DELPHI — An area development agency recently received more than $717,000 in tax credits to build 44 new affordable housing units in and around downtown.
Area IV Development Inc. is planning to renovate two downtown buildings into affordable housing and build a new set of housing units four blocks away. The Indiana Housing and Community Development Authority awarded the organization $717,709 in credits toward the project, according to documentation provided by Elva James, president of Area IV Development.
All told, the project’s expected cost runs more than $7.4 million. Keller Development Inc. of Fort Wayne is serving as general contractor, according to a release from Carroll White REMC.
Named Canal Commons, the project will consist in part of renovating two buildings in the 100 block of East Main Street in the heart of downtown.
“We’re very, very excited about it,” Delphi Mayor Randy Strasser said. “It helps with some of the critical mass issues that we’re trying to complete. More people living downtown, going to the grocery store, going to the restaurants, shopping at the stores — it’s part of what we’re trying to do.”
Area IV Development, a nonprofit with close ties to Area IV Agency on Aging, has a 99-year lease drawn up with the buildings’ owners, who have agreed to rent the second and third floors at $1 per year to be developed into 16 loft-style apartments, James said.
Those buildings will have commercial space on the ground floor.
A third building will be constructed from scratch on a North Market Street site currently owned by Carroll White REMC. That will house 28 new rental units as well as some common space.
Each unit is planned to be between 500 and 600 square feet, depending whether it’s one bedroom or two.
The new building will be 39,210 square feet. The renovated downtown buildings will add about 15,000 square feet. The total size of the project is 54,460 square feet.