Thursday the Indiana Housing and Community Development Authority (IHCDA) Board of Directors, chaired by Lieutenant Governor Suzanne Crouch, met and approved reservations or credits for 19 developments out of 50 applications.
In Marshall County, Riverside Commons was awarded tax credits. Developer Kevin L. Burger said, “This could not have happened without Marshall County’s Stellar Designation. That collaboration made this investment by IHCDA possible.”
The development is a scattered site development encompassing Plymouth and LaPaz. The project will be 48-units in Plymouth and 8-units in LaPaz. Riverside Commons will be constructed at the intersection of Baker Street and Richter Road on Plymouth’s east side and at the southeast corner of Michigan and Troyer Streets in LaPaz. The project was part of the Marshall County Crossroads Strategic Investment Plan and is only possible because of Marshall County’s success in receiving Stellar designation.
Burger said, “I’m pleased that the leadership in Plymouth and LaPaz had the vision to help with this project. There is an undeniable need in these communities. The Riverside Commons development is the first step in addressing this need.”
This project will be similar to The Paddocks, the Low Income Housing Tax Credit (IHTC) project in Culver, which came out of their Stellar Designation. Culver Sand Hill Farm, LLC is the developer for The Paddocks and will be the developer for Riverside Commons. These projects are designed to provide low-income housing to the communities.
The Tax Credits will be sold to help finance the project, resulting in a reduced mortgage. This allows for lower rental rates. Tenant rental rates will be based on their household income as a percentage of the average income for Marshall County. Culver Sand Hill Farm, LLC plans to begin construction later this year.
The rendering is of The Paddocks townhouses. This will be very similar to what will be built in LaPaz. A slightly more urban design is planned for the townhouse units in Plymouth.
Side note: The Paddocks is the final stages of construction and residents are already starting to move in. It is on the west side of Culver on the north side of Jefferson Street. It is also a 48-unit complex with a mix of townhomes and apartments.