An official of a Seattle firm that specializes in buying and rehabbing housing for low income families said it wants to start work on $8 million in improvements to the Ridgeway Apartments by early next year.
First, Vitus is seeking a PILOT tax abatement from both the city and county.
The abatement sought is payment of the current annual taxes of $50,110 for 10 years, plus school taxes of about $23,000, then a five-year phase in to payment of full taxes.
The estimated annual tax payment if the project is built without a PILOT is $158,793 per year.
Brooke Shorett said the 120 units on Poplar Street on the West Side will remain available to the same low-income tenants who pay 30 percent of their income under a federal Section 8 HUD program. That equates to about $170 per month for many residents.
She said the apartments have been owned by the same person since they were built 50 years ago.
The improvements will include a new roof, new windows, new kitchen countertops and floors and new HVAC units.
There will be a new community room for the apartments, where some 80 children live.
Six of the apartments will be remodeled to meet ADA standards.
Ms. Shorett said a Knoxville construction firm will be used, but many local sub-contractors should get work. There will be a new management firm - Multi-Family Management.
She said the work should be completed in about seven months.