State Tax Credit Cuts Impact Branson Low-Income Housing

BRANSON MO NEWS:

BRANSON, Mo. — Branson could soon lose one of its low-income housing developments after a recent state tax credit cut.Director of Planning and Development Joel Hornickell says the City of Branson needs more housing. “Availability and amount,” he said. “It’s becoming more of an attractive opportunity for people to live.” And more low-income housing. He says two of the city’s three low-income housing properties have a waiting list. Branson recently approved a $9.45 million low-income housing project proposed by Ring Property Company.”We think Branson is an underserved market in this particular segment of need if you will,” said developer Robert Ring. He says the project includes two and three bedroom duplexes with garages for families whose incomes qualify under the low-income housing tax credit. “Folks who are working in the service industry largely, or they might be living on a fixed income, or they might be retired living on social security,” said Ring. The Missouri Housing Development Commission recently voted to scrap $140 million in affordable housing tax credit and that’s where funding for the Branson project would come from. “It’s deeply disappointing,” Ring said. “It puts the rents at a level so high as to perhaps get them out of the affordable range.”The developer says he will work with the staff at MHDC over the next months to investigate other financing options. “But I don’t know that they can pull a rabbit out of a hat so to speak,” Ring said. But the developer and the city remain hopeful and say it’s too early to say that the homes won’t be built at all. “We are ready to help out if they do get the funding,” Hornickel said. An $80 million low-income housing project in Kansas City is also on the chopping block.