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Capitol Lofts project stalled again

Capitol Lofts project stalled again

October 20th, 2017 by Nicole Roberts in News

The site of the former International Shoe Factory sits in Jefferson City.

Photo by Shelby Kardell /News Tribune.

A Springfield-based developer plans to resubmit a tax-credit application through the Missouri Housing Development Commission for Capitol Avenue Lofts after the application was stalled.

The Vecino Group proposed turning the 110-year-old East Capitol Avenue old shoe factory into Capitol Avenue Lofts, which would consist of 75 apartments. It applied for a 4 percent state Low-Income Housing Tax Credit. However, Stacy Jurado-Miller, co-owner of the Vecino Group, said the MHDC told her to resubmit the application for the next tax-credit round after the most recent Missouri tax-credit round did not occur.

MHDC was not approving or denying low-income tax credit applications until Gov. Eric Greitens' Committee for Simple, Fair and Low Taxes released its report on finance cuts to state tax rates, which would experience cuts to tax-reform legislation and tax-credit programs. Greitens formed the committee in February as part of his efforts to reform the distribution of tax credits.

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"The application was not denied; it was just nothing moving forward on that funding round from the state's end," Jurado-Miller said. "But the group still remains interested in the project and is just waiting to see what the timeline will be with the state funding. We still think it remains a viable and positive project for Jefferson City, and hopefully we will be able to resubmit that application."

She said the MHDC has not approved the next tax-credit round date.

The MHDC was supposed to make a decision about the Capitol Lofts' tax credit in March, but the meeting was postponed until June. However, the commission did not list on its June meeting agenda that it would discuss low-income tax credits.

The $13 million project would be available to families with incomes of $24,000-$25,000. The group proposed in January the factory would consist of 36 one-bedroom apartments, 10 studio apartments, 25 two-bedroom apartments and four three-bedroom apartments. The group also presented the proposal to the Jefferson City Council in February.