(BEDFORD) - Carla Naum of Milestone Ventures addressed the Bedford City council in regard to Hoosier Uplands' Stalker School project.
In February, the organization received funding for the rehabilitation of the old school via the Low Income Housing Tax Credit program. Approximately $4.3 million is available through that source, plus an additional $250,000 from the HOME program, the largest federal block grant available to state and local governments.
The program was designed exclusively to create affordable housing for low-income households.
Hoosier Uplands originally planned to renovate the historic structure into 21 two-bedroom apartments.
Hoosier Uplands will manage the apartments, which will feature energy-efficient heat and central air, washer/dryer hook-up, refrigerator, range, microwave, dishwasher and disposal. The complex also will include a computer center, community room and fitness center.
Naum informed the council Tuesday that plans for the project were modified. The new blueprint reduces the number of apartments from 21 to 18.
She explained the expense of building three apartments in the school's attic area proved cost prohibitive. Work on the project is expected to be completed within a year.
The council voted to amend the tax abatement statement for the project.
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