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Last updated on Tuesday, March 4, 2014
(BEDFORD) - A meeting for the Stellar Community project will be held March 10 at 6 p.m. in the Bedford Chamber conference room on 16th Street.
Residents, contractors and others and others interested in the city's various Stellar Community projects are invited to the informational meeting next week.
Mayor Shawna Girgis and Marla Jones, the city's business and community development director, will provide progress reports and other information about the various Stellar Community projects.
Last week the state approved funding for the Stonecutters Place Senior Apartments.
The project, spearheaded by Hoosier Uplands, will transform the old Carriage House Furniture building at 16th and K streets, as well as some adjoining properties, into 30 apartments for people age 62 and older.
Mayor Shawna Girgis says the apartments will provide quality, affordable housing for seniors. In addition the complex will transform an abandoned and dilapidated structure in the downtown area into a vibrant and active facility.
Stonecutters Place will receive $712,182 in federal tax credits, in allotment over 10 years, which are administered and managed by the Indiana Housing and Community Development Authority.
That translates to about $7.1 million.
According to executive director David Miller, the tax credits will be sold to investors. In some cases the investor is usually a large national corporation that pays that pays 85 to 90 cents or so on the dollar. So the $7.1 million in tax credits could generate roughly $6 million that could be used for the renovation and construction.
Hoosier Uplands will obtain a construction loan to cover costs, with the tax credit income used to pay the loan.
Miller says the money from the tax credits doesn't come in a lump sum.
Deciding on the payment schedule "is part of the negotiating process with the investor," Miller says. "You don't get a large chunk of it until the project's done."
Also Stonecutters Place will receive a $400,000 loan from the state housing authority.
Miller says Hoosier Uplands will hear about a third piece of the funding -- a $500,000 loan from the Federal Home Loan Bank in July.
Miller anticipates construction could start in October and be finished in 10 to 11 months once the plans and specifications are finalized.
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