MUNCIE — Mayor Dan Ridenour's office announced that Advantix Development closed on Southern Terrace, a scattered-site development in Muncie that will build 45 new affordable residences.
The project was awarded $1.2 million in Low Income Housing Tax Credits. The homes will be available for residents earning 30% to 80% of the area mean income. Rent for each resident will be calculated based on income and family size, according to a press release from the city.
The sites include former Muncie Redevelopment Commission properties, sites from the Land Bank, and a site formerly owned by a church on 26th Street.
Twenty of the properties will be converted into single-family homes with an additional 25 townhomes. The homes will be built in the Industry, Southside, Blaine Southeast, Eastside, and Whitely neighborhoods, the press release stated.
Southern Terrace follows two other scattered site developments, City View 1 & 2, as the third recent low-income-housing project being build in several Muncie neighborhoods and funded through the state's tax credit program. The tax credits incentivize development of affordable housing. A total of 93 single family homes are scheduled to be built or already in construction in the city.