Tag Archives: tax credit

If you build it (and get a big enough tax freeze), they will come

I posted last month about the failed Horizon Condo project converting to luxury apartments and getting a $10 Million+ Pilot tax break.

Today’s Commercial Appeal reports that another Downtown property, a 204 unit apartment complex on Mud Island, yet to be started, has been granted a 10 year tax freeze worth $2.47 Million.

“The Center City Revenue Finance Corp. waived a policy against property tax freezes for apartments on Mud Island after representatives of Grand Island LLC said the project wouldn’t be feasible without one.”

As a taxpayer, I would like to know who is accountable for the tax dollars that the Center City Revenue Finance Corp. gives away. Everyone I know has been hit with reappraisals that exceed previous appraisals by double digits. One way or another we will be squeezed for more property taxes to complement our nearly 10% sales tax.

What is the Center City Revenue Finance Corp.’s budget? Who approves the credits? Why has the Corp.’s “policy” been “waived” twice in a one month period?

More Great News for Tennessee First Time Homebuyers

This just out from THDA (Tennessee Housing Development Administration:

New Second Mortgage Program for Down Payment and Closing Cost Assistance

THDA’s Board of Directors approved at its March Board meeting a new second mortgage program for down

payment and closing cost assistance to assist first-time homebuyers. Principal and interest will be deferred untilJune 1, 2010. Payments for principal and interest will commence on July 1, 2010 if not repaid in full. First-timehomebuyers will be able to borrow funds at no interest for a short period until such time as they receive the First-Time Homebuyer Credit authorized in the Section 3011 of the Housing and Economic Recovery Act of 2008, asamended by Section 1006 of the American Recovery and Reinvestment Tax Act of 2009.

In order to be eligible for this Second Mortgage Program, THDA MUST be providing funding for the first

mortgage through Great Rate or Great Advantage to purchase the home. We are currently working on the guidelines

and changes to our Originating Agent Guide and anticipate accepting applications for this program April 1, 2009.

I will keep you posted on details.

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