Wolfforth Council members talk tax credit properties
Wolfforth Council members heard at tonight’s council meeting from representatives of two different companies who seek tax credits from the Internal Revenue Services in exchange for building low-income housing.
The two companies’ proposals had five other competing bids placed against them, but the two Wolfforth proposals were in the top three based on self-scored applications. Only the two proposals for the Wolfforth area were gone over and re-scored, and one of the companies lost two points off its application.
One of the companies never got a firm answer from the city of Wolfforth when the company asked for an $80,000 loan as part of the application process. Each company had to show support from the community in the way of a loan from a governing body in the area. Although that company is currently leading in the application process, it lacks the loan agreement. Its representative asked Wolfforth’s council members to agree to loan the money in the near future so it will obtain the tax credit to build 80 single family homes near Wolfforth’s Patterson Park.
For more detailed information on how the council voted, check back tomorrow for the full story on FrenshipToday.com.
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