Benet Hall apartment project receives over $800,000 in funding

A proposed 15-unit senior housing center at the Sisters of St. Benedict Monastery made the shortlist of one of 16 projects to receive housing tax credits through the Indiana Housing and Community Development Authority.

The project will receive $411,550 in tax credits and an additional $400,000 in additional IHDCA funding to convert Benet Hall into the apartments. The project joined the Jasper Lofts as the two Dubois County projects to receive the coveted tax credits.

The Benet Hall project will create 15 low income/senior apartments. Each will feature two bedrooms and two baths and a resident rec room will be included in the $2.9 million renovation.

“These projects utilize public and private investment to address the rehabilitation and adaptive reuse of existing structures, support larger community development initiatives and further efforts towards stabilizing neighborhoods,” said Lt. Governor Ellspermann, who chairs the IHCDA Board. “Affordable housing options are a vital component to promoting Hoosier self-sufficiency and revitalizing our communities.”

The Benet Hall project received a 6-year tax tax abatement in October; 100 percent of the property taxes will be abated the first three years, 75 percent in the fourth year, 50 percent in the fifth year and 25 percent in the sixth year.

The Town of Ferdinand also committed to completing a sewer main rehabilitation project that would be needed with the conversion of the hall into apartments.

The abatement award and infrastruction project were necessary to get added points in the Benet Hall application.