Lawrence city commissioners on Tuesday voted to approve a 10-year, 65% property tax abatement for a planned affordable housing development for seniors.
The Peaks, a planned development at 5275 W. Sixth St, would include 42 total units, including 34 affordable units reserved for senior households, which is “likely to have an impact on retaining residents that might otherwise have to find housing outside the community,” according to Tuesday’s meeting agenda.
“One of the ways you attract affordable housing projects is to have a consistent policy that you apply,” Vice Mayor Brad Finkeldei said. “And this one has been even negotiated down. So, I appreciate the project.”
The development is being undertaken by Resource Housing Group, a nonprofit development group based in Georgia.
The project will have a guaranteed 30 years of affordability. Sam Coates, with Resource Housing Group, said it would be a goal to keep it affordable beyond 30 years.
Patrick Watkins, who spoke on behalf of Resource Housing Group, said the group has experience with getting projects over the finish line. He said even with the tax breaks, the city, county and Lawrence school district can expect to take home millions in new taxes from the development during the next 25 years.
Commissioner Amber Sellers said she loved the project and the 30 years of affordability allows the long-term return for the community to be higher than the lost property tax revenue.
The city would forgo an estimate of $756,561 in property taxes, according to the agenda. The project has already received a sales tax exemption for construction materials, bringing the total tax rebates to about $788,920.
Commissioners voted 5-0 to approve the request.
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Cuyler Dunn (he/him), a contributor to The Lawrence Times since April 2022, is a student at the University of Kansas School of Journalism. He is a graduate of Lawrence High School where he was the editor-in-chief of the school’s newspaper, The Budget, and was named the 2022 Kansas High School Journalist of the Year. Read his complete bio here. Read more of his work for the Times here.
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