By Michele Owen—
MUNCIE, IN—On Tuesday, Advantix Development closed on Southern Terrace, a scattered-site development that will bring 45 new residences to Muncie. The project was awarded $1.2 million in Low Income Housing Tax Credits (LIHTC), and the homes will only be available for residents earning 30-80% of the Area Mean Income. Rent for each resident will be calculated based on income and family size.
The sites include former Muncie Redevelopment Commission properties, sites from the Land Bank, and a site formerly owned by a church on 26th street. 20 of the properties will be converted into single family homes, with an additional 25 townhomes. The homes will be built in the Industry, Southside, Blaine Southeast, Eastside, and Whitely neighborhoods.
Southern Terrace follows City View 1 & 2 as the third scattered-site LIHTC program in Muncie. A total of 93 single family homes are scheduled to be built or already in construction. Another LIHTC apartment project, Riverbend Flats, was completed in the spring of 2023 with 60 units and fully leased a few months later. 120 more units are scheduled to be built in another income-based apartment on the westside at Kilgore Place.
City View broke ground in May of 2023, and homes have been steadily going up in neighborhoods around Muncie. In total, 288 new affordable units have been completed or are in progress. Since taking office in 2020, Mayor Ridenour has prioritized quality housing options at both affordable and market rates. The two-prong approach provides more options for families earning below average income, and higher income families who work in Muncie but live in Hamilton County. Since 2020, 326 market rate residences have been completed or are planned.
Michele Owen is Communications Director for the City of Muncie