The Town of Culver’s latest workforce housing initiative is the recipient of state funding from the Indiana Housing and Community Development Authority.
Developer Kevin Berger was in Indianapolis on Thursday, Nov. 15 when the announcement was made. The project known as “The Paddocks” will receive $925,000 in the Rental Housing Tax Credit program which is IHCDA’s Low-Income House Tax Credit program. This tax credit program allows developers and investors to provide more affordable rental housing options. The project is also benefiting from $500,000 from the Development Fund and has a total of $9.6 million in capital investment.
“The Paddocks” is the second phase of a housing project following the completion of the Sand Hill Farms workforce housing development project on West Jefferson Street in Culver. “The Paddocks” will feature 48 units of housing in six buildings, including 12 two-bedroom and 36 three-bedroom units. Half of all units will be rent-to-own townhomes while the others will be bedroom units.