By JIM BUTLER

An affordable housing developer is seeking tax credits to build 40 new homes in Pineville.

Kingsmill Crossing would be located in the 100 block of Pinecrest Drive, according to an application.

The project owner, Kingsmill Crossing, LP of Ridgeland, Miss., is competing for 9 percent tax credits from the Louisiana Housing Authority.

The application stipulates the family-oriented development would have a community center and supportive services.

Planned are six 1-bedroom /one-bathroom, eighteen 2-bedroom /two-bathroom, and sixteen 3-bedroom/two-bathroom units.

The development’s cost is estimated at about $9.7 million, funded by a first mortgage of a little over $1 million, equity totaling $8.6 million and about $62,000 in owner contribution.

The tax credit is against regular tax liability for investments in affordable housing properties.

It was created in the 1980s to incentivize private developers and investors to provide more low-income housing.

Without this incentive, the supply of affordable rental housing likely would be limited because these projects would lack sufficient profit to warrant investment.

Project applications are reviewed in a competitive review for available credits.

Kingsmill’s parent organization has similar projects at several locations in Louisiana and Mississippi.