Stafford County Economic Development received a $150,000 allocation to generate funds for rental housing construction.
The Kansas Department of Commerce announced today that 28 nonprofit organizations will share $4.13 million in tax credits under the Kansas Community Service Tax Credit Program (CSP).
Stafford County Economic Development will use the tax credit to implement an innovative non-profit housing development in the community.
“This will generate $214,000 in funding for this project,” said Carolyn Dunn Stafford County EcoDevo director.
“The way the tax credits work is that contributions are collected from individuals, and based on their contribution they receive a 70 percent tax credit on their Kansas income taxes. So if they make a $1000 contribution they can reduce their Kansas income taxes by $700.
“They can also deduct the value of their contribution from their federal income taxes if they itemize.”
The tax credits are refundable, meaning that if they made a $1000 contribution and their Kansas income tax due is $500, they would get a $200 tax refund. Dunn said the credits are also transferable.
“We are thrilled at receiving this award because it will allow us to generate the funds to begin construction on the duplexes. Housing is limited as it is in this county, and as we work in economic development to grow the population base we have to have more housing available. The last time a new rental property of this type was constructed in Macksville was 1948, in Stafford it was 1956, and in St. John it was 1977. So this progress is a big deal.”
To participate in the program you have to contact Carolyn Dunn at the County Economic development office at 620-549-3527 or stop by their offices at 210 E Third, St. John.