NEW YORK: The one hundred and sixty-sixth entry for the seniors housing Global Awards 2016 has been received.
City council members approved the adoption of a resolution to grant The Village of Hillside a PILOT (Payment in Lieu of Taxes) request on Monday.
Webb Martin, who is on the board of directors for The Village of Hillside, gave a brief history of the low-income senior housing development during the council’s meeting on Monday and explained that since 2007, the development has been granted a property tax exemption by the city.
In 2015, The Village of Hillside was torn down to make way for a new development that will include more units for low-income seniors as well as updated features like elevators and handicap-accessible bathrooms.
The project has a $6 million construction budget and was funded through low-income housing tax credits from the state of Michigan.
“Under those credits, investors essentially buy future income tax credits, their investment comes to us as equity and those investors have no continuing interest in the income of the facility,” Martin said. “We still operate as a nonprofit organization.”
However, Martin said after construction began in the fall, they were advised that projects with tax credit financing don’t qualify for a property tax exemption under the same provision that they were using before.
