A $34 million mixed income development that would have both commercial and residential components and use the former Shelbyville Coca-Cola plant as its site has been awarded federal money.
Lt. Gov. Suzanne Crouch and the Board of Directors for the Indiana Housing and Community Development Authority (IHCDA) announced five developments have received awards from the Low-Income Housing Tax Credit (LIHTC) program, in conjunction with Multifamily Tax Exempt Bonds. This funding is used to incentivize private developers to fund the acquisition, rehabilitation and construction of affordable housing communities throughout Indiana.
“Affordable housing is critical to Indiana’s success, and this investment is a huge piece of our state’s infrastructure growth,” Crouch said. “We strive every day to continue making Indiana a place for people to live, work and play.”
IHCDA receives applications for Housing Tax Credits and Multifamily Bonds under the Qualified Allocation Plan (QAP). The QAP, which is unique to each authoring state, details selection criteria and application requirements for the LIHTC program, Multifamily Bonds, HOME funds, Development Fund and the National Housing Trust Fund in conjunction with tax credits. It also contains all deadlines, application fees, restrictions, standards, and requirements.
Among the properties receiving bonds and tax credits is The Mill in Shelbyville. It will receive $22M in tax exempt bonds and $1,689,717 in tax credits to create 168 affordable housing units.
The project envisions approximately 15,000 square feet of the Coca-Cola building will be commercial, perhaps a restaurant or brewery along N. Harrison St. leading into downtown, with office space and lounge areas in the back half of the building.
With another 13,000 square feet behind the Coca-Cola building and the Porter Center, The Mill will have between 160-172 units featuring studio, 1-, 2- and 3-bedroom apartments with easy access to the Blue River Trail and within walking distance of the Public Square.
“This investment for affordable housing is a huge piece in fulfilling IHCDA's mission," said Jacob Sipe, Executive Director of IHCDA. "Creating and preserving affordable housing will help to close the housing gap and build Indiana's infrastructure for years to come. Affordable housing is critical to ensuring long-term affordability that allows residents to thrive in neighborhoods and to maintain consistency in their neighbors, schools, jobs and healthcare.”
