Sullivan, Indiana will soon be home to a new affordable housing development for seniors. Historic Sullivan Lofts may also become a model for other similar projects, as they will offer free social services to residents. The project landed in the online pages of Business Wire and even appeared in the Midwest section of MultiHousing News. Both sites noted the funding for this new project came from R4 – which is a national affordable housing tax credit syndicator and lender. R4 provided $6.7 million in tax credit equity which will be the primary funds for the development of the 40 new units dedicated to senior housing.
Business Wire notes that the city is also determined to revitalize the area, and the project will address both creating a park and restoring the historic properties’ facade- which dates back to the 1800s and early 1900s. As for the property itself, Historic Sullivan Lofts will welcome seniors 55 years and older, who earn 60% of the area median income. What is most intriguing about this project is that, according to Business Wire, the property will offer free social services to its residents. Services like health screening, physical therapy, medication delivery, social events, and home health care are just some that will be provided, according to the Business Wire article. Other services that they list include things like: computer training, credit counseling, and nutrition classes. Business Wire notes that for services that are off-site, residents will even receive free transportation courtesy of Ride Solutions, IncThe article says that additional funding beyond R4’s contribution was added by both Salin Bank and IHCDA. They also quote the vice president of R4 discussing the need for this type of facility in an area like Sullivan, IN. Paul Connolly says, according to Business Wire, that this type of rural community is looking to “improve quality of life with job opportunities and affordable housing.” This type of property may well become a model for other developments. The large baby boomer generation will see a need for senior housing – and by creating both affordable housing that also combines access to highly beneficial social services, Historic Sullivan Lofts may be onto a winning formula. In fact, one Midwestern news station did a report on the shortage of affordable housing for seniors last year. They noted that not only are many seniors on a fixed income, but with a lack of affordable housing in their area many are at risk for homelessness and health problems.
Historic Sullivan Lofts will utilize over $6 million in tax equity from R4 to develop 40 units of affordable senior housing that will then offer a wide variety of free services to the residents. With the nation’s baby boomers nearing only Millenials in number, finding affordable housing and access to social services will be an ongoing search for many seniors for years to come. Creating a property that blends both the opportunities for affordable housing and assists residents in maintaining health and independence is a boon to the residents, community, and investors alike.
