SPRINGFIELD, Mo. (KY3 / KSPR) – The Neighborhood Conservation Act is a tax credit program administered by the Department of Economic Development to assist in the rehabilitation and construction of new houses in certain census blocks in Missouri.
Rusty Worley, Executive Director of the Downtown Springfield Association, said it was important that people use programs such as the Neighborhood Conservation Act to continue development outside the city center.
Worley said that the Springfield community has done great work in developing the urban landscape of Springfield, which helps to retain many of the college's college graduates. Worley also said that it is time to start thinking about the next stage of the life of these graduates. "When they are ready to start families, they often follow the examples of their parents and grandparents as they fail in a suburb, although they like their urban lifestyle," Worley began. "We would love to see investment in Phelps Grove, West Central, Grant Beach, Midtown and so they are all within downtown walking and cycling distance." He said that this would allow young families to move into the houses they are looking for and maintain an urban lifestyle.
"Qualifying Areas" include "disturbed communities," as defined in 135.530 RSMo, and areas with a median household income of less than 70% of the average household income for the applicable MSA or non-MSA. “Qualifying Areas” must have a median household income of 70% to 89% of the average household income for the applicable MSA or non-MSA.
Any taxpayer who incurs eligible costs for a new residence or re-establishes a residence of an owner-occupier located in a design area is entitled to apply for the Neighborhood Conservation Act.
Worley, knowing that no one in the Springfield-metropolitan area availed of the Neighborhood Conservation Act and his beneficiaries.
The Neighborhood Conservation Act 2020 application cycle is now open. Applications must be marked no later than 15 February.
For further information or questions, please refer to the link included in this story.
An Expert believes that the Neighborhood Conservation Act can retain young professionals in Springfield