A project proposed in the Marshall County Crossroads Regional Stellar Communities Initiative involves a housing development in Plymouth.
The Plymouth City Council members heard from developer Kevin Berger from Solomon Development, LLC Monday night who discussed the project that includes townhome units that will provide workforce housing at the corner of Richter Road and Baker Street.
Riverside Commons will be a low income housing tax credit project through the Indiana Housing and Community Development Authority. Berger said tax credits will make it a low mortgage project.
“Rents are based on AMI (Area Median Income) in Marshall County,” explained Berger. “So, 30, 50, 60 and 80 percent of median income in Marshall County will be the breakpoints. If you qualify, you get the reduced rent based on those amounts.”
He said the two bedroom units will be $875 a month and the three bedroom units will be $1075 a month.
Other housing projects are planned through the Stellar initiative.
A resolution to begin the process of providing a tax abatement toward the project. The Plymouth City Council members approved a resolution Monday night that designates the real estate as an Economic Revitalization Area.
Even though the project is within the Stellar initiative and funding has been set aside, the project is in competition with other communities awarded Stellar funds for projects. Berger said the process is the same for The Paddocks in Culver when it was awarded tax credits.
