City puts resources into affordable housing for disabled residents
WICHITA, Kan. (KSNW) – A Wichita apartment complex that houses people who are low-income and disabled is in the process of rebuilding. On Tuesday, the Wichita City Council approved industrial revenue bonds for a sales tax exemption for the rebuild at The Timbers.
The apartment complex is knocking down its older units built in the 1970s to create new ones that follow updated ADA guidelines.
What the City did Tuesday was grant The Timbers $13 million worth of industrial revenue bonds for a sales tax exemption. In simpler terms, that means they don’t have to pay sales tax on supplies they buy for their renovation project.
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Having the exemption from the City will help The Timbers unlock funding from the Kansas Housing Resources Corporation.
“When you apply for the tax credit program, it’s based on points, so if you have local, in this case, city contribution, which would be in the form of a sales tax exemption, it increases our points when we apply to KHRC,” said Patrick Jonas, CEO and President of the Cerebral Palsy Research Foundation, which currently owns The Timbers.
He said they chose not to apply for grant funding from the City for the upcoming second phase of the project. They plan to rely more on the KHRC for the dollars they need.
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