The Sisters of St. Benedict at Monastery Immaculate Conception are taking a step to fill a second vacant building on their property.
FERDINAND — The Sisters of St. Benedict at Monastery Immaculate Conception are taking a step to fill a second vacant building on their property.
The sisters recently approved a request to rent the former art studio for a potential brewery. That process is ongoing.
Now, the sisters are taking an active role in remodeling Benet Hall to create senior housing. Most recently, Benet Hall was a living area for the sisters, although it’s been vacant for several years.
Carla Naum of Milestone Ventures of Indianapolis, a consulting firm that specializes in affordable housing developments with nonprofits, delivered a presentation before the Ferdinand Town Council on Tuesday evening. Sisters of St. Benedict business manager Alan Hoffman and Sister Barbara Lynn Schmitz were in attendance.
The proposed $4.1 million renovation, Naum said, would add 15 two-bedroom apartments designed specifically for seniors, mostly for those on Social Security. A preliminary market study conducted by a third party has shown the need for such housing exists, Naum said.
To move forward, Ferdinand will have to help with the process of acquiring tax credits from the Indiana Housing & Community Development Authority.
“The Sisters of St. Benedict would like to apply for IRS tax credits — federal funding — that is awarded through an agency of the state of Indiana. Nov. 3 is when that application is due,” Naum said. “That funding can be used to renovate Benet Hall into apartments for senior citizens.”
Although the Sisters of St. Benedict are a nonprofit group, and therefore ineligible for tax credits, Naum said the sisters can set up a for-profit corporation that will run the apartment complex. The corporation would then be coordinated by the sisters.
Naum said the apartments would be eligible for individuals earning up to $32,400 annually, although she suspects the average income to be closer to $20,000. A multi-tier rent structure would be put into place to make the apartments affordable at any income. The apartments would meet the highest of energy-saving standards, she said.
Since the sisters’ application will be one of approximately 50 received by the state, it will be a competitive process to be named one of the 11 to 16 projects awarded funding.
“One of the things the state looks for is how much a municipality supports the proposal,” Naum said. “Today we’re not asking for any support, any votes or anything in particular. This is sort of a sneak peek of what’s to come.”
IHCDA awards projects based on a 200-point scoring system. Most projects that obtain funding earn about 150 points, and the town will be able to secure up to five points toward that mark by supporting the project. The town will also need to commit $25,000 in actual money or to a construction project within a quarter mile of the project.
Although Naum’s presentation was a preliminary move, the council did have to take action Tuesday night in order to meet the Nov. 3 timeline.
“I think I’m willing to work and see what we can do,” said Ken Sicard, the town council president. Fellow council members Ron Weyer and Debbie Johnson agreed.
The board set two special meetings during the next six weeks. The council will meet at 5 p.m. on Tuesday, Oct. 7, and 5 p.m. on Monday, Oct. 27, at town hall, 2065 Main St. The special meetings are open to the public.
Should the project receive the tax credits, construction on the renovation of Benet Hall could begin next year and residents could begin moving in sometime in 2016.
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