State to provide bonds, tax credits to aid Columbus housing

The state will be helping in the funding of more than 170 affordable housing units in Columbus through tax credits and tax exempt bonds.

The Indiana Housing and Community Development Authority and Lt. Gov. Susanne Crouch announced yesterday that two local projects had been approved under the latest round of funding.

A proposed affordable housing complex at the site of the former Columbus Health and Rehabilitation center site on Midway Street will receive a $1.3 million tax credit on the expected $21.5 million dollar project.

The project by Thrive Alliance is to be called Haw Creek Meadows, and would be aimed at seniors and working families. Thrive Alliance’s Housing Partnerships program would construct the new housing on the just over 7 and a half acre property that now contains a dilapidated, unused building. The agency plans to add 64 units in a four-story building initially with another similar building possible.

In July, Columbus City Council approved a tax abatement that would save the agency about $1.8 million in property taxes over the next 10 years. Thrive Alliance was also approved in July for a $4.6 million grant from the city’s tax increment financing funds to help with the costs.

The state also announced the approval of $15.2 million in tax exempt bonds and $1.38 million in tax credits for an affordable housing project on 14th Street in Columbus to be called the Flats on 14th. That project would bring 110 affordable housing units and is being developed by TWG Development LLC. The total project cost is estimated at $29.1 million dollars.

Overall the state awarded $32 million in tax credits and $66 million in tax exempt bonds for 21 developments around the state. The funds come from federal and state tax credits, as well as the bond financing to provide incentives for private developers to build or rehabilitate affordable housing around the state.

Haw Creek Meadows locator map courtesy of City of Columbus