Brent Martin, architect and partner of SRKM Architecture of Warsaw appeared before the Bourbon Town Council to receive permission to meet with IHCEA on their behalf. Martin said he had read on the WTCA website that the town had declined offers on a Center Street property since the offers were for storage units rather than residential use.
Martin said IHCEA helps to fund a portion of homes for lower income families that are seeking home ownership. By example, Martin said a family of four would qualify if their income was under $48,000. Grants from the organization are up to $40,000 with a 25 percent match. If the town entered into an agreement, an in-kind donation could be included in as a match.
Martin shared pictures and information on similar projects in Plymouth and Kokomo. He also indicated that his firm would donate house plans and he would not seek compensation unless a grant would need an administrator. The Center Street lot is approximately 126 feet of frontage and 240 feet deep. According to Martin, it could be divided into three lots.
If a homeowner used a grant for building, ten-year affordability terms in the contract would only allow them to sell to a lower income buyer during ten-year period.
Carol Anders Correspondent