It is determined that the class of Housing Developments to which the tax exemption under this Article shall apply and for which a service charge shall be paid in lieu of such property taxes shall be 48-unit multi-family housing developments that exist in the City of Fremont at the time of adoption of this Article that provide housing to families of low income; and which are financed or assisted pursuant to the Act; and which receive an allocation of federal Low Income Housing Tax Credits (LIHTC); and which will assume an existing USDA Rural Development Loan; and which will secure a supplemental USDA Rural Development Loan; and which will be owned, rehabilitated and managed by a local (Newaygo County) nonprofit housing center; and which will invest an average of at least $19,000 per unit ($912,000 total) to renovate and update the Housing Development.
It is hereby determined that the class of Housing Developments to which the tax exemption shall apply and for which a service charge shall be paid in lieu of such taxes shall be all forty-eight (48) units in the Meadow Hills North Housing Development, owned, renovated, operated and developed by the Sponsor and rented to eligible families under provisions of the commitment for low income housing tax credits and the initial/original Mortgage Loan awarded to the Sponsor by the USDA Rural Development program.
It is further determined that the Meadow Hills North Family Apartment Development, as described and acknowledged in Section 4-25, is of this class. (Ord. O-07-06, 11-19-07)