The Vincennes Redevelopment Commission is backing local architect Andy Myszak’s plan to add affordable housing to downtown.
It was two weeks ago when the local architect informed the Vincennes City Council of plans to build an affordable housing complex on 1st Street and 22 homes in other locations. 11 of those homes are in the Redevelopment Commission’s TIF zone.
The Vincennes Sun Commercial suncommercial.com says that after a lot of discussion and questions and answers Thursday, the RDC gave their stamp of approval on the project.
There was a question on the tax revenue generated by the properties which the RDC uses to invest in development in its TIF zones.
The Sun Commercial says the properties in question, per use of tax credit funding, are assessed based on the amount of revenue (or rent) they generate, not actual market value.
Myszak told the commission it’s still more revenue than is likely being collected now with the properties being vacant or plagued with a blighted home. Some properties have no property taxes are being collected at all. Myszak said that under the program he operates on, after 15 years, it would be taxed at its full rate. Also then, the renters would have an option to buy.
Myszak is currently working to secure funding for the project similar to what he did on the Clark’s Crossing project. When the funding is secured, the RDC’s properties will be handed over at no charge to Myszak for the project to move forward.