Commonwealth Development Corp. combined the adaptive reuse of a historic school along with new construction to create 72 affordable homes for families in Muncie, Ind.
One part of the scattered-site development features the restoration of the abandoned historic Muncie Trade School into 36 apartments. The effort restores a blighted building that had been severely underutilized since the early 1970s.
The second part of Fourteen91 Lofts revitalizes another notable site.
Commonwealth acquired nearly 6 acres of nearby land that was once home to a 66-acre Chevrolet plant that was closed in 2006 from the RACER Trust (Revitalizing Auto Communities Environmental Response Trust), which wanted a buyer who would "invest in redevelopment and job creation." Along with the city, the Trust had invested more than $1 million preparing the property for redevelopment with strong community support. This site includes the new construction of 35 townhomes, and a new single-family home was built nearby to replace a blighted home that was the victim of arson.
Completed earlier this year, the two- and three-bedroom homes help fill the housing needs of residents earning no more than 30%, 40%, 50%, and 60% of the area median income. Eight units are set aside for residents with special needs.
Fourteen91 is also special because it opens the door to homeownership. Commonwealth, in partnership with nonprofit PathStone Corp., has created a lease-to-own program for the townhomes, giving residents the opportunity to purchase their units at the end of the low-income housing tax credit compliance program.
“The hope is residents will gain enough equity through the PathStone partnership, which provides educational opportunities and homeownership counseling and other assistance, to become homeowners,” says Kevin McDonell, vice president of development.
Commonwealth has also formed a partnership with Ball State University to provide residents with nutrition and exercise programs. This is important because the property is located in Delaware County, which was most recently ranked 87 out of 92 counties by the state of Indiana for health outcomes.
The $15.8 million project leveraged both housing and historic tax credits.
