Tuesday, October 4, 2011

Cape City Council supports low-income housing development plan

CAPE GIRARDEAU, MO (KRCU) - The Cape Girardeau City Council passed a resolution with a 4-2 vote Monday night in support of a development company’s plan to build low income apartments on Silver Springs Road. MACO Development now has the city’s support, but they may have trouble getting the tax credit they need.

MACO development is not new to Cape Girardeau. They are responsible for three low income senior apartments in the area. They now have their sights set on creating a low income housing off of Silver Springs.

They are trying to get 6 million dollars in state and federal tax credits spread out over a ten year span. Company Vice President, Jason Maddox says that 40 percent of this year’s tax credits are going to developers in the Joplin area, so competition is intense.

Council member Debra Tracy was among those who support the development, saying the city lacks adequate low-income housing.

But council member Mark Lanzotti fears the development would skew the marketplace and dissuade rehabilitation of older apartment complexes. Lanzotti was one of two council members to vote against the measure.

Larry Hartling of West Cape Development Corporation owns the land where the apartments would be built. He supports the proposed developments.

"We think its a good project for the area. I own property adjoining it so I am going to be a neighbor to it. We thinks its a good use for that property," Hartling said.

This is the first year that the council is required to approve residential development before developers can attempt to submit an application to the Missouri Housing Development Commission.

MACO’s next step is to rezone its proposed location from a commercial to residential district.

Hannah Parent, KRCU


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