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Redevelopment board wins tax credits for 52-unit senior housing project
Summary
Council and redevelopment officials announced tax-credit funding for a senior housing project described as roughly 52 units (~$1.3 million); the building will be privately owned and operated under tax-credit program ownership requirements.
Lawrenceburg — Redevelopment board members and councilors announced Dec. 1 that a long-pursued senior housing project secured tax credit funding that will support construction of about 52 units, officials said.
Council members thanked the redevelopment board and local advocates for persistent work to secure the award after several prior attempts. One councilor said the award totals approximately $1.3 million; staff and presenters said the project will be privately developed and that the owning management company is required by the tax-credit program to keep ownership for a multi-decade compliance period, after which tax-credit restrictions remain in place.
A resident asked whether the city would pay any construction costs. Staff responded that the project is a private development supported by tax credits and that, while the recipient typically must provide some match or percentage, the completed building will not belong to the city; a nonprofit manager partner will operate on-site.
What happens next: Redevelopment staff said the project will move through procurement and contract stages with the selected developer and management partner; staff indicated more detailed funding and ownership terms will be published on the redevelopment agenda when available.
