The Town Council took the steps necessary to approve the tax abatement for The Paddocks. This was something pledged to IHCDA in our LIHTC application.
Approval of the abatement was critical to moving the project financing forward, so this advances the process to the next steps.
We are currently working with three financial institutions to provide financing. One will handle the purchase and funding with the tax credits. One will provide construction financing and one will provide an additional incremental amount of permanent financing for the project.
We wanted to say thank you to the Culver Town Council for their foresight in moving this forward. This will be the culmination of years of work starting with the Comprehensive Plan, Entry Level Housing Task Force and two Stellar Strategic Investment Plans. Thanks everyone!