A plan to develop the former YMCA building at North Eighth and A streets in downtown Richmond was not among the projects to receive federal rental housing tax credits through the Indiana Housing & Community Development Authority. / Brian Guth / Palladium-Item
A plan to develop the former YMCA building at North Eighth and A streets in downtown Richmond was not among the projects to receive federal rental housing tax credits through the Indiana Housing & Community Development Authority. / Brian Guth / Palladium-Item
Two Richmond projects to develop rental housing failed Thursday in bids to receive federal tax credits from the Indiana Housing & Community Development Authority.

Neither the plan for low-income housing at the former YMCA building at North Eighth and A streets nor the plan for senior housing at the site of the former Nicholson School at North 13th and H streets was selected for the Rental Housing Tax Credit Program funded through the Internal Revenue Service Section 42.

Only 15 of 44 applications received tax credits for new construction, rehabilitation, adaptive reuse or preservation of historic buildings for multi-family housing developments.

This is the third time Excel Realty Group of Shaker Heights, Ohio, failed to get tax credits to develop the former YMCA complex into Music City Place, a facility with 50 one- and two-bedroom apartments, a fitness center, business center, tenant storage and onsite management. The name of the facility and planned decorative elements honor Richmond’s jazz heritage.
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