Daniel Suddeath and Elizabeth Beilman, News and Tribune
SOUTHERN INDIANA — A project to revamp the building housing Industrial Terrorplex in Jeffersonville has been awarded state tax credits, though other sizable affordable housing developments in Southern Indiana weren’t so lucky.
The Indiana Housing and Community Development Authority, or IHCDA, awarded rental housing credits for 16 proposed projects Thursday. New Hope Services, garnered credits for its $9.7 million renovation of the 40,000-square-foot Industrial Terrorplex building at 835 Spring St.
The project calls for 51 one- and two-bedroom apartment units for people 55 years and older, some with disabilities. The complex would be called M. Fine on Spring and would serve a mix of income levels.
The credit approved was worth $755,000.
The Jeffersonville City Council approved a rezoning of the property in October. New Hope has not purchased the property and won’t break ground for up to a year, according to spokeswoman Jayne Labes.
“We’ve known for years that seniors need more affordable housing options, so this approval for the development is very good news,” James Bosley, president and CEO of New Hope, said in a statement. “Not only will it help meet a growing need for housing, but it will also be a convenient location for seniors, in the heart of downtown.”
New Hope will still need approval from the Jeffersonville Plan Commission for its development plan.
The news wasn’t so good in Floyd County.
The New Albany Housing Authority failed to receive credits for its $12 million planned revamp of Beechwood Court. The NAHA was also denied credits in 2014 , and narrowly missed being awarded the tax rebates this year.
The tax credits are awarded based on a points system, and the Beechwood Court proposal didn’t quite make the cut.
Despite the setback, NAHA Executive Director Bob Lane vowed the organization will continue to seek ways to modernize its public housing units and buildings.
“It’s the long-haul solution to improving affordable housing in New Albany,” he said. “We’re going to keep going for tax credits — there’s not other monies available.”
Also, a revamp of Cross Creek Apartments off Green Valley Road in New Albany didn’t receive accommodation from IHCDA. The project called for the renovation of the 59 existing units at Cross Creek along with the construction of a new building to hold eight more apartments.
Developer Chad Sprigler had also pledged to make $50,000 in off-site improvements near Cross Creek, and the New Albany Redevelopment Commission had agreed to assist with some additional upgrades if the project moved forward.
A message left for Sprigler Friday hadn’t been returned as of press time.
David Duggins, director of economic development and redevelopment for New Albany, said the city’s investment hinged on the project garnering credits.
“We’ll meet in the next couple of weeks with the developer and the property owner to determine what the next steps are on their side,” he said Friday. “We’ll need to re-evaluate how we’ll want to proceed.”