A small step toward the new Commission On Aging headquarters and its on-site residences was taken Tuesday by St. Joseph County’s board of commissioners.
At the request of COA Director Tim Stoll, commissioners authorized the use of $10,000 from COA’s fund balance to hire a Chicago-based consultant. The firm RealtyMetrix will assist with pursuing New Market Tax Credits.
Stoll said the NMTC program is an opportunity for COA to secure an additional source of funding to use in its effort to convert the former Three Rivers Inn into COA headquarters. Its 100 former rooms will be converted into about 60 residential units.
Appearing before commissioners, Stoll explained the NMTC is a program in which investors buy tax credits and use the money that they purchase the tax credits with to invest in a project.
Essentially, Stoll said, it’s a tax write-off.