Last Updated on February 24, 2017 by cassnetwork
Efforts to redevelop a downtown Logansport building and add approximately 70 housing units throughout the city were dealt a setback Thursday.
The Indiana Housing and Community Development Authority Board denied a request from the City of Logansport and Cincinnati-based developer Miller-Valentine to allow tax credits for the redevelopment of the Logan Square building at Third and East Market. If approved, the tax credits would have provided funding for the construction of 30 town homes on Yorktown Road as well as nearly a dozen homes on lots that were cleared as part of the city’s Blight Elimination Program.
“We’re obviously disappointed in the outcome, but we still think we have viable assets to commit to housing projects that must be done to ensure growth in Logansport,” Mayor Dave Kitchell said.
The mayor said Logansport’s application ranked high among those that were denied and could potentially still be funded if there is a special April round of IHCDA funding.
“The real takeaway message from this situation is that there are plenty of developers and cities out there like us that want and need affordable housing, but the state and federal government are not meeting with the demand, even when cities like Logansport are willing to commit hundreds of thousands of dollars. We hope this sends a message to Washington that more affordable housing tax credits are needed, and not just in metro areas.”
Logansport’s application was one of 62 the authority board considered. Only 16 will be funded by the state. Had Logansport’s been approved, it would have generated more than $14 million in economic development in the city. Logansport officials also committed additional development money through Tax Increment Financing (TIF) funds approved by the Logansport Redevelopment Commission.
Kitchell pledged to continue to work with Miller-Valentine and other developers to expand the housing stock in the community and improve the existing structures.
SOURCE: News release from Logansport Mayor Dave Kitchell