The city has granted a 10-year property tax abatement to Gateway Senior Village as part of its plans to build 54 units of affordable housing in Columbus.
Gateway would be located at 1425 Michigan St. in a location already designated as an Economic Revitalization Area. The planned facility would create three full-time jobs, according to a memorandum from Assistant Director of Community Development Robin Hilber.
The memorandum said that the developers, Housing Partnerships Inc and Jonesboro Investments Corp., anticipate starting construction in August of 2021 and having the facility approved for occupancy around September of 2022.
“It’s a very tight space and will provide us much-needed senior housing, so we’re asking for approval on this,” Hilber said. “It’s an $11.2 million project. Ten percent of the units will be handicap accessible, and the other 90% will be adaptable.”
Hilber, who presented the tax abatement resolution to city council Tuesday night, said that the original project plan was to build a three-story facility with 54 two-bedroom, one bath units. However, there is now a possibility that the developers may build a four-story, 64-unit facility instead, and that some of these units might be one bedroom, one bath. She said that the applicants will have to go before the planning commission to finalize the design details.
The project narrative stated that for a 864-square-foot two-bedroom senior apartment, the anticipated “target market rent” is $381 for someone at 30% of Area Median Income (AMI), $699 for 50% AMI and $755 for 60% AMI.
Councilwoman Grace Kestler abstained from the vote, as she is a member of the board for Thrive Alliance, which is connected to the Gateway project. Thrive Alliance is a partnership between Aging and Community Services of South Central Indiana Inc. and Housing Partnerships Inc.
According to the resolution, the property tax abatement will be phased in over 10 years, with the percentage of abatement decreasing each year.
In addition to the abatement, the developers are also hoping to be awarded Low-Income Housing Tax Credits from the state. She said that without such funding, the project likely wouldn’t be able to continue.
“In 2016, I believe, we presented this,” Hilber said. “We designated that as an economic revitalization area and presented a senior living community. It was presented to the state of Indiana for Low-Income Housing Tax Credits, but unfortunately, it was not awarded. That’s a very competitive process. So we’re looking at this project again, hoping that we will get the Low-Income Housing Tax Credits or that Thrive will get those, because the project is really contingent on that. It’s cost-prohibitive for them to move forward with this project without those Low-Income Housing Tax Credits.”
The submitted project timeline estimates that if the developers receive Rental Housing Tax Credit funds, those will be awarded in January.
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The planned senior living facility would have at least 54 units and create three full-time jobs, according to a memorandum from assistant director of community development Robin Hilber.
The memorandum said that the developers, Housing Partnerships Inc and Jonesboro Investments Corp., anticipate starting construction in August of 2021 and having the facility approved for occupancy around September of 2022.
Hilber, who presented the tax abatement resolution to city council, said that the original project plan was to build a three-story facility with 54 two bedroom, one bath units. However, there is now a possibility that the developers may build a four-story, 64-unit facility instead, and that some of these units might be one bedroom, one bath.
She said that the applicants will have to go before the planning commission to finalize the design details.
According to the "project narrative" submitted by applicants, "The target market for the senior apartments will be primarily a moderate-income elderly household making between 30% and 60% of the Columbus Indiana Metropolitan Statistical Area."
The project narrative stated that for a 864 square foot two bedroom senior apartment, the anticipated "target market rent" is $381 for someone at 30% of Area Median Income (AMI), $699 for 50% AMI and $755 for 60% AMI.
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