The Franklin Cove Apartments have received a $16 million federal grant through the Indiana Housing and Community Development Authority for the rehabilitation of 108 units at the Franklin property.
An Ohio-based multifamily housing company will receive about $1.7 million in incentives to rehabilitate Franklin Cove Apartments.
The Indiana Housing and Community Development Authority awarded 17 tax credits for the 2022 Low-Income Housing Tax Credit (LIHTC) program, including the Franklin Cove rehabilitation.
Franklin Cove’s parent company Wallick Communities Asset Management plans to invest $16 million to rehabilitate 108 units at the property. The company was awarded a $1.2 million tax credit and $500,000 for the property’s development fund.
Wallick, based in New Albany, Ohio, owns and operates multifamily and senior-living facility properties in nine states, including 14 in Indiana.
The purpose of the tax credit program, governed by the Internal Revenue Service and administered by state agencies including IHCDA, is to provide tax credits to property owners/developers to create affordable rental housing, according to program guidelines.
In exchange for the tax credit, the property owner must agree to restrict occupancy to program eligible households, follow program rent restrictions, and keep the housing safe and sanitary, guidelines say.
The Franklin Cove project will rehabilitate 81 units that are rented at 50% of the area median income and 27 units that are rented at 30% of the area median income, according to IHCDA.
Wallick submitted another proposal for a low-income senior housing project in Franklin but was denied funding.
The proposal included plans to build a new 64-unit senior housing complex in Franklin that would have rented for 80% to 30% of the area’s median income. The project, dubbed Westview Village, was planned for land at 1058 E. State Road 144, next to a former medical office building on the Westview Drive roundabout.
Westview Village is not necessarily dead. The company is reevaluating its application and may re-submit the proposal for the next grant cycle, according to Stephanie Tresso, a spokesperson for the company.
IHCDA received 38 LIHTC applications and awarded 17 tax credits totaling $170 million over the next 10 years, according to a press release from IHCDA. Those projects will create or preserve 895 affordable units and serve individuals, families, seniors, individuals with disabilities and individuals experiencing homelessness, officials say.
