid of.   Someone cleared a section of land near Shadow Forest Elementary School and it's just been sitting there.  I heard a rumor that they were going to put in cheap apartments but I wasn't able to verify it.  That's just a stone's throw from my house.
4951
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kingwood99 Active Indicator LED Icon
~ 10 years ago   Mar 28, '13 5:54pm  

- - - - - - - -
>> The development is going to be on Mills Branch, at the back of Kingwood.
 
@Fallon:  That's what I was afraid of.   Someone cleared a section of land near Shadow Forest Elementary School and it's just been sitting there.  I heard a rumor that they were going to put in cheap apartments but I wasn't able to verify it.  That's just a stone's throw from my house.
 
@Retired_Engineer: Across from the Riverbend subdivision? I heard they were going to build more homes. 
4951
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SeeVee Active Indicator LED Icon 5
~ 10 years ago   Mar 28, '13 6:09pm  
�
61.� RESOLUTION supporting and approving the proposed development for affordable rental housing of Mainstreet Kingwood, located at the intersection of Mills Branch Drive between Kingwood Drive and North Park Drive in the City of Houston, Texas, and authorizing the allocation of 2013�Housing Tax Credits to such development - DISTRICT E - MARTIN
TAGGED BY COUNCIL MEMBERS MARTIN and BURKS
����� This was Item 21 on Agenda of March 20, 2013
����� - FAIL
4951
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Retired_Engineer Active Indicator LED Icon 13
~ 10 years ago   Mar 28, '13 6:35pm  
This is area that I was saying that has been cleared of all trees for a while now.  I don't know if the Senior Housing or affordable rental housing is/was planned for here.  That's what I've been trying to find out.  There are no signs indicating what is coming. 4951
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