Turning a blighted area into housing for low-income people culminated with last month’s grand opening for Meadow Park Apartments in Clinton, IN. Many of the apartments will be available for up to 80 percent lower than typical rent amounts in the city, and six of them will be set aside for individuals with disabilities.
The apartments, which range in size from one bedroom to four bedrooms, sit on a former manufacturing site, with some units housed in a former garment factory building across town. The development includes a computer room and a fitness center, and on the grounds are a dog park and a garden with raised beds to give seniors easier access to planting.
IFF partnered with US Bank on construction financing, providing a $400,000 loan that will remain in place for 15 years. The apartments were developed by Herman & Kittle Properties, Inc., and Little Italy Festival Town, a nonprofit formed in 1966 to promote the city’s Italian festival and celebrate the original settlers’ heritage. Other financing sources for the $7.9 million project include a Indiana Housing & Community Development Authority loan, HOME funds, and low-income housing tax credit equity from US Bank.
Tags: : Capital Solutions, Housing