Renaissance Pointe Receives Tax Credits For Project
Indiana Lieutenant Governor Sue Ellsperman announced the recipients of 14.3 million dollars in Low-Income Housing Tax Credits on Thursday.
Miller Valentine, Vincent Village and Martin Riley Architects and Engineers submitted a proposal to the Lieutenant Governor’s office two years ago. Their aim was to rehabilitate the Coca-Cola Building in the Renaissance Pointe neighborhood on the south side of the city and create new, low-income housing options.
The tax credits will help fund the $13.4 million project, which includes reviving the building to its original appearance and constructing 62 new living units in the neighborhood.
Denise Andorfer is the Executive Director of Vincent Village, which owns 33 homes in the area and operates a transitional program for the homeless. She says the project will be significant in addressing the city’s homeless needs.
“We’re thrilled that families will have an option after they’ve come out of homelessness, come into our program and then they’ll have the option to move into a brand new apartment,” said Andorfer. “It just gives people more choices.”
The living spaces will serve as low-income housing for individuals earning anywhere between 30% and 60% Area Medium Income. Construction is set to begin in January 2017 with completion in 2018.