Blue Hills Project Gets M&I Loan
April 11, 2007
Kansas City Business Journal – Wednesday, April 11, 2007
One of Blue Hills Community Services’ Kansas City residential developments is the first loan recipient to be financed through Marshall & Ilsley Bank’s New Market Tax Credit allocation.
Olive Homes, under construction in the Blue Hills neighborhood along Olive Street between 49th and 50th streets, received an $825,000 loan from M&I Bank, Blue Hills said Tuesday.
Each of the project’s five houses, to be finished in August, is priced around $140,000. Buyers could be eligible for financing through a Kansas City program that provides $20,000 for a down payment and closing assistance.
M&I will use New Markets Tax Credits to lend at below-market rates. The federal tax credits were established in 2000 to spur investments in lower-income communities. The Wisconsin-based bank, which came to Kansas City in 2006, received $75 million in credits.
Blue Hills Community Services is a community development corporation that has provided housing in the Blue Hills neighborhood since 1974.
Kansas City Business Journal – April 11, 2007