Muncie receives tax credits from state program for affordable housing project
Muncie is receiving federal and state tax credits through a state program to build about three dozen new low-income apartments in the city. As IPR’s Stephanie Wiechmann reports, the program’s goal is to incentivize private developers to build affordable housing across the state.
The Low-Income Housing Tax Credit focuses on projects for people who can’t afford market rate housing. Muncie’s project is called “Together to House.” City officials say it will focus people who are unhoused and low-income families.
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The project will turn a Charles Street home in the Old West End and the former Harrison School on Liberty Street into apartments. Adding in new construction on Memorial Drive, 38 apartments will be created. They will be mostly one-and-two-bedroom units.
The cost to renovate and build comes in at about $15.9 million. Muncie is receiving a $1.3 million tax credit and a $500,000 development fund.
When announcing the project, the mayor’s office did not say when the construction would begin.
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Muncie Mayor Dan Ridenour has talked about housing as a priority for the city since he was elected. He has announced two rounds of in-fill housing and new apartment complexes. The former site of Storer Elementary School is being turned into new housing, as is the former YMCA building on Mulberry Street. The same developer renovating the YMCA has also committed to putting new single-family homes on a parcel in downtown Muncie. Also, seven townhomes will be coming to lots across the street from Muncie Central High School.
Muncie’s project is one of 16 developments to receive part of the more than $20 million awarded, which will create more than 750 affordable units statewide.
Stephanie Wiechmann is our Managing Editor and “All Things Considered” Host. Contact her at [email protected].
