A major housing project got one step closer in Greene County recently.
Greene County Development Corporation Community Development Director Ken Paxton says Laborers’ Housing Development Corporation from Illinois selected Greene County to build a 42-unit apartment complex similar to what was recently done in Denison. He describes the process that has to take place before the project can start.
“We’re very fortunate. Most small communities who try to get a housing project of this size, which is 42-units, have to jump through a lot of hoops. They have to have a lot of different tax credits, some support from the community, a lot of investors and bank loans. This one is relatively simple, they will apply for federal tax credits and if they get those tax credits, the project is a ‘go.’”
Paxton adds the developer has applied for nine housing projects and has been approved for all of them in the past, including the Denison project. Several individuals are making a trip today to tour the recently completed project. He says GCDC will give the developer some of the land in their east business park, south of Highway 30 and east of Highway 4.
“One of the reasons why this project is so perfect is because of the lower rents. It fits directly into the kind of income levels in our industry in the county. And so all of the workers that are having a hard time finding locations in Greene County will now have 42 new units to choose from.”
Paxton says they will be notified by November 1st about whether or not the developer receives the federal tax credits.