Porter House Apartments is a 30-unit affordable community in Beloit, KS. Located on Main Street in downtown Beloit, the 4-story building is the restored Porter Hotel, which was placed on the National Register of Historic Places in 2004. Later in 2004, the property was rehabbed and placed into service utilizing both the Section 42 LIHTC and the Historic Tax Credit programs, with 50% and 60% AMI set asides on all units. The LURA originally stipulated elderly and disabled occupancy, though these restrictions have since been removed and management now leases to family tenancy. Mitchell County’s area median income for 2019 is $66,100, and has grown 2.6% annually since 1999. The initial compliance period expires in December 2019, while the extended-use period expires in 2034. In 2019, ownership initiated the qualified contract process with Kansas Housing Resources Corporation. As such, the LURA will be removed in January 2020, and the property will begin the 3-year decontrol period towards market-rate tenancy. The property includes a 567-square foot commercial suite on the ground-floor that is leased to the Beloit Chamber of Commerce. The 5-year lease was executed in January 2017, and the tenant has an additional 5-year option upon lease expiration. Property management services are provided by Weigand Omega, a Wichita-based management company. The onsite manager currently lives in the building.
