Heron Preserve Apartment Complex Gets IHFA Award
July 28, 2016 at 4:25 p.m.
More than $380,000 in annual rental housing tax credits has been awarded to Heron Preserve Apartments for the construction of a 64-unit development on CR 300N.
The grant, for $387,582, is one of 24 awards totaling $11,157,190 approved by the Indiana Housing Finance Authority.
Residential-3 zoning, a change from Commercial-3 zoning in the surrounding area, was approved for Heron Lake Apartments by the Warsaw Plan Commission Jan. 10 following a denial by the Warsaw Board of Zoning Appeals two weeks before. The development is planned for construction to the west of Kohl's new store north of CR 300N.
Plans presented at the plan commission meeting show 92 units - 32 one-bedroom, 40 two-bedroom, 16 three-bedroom and eight four-bedroom apartments - in a configuration of 12 buildings. Construction is planned on the southern end of Lot 3 west of the Kohl's development.
Wilson Investments built Pike Lake Pointe Apartments on Park Avenue in Warsaw in 2003. The construction quality and rent structure is expected to be comparable.
Rental housing tax credits are federal tax credits that the Indiana Housing and Community Development Authority allocates to developers of affordable rental housing. RHTCs provide equity capital and are awarded for 10 years. Units subsidized with RHTCs must be rented to people who earn no more than 60 percent of the area median income. [[In-content Ad]]
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More than $380,000 in annual rental housing tax credits has been awarded to Heron Preserve Apartments for the construction of a 64-unit development on CR 300N.
The grant, for $387,582, is one of 24 awards totaling $11,157,190 approved by the Indiana Housing Finance Authority.
Residential-3 zoning, a change from Commercial-3 zoning in the surrounding area, was approved for Heron Lake Apartments by the Warsaw Plan Commission Jan. 10 following a denial by the Warsaw Board of Zoning Appeals two weeks before. The development is planned for construction to the west of Kohl's new store north of CR 300N.
Plans presented at the plan commission meeting show 92 units - 32 one-bedroom, 40 two-bedroom, 16 three-bedroom and eight four-bedroom apartments - in a configuration of 12 buildings. Construction is planned on the southern end of Lot 3 west of the Kohl's development.
Wilson Investments built Pike Lake Pointe Apartments on Park Avenue in Warsaw in 2003. The construction quality and rent structure is expected to be comparable.
Rental housing tax credits are federal tax credits that the Indiana Housing and Community Development Authority allocates to developers of affordable rental housing. RHTCs provide equity capital and are awarded for 10 years. Units subsidized with RHTCs must be rented to people who earn no more than 60 percent of the area median income. [[In-content Ad]]