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Please note:
this page is intended primarily for Developers and Bond
Counsels
GENERAL INFORMATION ON TAX-EXEMPT FINANCING
The Hampton Redevelopment and
Housing Authority considers applications for tax-exempt financing needed
to acquire land and/or improve, construct or rehabilitate proposed or
existing apartment projects. These projects are not owned, operated or
managed by the Authority or is financing provided by the Authority. The
Authority acts as a conduit for the developer to obtain a lower interest
rate thus strengthening the financial feasibility of a project. The
Internal Revenue Service (IRS) requires that developers choose to rent
at least twenty percent of the apartment units proposed or existing to
persons making less than 50% of the area’s median income or forty
percent of the apartment units to persons making less than 60% of the
area’s median income. The reference to “tax-exempt” applies to the
interest paid by the project developer to the “bond holders” for Federal
income tax purposes and does not exempt or shelter the project from any
usual and customary tax assessments.
While many projects may be approved,
actual closings do not always occur. The developer must arrange
financing and must also secure approvals on site plans, construction
drawings and specifications as well as satisfy any applicable zoning
ordinances. Further information regarding these approvals may be
obtained from the appropriate City departments.
The following documents are
available for download:
Any further questions? Please call:
Ms. Nancy Burleson
Finance Director
Hampton Redevelopment and Housing Authority
(757) 727-6337
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