Reprinted with permission from the Dubois County Free-Press
TRI-CAP has announced that the Federal Home Loan Bank of Indianapolis (FHLBI) Board of Directors has issued $500,000 in Affordable Housing Program (AHP) supplemental funding for the Wagon Works housing development that is under construction in Huntingburg in Dubois County.
The Wagon Works development will provide 56 affordable apartment units to be located at the corner of 5th and Washington Streets in Huntingburg. The development is the final Stellar project to be completed in the City of Huntingburg and is expected to begin leasing apartments by the summer of 2010.
In addition to this funding, the Indiana Housing and Community Development Authority granted the $8 million development $794,541 in rental housing tax credits and the city approved a 100 percent tax abatement for 10 years.
The project is being developed through a partnership with TRI-CAP and Paragus Corporation of Indianapolis.
Paragus has been involved in the housing development industry since 1988 and is owned by Mike Mance and Gary Ritz. This will be the third development that TRI-CAP has been a part of since 2010 in the City of Huntingburg.
TRI-CAP independently opened Stork Place senior apartments in 2010 and partnered with Miller-Valentine in the construction of the Lofts of St Joseph in 2015.
Construction on the Wagon Works project is already underway and the new complex is expected to open in late 2020.