$1 million in tax credits awarded to Vine Street loft apartment project

The former JOFCO factory at 13th and Vine streets in Jasper may become home to 67 workforce homes.

A proposed workforce housing development in the former JOFCO building on Vine Street has received over a $1 million in tax credits from the Indiana Housing and Community Development Authority (IHDCA).

The project was one of 16 to be awarded tax credits from 52 proposals. The Jasper Lofts Housing project received $1,199,705 in tax credits and $500,000 additional HOME funds.

Cash Waggner purchased the 300,000 square foot building in October of 2013. The company received a tax abatement to develop 70,000 square feet of office space in the existing office space of the building.

Miller-Valentine is interested in converting about 100,000 square feet of the factory into 67 workforce housing units. The units will be fully amenitized with laundry machines and full kitchens as well as an onsite business center, community room, theater and fitness room.

Pete Schwiegeraht, a developer with Miller-Valentine, presented plans the Jasper Common Council in May of 2014 that included a green space being added to an interior area of the building. He stated at the time that the group will invest about $12 million into the development.

TRI-CAP, a community action agency headquartered in Jasper that provides a plethora of services to residents in southwestern Indiana, was Miller-Valentine’s Community Housing Development Organization in the application.

“We appreciate the commitment from Miller Valentine and the Indiana Housing and Community Development Authority (IHCDA) to make this project a reality,” said TRI-CAP director Joyce Fleck in a press release. “We look forward to working with all necessary parties in regards to this new venture. We have full confidence that the Miller Valentine Group will bring an economic benefit to the area of which we can all be proud.”