Downtown Revitlaization: Upper Story Housing Richmond’s downtown is home to historic architecture, locally-owned businesses, a large department store, and is full of potential. In the mid-1990’s, CDBG funds helped reconstruct Main Street to replace the pedestrian mall that was built after a gas explosion decimated the west end of Main Street in the late 1960’s. Many of the original structures still exist downtown and they provide potential for second and third floor living. This is especially attractive to Richmond’s 10,000+ college students from Earlham College, Indiana University East, Ivy Tech and Purdue College of Technology. The barrier to redevelopment of these downtown buildings has been costly improvements needed to meet current building and accessibility. IHCDA is working on program details and application process.
What we know…
- Program Purpose: To facilitate the creation of second and third floor housing.
- Location: An eligible project must be located within the Stellar Downtown Enhancement Area: 5th to 10th Street, North A to South A.
- Multiple Projects: Property owners interested in both the Stellar Upper Story Housing Program and the Stellar Facade program will not be able to combine the two projects. Due to funding sources restrictions, projects must be separate and Stellar Facade Projects should be undertaken first.
- Match Requirement: The required minimum match is 50% of the eligible project costs.
- Affordability Requirements
- Period of Affordability: For a period of 5 years following initial occupancy, unit(s) must be occupied by tenants whose income is at or below 80% AMI and rents shall be regulated in accordance wtih IHCDA requirements. Both tenant income and rental rates will be certified at initial occupancy.
- Rent & Income Limits: The assisted units will be subject to 80% of the Area Median Income & Rent Limits. The inclome and Rent Limits listed belwo are as of 2.5.14, the new numbers are released each spring by IHCDA.
|2013 80% AMI Income Limits for Wayne County|
|1 person||2 person||3 person||4 person|
|2013 80% Rent Limits for Wayne County|
|1 Bedroom||2 Bedroom||3 Bedroom||4 Bedroom|