Vine Street Lofts Project Gets Financial Boost From State

INDIANAPOLIS (LOCAL SOURCES) – Lt. Governor Sue Ellspermann announced today that the state is awarding more than $14.3 million in rental housing tax credits to 18 multi-family housing developments throughout Indiana, including $1,175,000 in tax credits and another $500,000 in development funds for Vine Street Lofts, a development project that is converting a large section of a former Jasper factory into apartments.

“Rental Housing Tax Credits are one of the most important tools we have to encourage the production of affordable housing,” said Lt. Governor Ellspermann, who chairs the Indiana Housing and Community Development Authority (IHCDA). “The 18 new projects will contribute greatly to the overall development and stabilization efforts of these communities.”

The $12.6 million dollar Vine Street Lofts is project is 62 apartments for seniors age 55 and older in the former Jasper Wood Products building at 13th and Vine streets being developed by Cincinnati-base Miller-Valentine Group.

This is the second housing development in that area of Jasper where former wood manufacturing plants have closed. Jasper Lofts is an $8 million project to develop 44 apartments to the former JOFCO (Jasper Office Furniture Company) building a block to the west at 13th and Dewey streets.

“Rental housing tax credits are one of the most important tools we have to encourage the production of affordable housing,” said Ellspermann, who chairs the Indiana Housing and Community Development Authority. “The 18 new projects will contribute greatly to the overall development and stabilization efforts of these communities.”

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