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Schools OK tax incentives now to reap cash later
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I generally agree with your comment.
However, when it comes to developing safe and affordable housing for singles and families earning considerably less than the area mean income, tax credits are crucial to putting together deals.
By definition, you cannot expect people who are seniors, have severe disabilities or are among the working poor to pay market level rents for a modest but nice apartment.
Through tax credits, other imaginative financing tools and hard work, these projects can be built. And if built right, they can be a huge boon to a neighborhood on the edge of going downhill.
The Jefferson School projects on West Temple (between downtown and the baseball stadium), built in large part by the SLC Housing Authority, is a great example. As part of the tax credit deal, it includes units that must be affordable for renters who earn much less than average. It also includes many market-level-rent units. This way, it provides affordable housing, pays its own way once built and occupied, and stableizes the neighborhood.
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