The tax credits for the Lincoln Lofts are expected to generate $12.7 million in equity for the development.
Only families that meet certain income guidelines — 60% of area median income or below — will be eligible for the housing units. Area median income for a McLean County family of four was $91,600 in 2019 according to federal government calculations, making 60% of that amount $54,960. The income figure is adjusted according to household size.
BHA also will provide federal project-based vouchers to subsidize rents for 17 of the apartments based on the tenants’ income. Of those, nine are for people with disabilities and six will be designated for veterans.
“The project-based vouchers are really useful because they provide a certain number of units that are available at an income-based rent,” Hayes said.
Mann said applications for the units will likely open a few months before the expected construction completion in June 2021.
“We plan to open up the applications 90 days before the construction completion date, but this could swing either way,” said Mann.
Region: Bloomington,Feeds,City: Bloomington,Local,Region: Central
October 6, 2020 at 08:10AM