Bloomington to consider tax break for project with 'workforce housing' units

The request comes from real estate developer H.M. Mac, which is preparing to demolish the current Chocolate Moose building and five other nearby structures and to build two four-story, mixed-use buildings on those sites.

Part of that development, which would be an estimated investment of $11.5 million and is expected to include a rebuilt Chocolate Moose as part of one building, would be a 54-unit apartment complex spread between the second through fourth floors of both buildings.

But unlike other apartments downtown, these wouldn’t all be rented out at the market rate. Five units — three with one bedroom and two with two bedrooms — would be workforce housing units spread throughout the complex and would offer discounted rents for those who qualify, as well as access to all amenities.

People who work 35 to 40 hours per week at or below the living wage of $12.32 per hour would be eligible for the units, which would offer about a 50 percent discount on rent for those working at the living wage. Rent for those residents would be based on 30 percent of annual wages, the equivalent of $641 per month for a one-bedroom unit and $1,282 per month for a two-bedroom unit, and the agreement would be guaranteed for 30 years.