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Commissioners OK support letter for North Dearborn Village senior-housing expansion
Summary
The board authorized the county chairman to sign a support letter for a proposed 11-unit expansion of North Dearborn Village senior apartments to help the developers score Affordable Housing Program funding in the project's capital stack.
Dearborn County commissioners on May 6 agreed to provide a support letter for a proposed expansion of North Dearborn Village senior apartments in Logan Township, allowing the county chairman to sign on behalf of the board.
A project representative said the expansion would add 11 new units adjacent to the existing North Dearborn Village and that the project is seeking capital from several sources. The presenter said the project's STELLAR designee awarded $1.5 million through the Indiana Housing and Community Development Authority and that the developers are pursuing up to $1 million from the Affordable Housing Program (AHP) through the Federal Home Loan Bank to complete the capital stack.
The representative said the project team includes Lifetime Resources and the Southeast Indiana Community Preservation and Development Corporation and that additional fundraising will be required to complete the financing.
Commissioners voted to allow the chairman to sign the requested support letter; the action is not a financial commitment and was described as adding points to the AHP application.
Less-critical background: the presenter said the AHP funds would be layered with the $1.5 million from the state designee and other local fundraising to create the project's capital stack. Commissioners clarified that the support letter does not obligate county funds.
