KALAMAZOO, MI (WKZO AM/FM) – The Kalamazoo City Commission Monday night approved a tax break for one senior housing project, and made $1 million loan to another. They also created Neighborhood Enterprise Zones that they hope will encourage other developers to build affordable housing here.
Housing Development Director Sherilyn Parsons says it offers tax breaks to builders who build the kind of housing residents need, where it’s needed most, at affordable rates. The more benefits a builder provides, the bigger the tax break.
Joe Agostinelli with Michigan Growth Advisors says the policy is 90% there in his opinion, the city needs to provide more options to make it possible for his clients to build big projects downtown.
Commissioners approved the policy, saying adjustments are always possible later.
Commissioners also approved their first Neighborhood Enterprise Zone last night to clear the way for PlazaCorp to turn the old Vermeulen Furniture Building Next to the Radisson Ramp downtown into housing.
The new enterprise zones are just one more incentive, besides gap funding, tax breaks, state and federal subsidies and other incentives to make building the impossible, affordable.
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