Huntingburg Wagon Works development awarded tax credits

The Wagon Works housing development in Huntingburg was awarded $794,541 per year in rental housing tax credits through the Indiana Housing and Community Development Authority.

The project being developed by Indianapolis-based Paragus Group will create 56 apartments on the site located near St. Mary’s Catholic Church on Washington Street at the former Wagon Works site. The apartments will consist of 28 efficiency apartments, 24 one-bedroom apartments and four two-bedroom apartments. The apartments will range in price from $230 to $600.

The apartment community is designed for individuals entering the workforce for the first time and is, therefore, income restricted, meaning there is a maximum income a person or family can have to qualify to live there. Those income amounts are adjusted annually. These are the maximum amounts a person or family can make as of May 1, 2017: $28,440 for a single person; $35,520 for a two-person family; $36,600 for a three-person family;$40,620 for a four-person family.

Once a household is qualified, the household will continue to qualify even if their income increases. However, the apartments are limited in occupancy to two people per bedroom. If a resident’s household size increases, they will have to be requalified to live in the apartments.

Along with the apartments, the development will include amenities like bike racks, fenced in dog-walking area and picnic area.

Paragus’ application for the tax credits was assisted by the project being eligible for set-back tax credits as part of Huntingburg’s Stellar Community designation. Additionally, Paragus partnered with TRI-CAP, a certified housing development agency, in the development.

OFS Brands demolished the empty building on the 3.5-acre lot late last year.

Paragus has estimated construction on the project could begin by this summer.