The awarding of around $1.4 million in federal tax credits will clear the way for a new, 56-unit affordable housing development in Bloomington.
The four-story Lincoln Lofts will be located near Four Seasons Road and Lincoln Street. It is one of 25 developments that will split over $28 million in federal Low-Income Housing Tax Credits (LIHTC), the Illinois Housing Development Authority announced Friday. The sale of those LIHTC tax credits will create around $257 million in private capital to fund those 25 projects.
Lincoln Lofts will be built by MVAH Holding LLC and St. Mary Development Corp., with support from the Bloomington Housing Authority. The tax credits will offset part of the project's $17.9 million cost.
“The tax credits are critical to the funding of the project. It’s really the only way it can proceed,” said Jeremy Hayes, executive director of the Bloomington Housing Authority.
Seventeen of the 56 units are reserved for income-based affordability; the rent will be income-based.
“That’s really critical for somebody whose income may just consist of disability, or a limited amount of retirement income, or a small amount of wage income,” Hayes said.
The rest of the units will still be affordable but with a traditional set rent, he said.
“The vouchers (in Lincoln Lofts) provide for a genuine mix of incomes that will provide options for people on a wider income spectrum,” Hayes said.
Lincoln Lofts will offer a variety of amenities to keep residents active, including a fitness and community room, according to the Illinois Housing Development Authority.
“This is an ideal location in a lot of ways, because of its proximity to jobs, recreation, shopping, and transit,” Hayes said. “It’s adjacent to existing multifamily (apartments), so it’ll fit in well.”
Construction is expected to start sometime in 2020.
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