Two Kokomo housing projects will receive more than $3 million in tax credits and funding from the state.
The state of Indiana, through the Indiana Housing and Community Development Authority (IHCDA), announced this week that state tax credits and federal funding have been approved for two projects in the city of Kokomo.
Sargent Place and the Union at Washington development will collectively receive more than $3 million in tax credits and funding, a press release stated.
Mayor Greg Goodnight was pleased with the decision by the IHCDA.
“Both of these projects fill a need in Kokomo,” said Goodnight in the release. “Sargent Place will provide supportive housing while Union at Washington will create quality housing near downtown. I appreciate that the IHCDA saw the value in these developments.”
Advantix Development Corp., which is developing Sargent Place, was approved for $2.02 million through a combination of four different funds. Sargent Place will provide housing to homeless families where the head or co-head of the household suffers from drug addiction or co-occurring mental illness.
The project will also offer on-site wraparound drug treatment and mental health services to tenants, and the development would be the first of its kind in Central Indiana. Proposed construction is slated to begin in spring 2019.
“Advantix Development Corporation is delighted to be a part of bringing much-needed supportive housing to the city of Kokomo,” said Rick Moore, CEO of Advantix Development Corp. “Sargent Place will provide 35 permanent supportive housing units for families and individuals affected by substance abuse disorders. Together with our partners we are committed to being a positive force in the elimination of homelessness.”
Dr. Carrie Cadwell, CEO of Four County Counseling Center, another partner in the development, said the need for supportive housing can’t be understated.
“Four County is deeply appreciative of this partnership that will make supportive housing for individuals and families impacted by substance use disorder a reality for Kokomo,” said Cadwell. “We will embody the messages of housing first, treatment works, and recovery is possible. It truly is such a privilege to serve and support access to care in this way.”
The Kokomo Housing Authority, which is partnering with Advantix, knows what a difference the state and federal funding will make to the project.
“We are so thankful to IHCDA for selecting Sargent Place,” said Deb Cook, CEO of the Kokomo Housing Authority. “This funding really sets the project up for success. The KHA is very excited to be part of the team bringing this unique permanent supportive housing project to the Kokomo region.”
Tax credits and funding was also approved for a four-story, 51-unit affordable housing development north of downtown Kokomo, known currently as Union at Washington. A total of $1.292 million will be available through two different funds. The development is a project of The Annex Group and will be located along the Industrial Heritage Trail. The apartment building will be a 10-minute walk from downtown and most units will feature balconies or balconettes.
"We are thrilled to once again make a positive social impact in the city of Kokomo,” said Kyle Bach of The Annex Group. “Our involvement, initiating at the tail end of the Great Recession to now and beyond, is the truest sense of public private partnerships.”