Laura Walls, CEO of the Marshall County Economic Development Corporation and Greg Hildebrand, Economic Development Project Manager announced Thursday that Lt. Governor Susan Crouch will be attending the ribbon cutting ceremonies at The Paddocks in Culver on Saturday, July 24. Prior to the official ribbon cutting event area civic groups will be participating in a community welcome event. The Paddocks are located at 510 Cavalier Drive, Culver.
The Paddocks is one of the projects in Culver’s Stellar Communities Designation. This new workforce housing development created by developer Kevin Berger features three buildings with eight townhouses and three buildings with eight apartments in each. Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. Rents in these units are capped at a maximum of 30% of the set-aside area median income (adjusted for unit size). Some rental units in this property may not be subject to LIHTC and therefore have higher rents and no maximum household income requirement. The Paddocks currently has 30 units filled with 25 of those residents are new to Culver.
July 24 will be a busy day in the Culver community as the annual Lions Club Corn Roast and the Culver Union Township Firemen’s Festival will be held that day also.