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|
Vaile Neighborhood Owner Occupied Rehab
On the edge of the center city an important neighborhood, the Vaile Neighborhood, has begun a major transformation. The Vaile Neighborhood is a tipping point neighborhood with many well-kept properties and many in disrepair. It is within walking distance to downtown, the Whitewater Valley Gorge and surrounds the 10th Street Park and Vaile Elementary School. Vaile Elementary, according to Richmond Community School’s (RCS) data, is the home to over 339 RCS students.
In partnership with IHCDA, $5 million in NSP 1 and NSP 3 funds are being invested in this neighborhood. NSP investment includes the acquisition of 25 foreclosed properties. Currently, three (3) are for sale and one (1) is scheduled for construction soon. Interested buyers could have an opportunity to select interior colors and styles.
To supplement this investment, the City of Richmond will use Owner Occupied Rehab funds to assist the neighborhood’s homeowners with needed repairs. Many of the individuals that live in the neighborhood are long-time residents. They want to “age in place”. By providing them with updates to their homes, they will be able to afford to reside there as long as they are able to do so.
The Stellar Owner Occupied Rehab projects are scheduled to begin immediately following the completion of the City of Richmond’s current Owner Occupied Rehab grant.
7th Street Park:
Great Turnout for Design Input Meetings
The City hosted four public meetings, facilitated by Rundell Ernstberger Associates (REA), April 9 to discuss ideas for the 7th Street Park, our Downtown Living Room. The park will be located on the southern section of the City parking lot between Sixth and Seventh streets along North “A” Street.
“We were incredibly impressed with the turnout! In fact, the whole day went very well.” said Tony Foster, City of Richmond, Director of Metropolitan Development.
Proposed plans include a welcoming, safe, walkable and bicycle-friendly design, permanent farmers’ market space, public art ad a performance space.
REA will now take the public input and work on designs for the park, with a goal of sharing those designs with the public in late June.
Thank you for taking the time to share your ideas and insights! Feel free to leave comments below.
7th Street Park:
Our Downtown Living Room
The 7th Street Park, our Downtown Living Room, can be a part of our community that we can be proud of. It can have interesting uses, attractive features, and a welcoming, safe, walkable and bicycle-friendly design. But to get there, WE NEED YOUR HELP!
The City of Richmond and the Stellar Development team invite you to participate in the upcoming design charrette led by Rundell Ernstberger Associates – one of the mid-west’s top design firms. We encourage residents, business owners, employees, community leaders and decision-makers to join us at these unique community design meetings. Your participation is critical to the success of the process! . We need your input on Wednesday, April 9. Specific session times and location to be annouced soon!
The future of the 7th Street Park is in your hands. Let’s make this area a wonderful part of our community.
Come share your ideas and insights.
You can make a difference!