Overview

Biggs has been awarded the necessary resources to properly rehab the Rivergreen Apartments in Huntington, IN in order to bring the property up to modern standards. This extensive renovation will completely restore the interior of the units. Funds will also address important site issues including Section 504 accessibility issues and storm water drainage issues. By making these improvements now we will be able to prevent the property from falling into functional obsolescence, being shuttered and permanently displacing residents. Biggs is seeking to secure $249,000 in READI funds to assist with the construction costs. The pledge of these funds allowed the recipient to submit a very competitive winning application to IHCDA for 9% Rental Housing Tax Credits. With the successful award of tax credits, this relatively small investment has leveraged over $5M of additional private investment into the community through the syndication of these tax credits. The project is scheduled from 6/23-03/24. The match is provided by a combination of syndicated RHTC credits, private loans (River Hills and Lument) and developer equity, Biggs TC loan and deferred developer fees, as well as USDA loan and a City of Huntington grant. The Rivergreen apartments project will provide affordable housing in the small city of Huntington using a combination of rental housing tax credits as well as public and private sources.