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Last updated on Thursday, November 12, 2015
(BEDFORD) - A ribbon cutting and open house will be held on November 20 at 11 a.m. for the new Stonecutters Place Senior Apartments in Bedford.
The ceremony will be conducted in the parking lot on the south side of the building.
"We will have a short ceremony and will conduct tours until 2 p.m. that day," says David Miller, Hoosier Uplands Chief Executive Officer.
Stonecutters Place is located at 1030 16th Street near the Bedford Police Department. The building houses 30 apartments for those over age 62. Hoosier Uplands, which is in charge of the Stellar project, purchased the former Carriage House Furniture building at 16th and K streets and the Brock & Sears building and Bedford Pool Hall. Hoosier Uplands purchased the pool hall from John Dugger for $150,000.
"We appreciate the support provided by the Indiana Housing & Community Development Authority, the Federal Home Loan Bank Of Indianapolis, the City of Bedford and Old National Bank Foundation on this project," Miller added.
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.
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 wrote 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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