(BEDFORD) - The Bedford Historic Review Board approved changes to the facade plan for Stonecutters Place.
The project will transform the old Carriage House Furniture building at 16th and K streets, as well as some adjoining properties, into 30 apartments for senior citizens. Those living in the complex could make up to $22,500 and monthly rent could vary from about $220 to $550, depending upon income. The average rent is estimated at $482.
The original plan was to renovate the now-vacant Carriage House building, made of red brick, but the facade cannot be saved because it is not structurally sound. So officials will use a lighter-colored brick with limestone highlights to build a new facade. The building immediately to the east will be torn down, according to plans on file at City Hall, and a new building will wrap around part of the red brick structure like a capital "L."
The plans also call for possibly having a courtyard between the two buildings, if cost effective, 60 parking spaces and several amenities, including an elevator, laundry, exercise room, community room, free Wi-Fi and other features will be included.
Hoosier Uplands is the developer of the project and Chief Executive David Miller says construction should begin later this year. He estimates that the work could take 10 or 11 months.
Federal Home Loan Bank of Indianapolis awarded the project a grant from its affordable housing program in the amount of $500,000.
In February, the state approved $712,182 in federal tax credits, which are administered and managed by the Indiana Housing and Community Development Authority, for use on the project.
Miller says the credits represent an allotment over 10 years, translating into about $7.1 million.
Such credits are sold to investors, usually large corporations, that pay 85 to 90 cents or so on the dollar. So $7.1 million in tax credits could generate roughly $6 million that could be used for the renovation and construction.
Hoosier Uplands, which has done other projects with similar funding mechanisms, will obtain a construction loan to cover costs, with the tax credit income used to pay the loan.
In February, Lt. Gov. Sue Ellspermann announced that Stonecutters Place received a $400,000 loan from the state housing authority.
"There are no local tax dollars being used to fund this acquisition and construction," Miller said in a prepared statement.
The city also granted the project a tax abatement. Under that agreement, Stonecutters Place will pay no property taxes the first year, 10 percent of the tax the second year and so on for 10 years, when it is completely on the tax rolls.
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