From the Terre Haute Tribune Star:
Linton Mayor John Wilkes announced this week that Indiana Housing and Community Development Authority recently awarded Cine LP, a general partner of Linton Redevelopment LLC, more than $6.5 million in rental housing tax credits to help develop the Cine Senior Apartments. The tax credit award process was exceptionally competitive this year with only 14 projects receiving tax credit awards out of more than 60 applications. Cine LP’s proposal actually received the second-highest score of all the 2012 plans submitted.
“This is a very exciting time for Linton,” Jeff Doris, president, Linton Redevelopment stated in a news release issued Wednesday. “Developing the Cine Senior Apartments helps further our overall mission of revitalizing downtown to provide updated housing options and retail locations for Greene County residents. This is just the beginning of what’s to come for Linton.”
The proposed 41-unit Cine Senior Apartments will be at 155 N. Main St. in downtown Linton. This is the same block the historic Cine Theater called home from 1938 to 1982. The development will include studio, one- and two-bedroom apartments as well as an on-site leasing office and a variety of community spaces. Cine LP plans to restore the property’s Main Street façade so new development maintains the charm of the original building’s storefront exterior.
“The Cine Senior Apartments provides a new housing choice for Greene County seniors with low and moderate incomes,” said Stan Palma, tax consultant and architect, Cine LP.
Cine LP plans to break ground on the Cine Senior Apartments this summer.
http://tribstar.com/business/x684073213/Tax-credits-to-help-develop-senior-apartments
