Seymour officials have committed financial incentives to a project to fill a need for workforce housing in the city.
Indianapolis-based TWG Development plans to construct a nearly $10 million 50-unit apartment complex on the southeast side of the city to provide more affordable housing in the area.
Last week, city council members voted unanimously to support the project with a 10-year tax abatement totaling around $330,000 and an additional $50,000 for sidewalks and other improvements.
Those incentives are contingent upon the project receiving federal housing tax credits from the Indiana Housing Authority in November.
The deal is the same one the city made with Thrive Alliance to build apartments on South Poplar Street for seniors age 55 and older near Schneck Medical Center. That project is slated to begin construction this spring or early summer.
This marks the second time TWG has applied for the state tax credits. They did not make last year’s round of funding due to the competitive nature of the grants.
The TWG project, tentatively named The Seymour Loft Apartments, are to be built in a 2.5-acre vacant grassy lot along Miller Lane behind the former Poynter Ford auto dealership. The city rezoned the property from commercial to residential in September 2019.
It is located in Seymour’s Opportunity Zone, which is a federally designated area targeting low-income areas for development.
The proposed three-story building will consist of two- and three-bedroom units and target families making an annual salary of $30,000 to $40,000. Originally, the site plan called for 54 apartments, but that number was dropped to 50 to meet the city’s parking requirements.
Jim Plump, executive director of Jackson County Industrial Development Corp., said the project will benefit the community’s workforce.
“Companies are looking for employees, and when you look at the housing market, it doesn’t bode real well for people moving in because we really don’t have a lot of housing,” he said. “This is definitely a step in the right direction.”