Applying New Market Tax Credits to Multi-Family and Commercial Properties
Has anyone in the Kansas/Missouri area dealt much with New Market Tax Credits and how they can apply to a property? Secondly, do these credits only apply to properties that offer retail services or can they apply to strictly residential housing as well?
I have a project coming up in Ottawa, Kansas and heard something about New Market Tax Credits so, I was interested to see if I can apply them to my project. Background info, it's a 50 unit multi-family complex that has a couple thousand sq ft. of retail space inside as well. I am finding that if retail space drives 20% of gross revenue, then you are eligible for these credits. But now, I'm also curious to see if these credits can simply apply to residential properties without retail space?
Any information or feedback would be much appreciated!