Press Release - Stonecutter's Place Senior Apartments
Tuesday, July 22, 2014
July 22, 2014 David Miller, CEO of Hoosier Uplands Economic Development Corporation announced on July 18th that the final piece of funding needed for the Bedford Stellar Community - Stonecutters Place Senior Apartments has been secured. The City of Bedford partnered with David Miller to develop the housing component of Bedford’s Stellar Proposal that was awarded in June 2013. Mr. Miller shared that “the Federal Home Loan Bank of Indianapolis has awarded the project a grant from the Affordable Housing Program in the amount of $500,000. The project is funded solely by the Federal Home Loan Bank grant, a loan from the Indiana Housing and Community Development Authority (IHCDA), and Low Income Housing Tax Credits, which are purchased by a private investor and no local tax dollars are being utilized to fund the construction of this project”. Bedford’s Stellar Community application was developed for the transformative impact it will have on Downtown Bedford. The plan was created from local planning efforts that identified the need for additional housing for elderly and disabled residents. Stonecutters Place will have 30 housing units for those 55 and over, up to 60 parking spaces, will be ADA compliant, and provide amenities that benefit seniors while transforming the former Carriage House Furniture building. The project should be completed by October 2015. It is exciting to know construction will start soon and that the needs of a growing number of seniors in our community will be met. With City Hall next to the site I see daily the need to rehabilitate this large abandoned building. The work of Bedford’s Stellar Community Program and David Miller’s expertise is bringing resources that will transform this dilapidated structure in our Downtown into a vibrant and active facility. The Office of Community and Rural Affairs (OCRA) oversees the Stellar Communities Program which is a multi-agency partnership designed to fund comprehensive community development projects in Indiana’s smaller communities and is bringing over $19 million of investment to Bedford. You can visit www.bedford.in.us or the Bedford, Indiana – An Indiana Stellar Community Facebook Page for more information. You can also contact Marla Jones, Director of Business & Community Development for the City of Bedford at (812) 279-6555 or at firstname.lastname@example.org. Stonecutters Place Senior Apartments is just one of the many project being implemented by the City of Bedford and our partners to build a better Bedford.