IN Affordable Senior Housing Lands $7M in Tax Credits
Historic Sullivan Lofts is slated to include 40 senior housing units and will provide free social services, including physical therapy, medication delivery and off-site transportation to residents 55 and older.
By Beata Lorincz
Rendering of Historic Sullivan Lofts in Sullivan, Ind.
R4 Capital has provided $6.7 million in 9 percent Low-Income Housing Tax Credits and Historic Tax Credits for the upcoming Historic Sullivan Lofts, an adaptive reuse and conversion of two historic structures with new construction in Sullivan, Ind. Flaherty & Collins Properties will develop the 40-unit affordable senior housing project in accordance with local neighborhood regeneration initiatives. Salin Bank and IHCDA provided additional funding.
The development will carry 13 addresses on W Jackson Street across 4.2 acres and one parcel is slated to serve as a future park. The developers are also set to restore the historic facades of the two properties constructed between the late 1800’s and 1930’s, as well as upgrade building interiors for contemporary needs.
Free social services
Historic Sullivan Lofts will accommodate adults aged 55 years or older earning up to 60 percent of the area median income. It will also provide an array of cost-free social services, including:
- health screening
- quarterly resident meetings
- holiday events
- physical therapy
- medication delivery
- home healthcare
- transportation to off-site services
- computer training
- exercise and nutrition classes
“Rural communities like Sullivan are looking for ways to improve quality of life with job opportunities and affordable housing availability,” said Paul Connolly, executive vice president of R4 Capital, in prepared remarks. “Partnering again with the developer, Flaherty & Collins, we are able to provide private financing to assist Mayor Lamb in transforming his city.”
Rendering courtesy of Flaherty & Collins Properties
