The Pulaski County Commissioners took action this week to move forward with the Willow Creek Villa housing project on East Galbreath Drive in Winamac.
The project has been approved for low income tax credit from the Indiana Housing and Community Development Authority. With that, Pulaski County Community Development Commission Executive Director Nathan Origer discussed with the commissioners a proposed $350,000 low-interest loan to Willow Creek Villas, LLC out of the LIT Economic Development Fund for local match support for the project. Last week the Pulaski County Council approved the advertisement of a $350,000 additional appropriation for the LIT Economic Development Fund for this purpose. The loan would have a repayment schedule of 15 years at 2 percent interest.
The project proposes to build 11 units with an income threshold at 30 percent of the area median income with rent at $447 plus utilities. Six units would be built with an income threshold of 50 percent of the area median income with rent at $812 plus utilities, and 17 units would be built with an income threshold of 60 percent of the area median income with rent at $994 plus utilities.
The commissioners voted unanimously to authorize County Attorney Kevin Tankersley to draw up legal documents pertaining to the loan. The additional appropriation will be considered by the Pulaski County Council in August. The commissioners would consider the approval of additional documents during their mid-August meeting.
