BEDFORD - NOVEMEMBER 21, 2022 - TWG Developments $11 Million Plan to build a housing project on the former Georges' Gateway property tax credit application has been denied.
TWG Development planned a $11 Million housing project on the former George's Gateway property 2608 M Street in Bedford
Mayor Sam Craig informed the Bedford City Council members this morning of the denial of the application.
On August 17, 2021, the Bedford City Council made changes to the zoning of the property from B-3 to a R -3 Designation. This was a 6-1 vote with Bedford City Council member Dan Bortner vote being the only council member voting "No" against the proposal.
The plans by TWG were to build a 60 multi- family unit dwelling at the expected cost of $11 Million.
TWG Development LLC is based out of Indianapolis, with more than 80 developments in 14 states. TWG develops and manages the properties and keeps them in a portfolio for over 15 years.
The project is Section 42 Housing which uses federal tax credit of the IRS code which is awarded through the State of Indiana annually.
TWG applied for the tax credits and the tax credits are used by investors to buy down the mortgage. In turn for buying down the mortgages with the tax credits. TWG is required to have the apartments affordable and lease them to renter's 30-60 percent Average Medium Income (AMI) for a period of 15 years, with automatic renewal for an additional 15 years thereafter.
" We will finish looking at the scoring and find out about reapplying for the tax credits. I have asked for a meeting in the future with TWG Development and ask them questions about the scoring process and see what areas where we were disqualified or did not meet some criteria in the application process," said Mayor Sam Craig.
In July, 2022, The Bedford Board of Works and Safety applied for grant funding through ROI to help make some upgrades to the sewer lift station in the area and improve the sewer system in the area of the project.
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