Jeffersonville, IN – The Indiana Housing and Community Development Authority (IHCDA) announced yesterday that it has awarded funding to New Hope Services, Inc. to develop the project known as The Lofts at Leeson’s located in Elwood, Indiana (Madison County).
The cost of the project is $10,137,830 and IHCDA awarded $7 million in Rental Housing Tax Credits and Development Funds of $500,000 toward the project. Historic tax credits of $1.4 million will also apply, and loans and other grant sources will complete project financing.
The Lofts at Leeson’s will offer affordable housing for seniors and individuals with disabilities. It is an historic adaptive reuse development consisting of a mix of 23 apartment units in the Leeson's building and 23 units of new construction duplexes and one triplex on lots recently cleared for blight elimination in Elwood. All units will have 2 bedrooms and most will have 2 baths. Amenities at the Leeson Building include a restaurant, rooftop garden, fitness center and community room.
"These awards are an important step in meeting the affordable housing needs in our state," said Lt. Governor Suzanne Crouch, who chairs the IHCDA Board of Directors. "I am especially pleased by the geographical diversity and wide range of needs these 16 new projects will address across 12 Indiana counties."
James Bosley, President and CEO of New Hope Services, said “We continue to see an increase in demand for affordable housing options for seniors, and we appreciate the continued support from IHCDA for our work in addressing this need. The Lofts at Leeson’s will give new life to a wonderful old building in the heart of historic downtown, and at the same time provide modern living for seniors within walking distance of shopping, dining and cultural activities.”
Housing & community development has become a major focus for New Hope, which many years ago saw the need for clean, safe, affordable housing in Southern Indiana. Since 1997 New Hope has emerged as the largest nonprofit developer of affordable housing in southeastern and south central Indiana. With the addition of The Lofts at Leeson’s, New Hope will have more than 446 units of affordable housing and is an Equal Housing Opportunity provider.
About New Hope Services
Based in Jeffersonville, Indiana, New Hope Services has a rich history of meeting human services needs for the past 58 years. It is one of the largest and most successful nonprofit organizations in the region with services in 20 counties across Indiana.
New Hope’s focus is in three primary divisions: Adult Services, Family Services, and Housing & Community Development. Clients include families, seniors, and adults with developmental disabilities. With 180 employees, the organization serves more than 14,000 individuals and families annually.
For more information, please email jayne_labes@newhopeservices.org or go to www.newhopeservices.org.