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Mar. 12—ANDERSON — By early spring 2022, the Anderson Housing Authority hopes to have the renovated Lincolnshire Apartments ready for occupancy.
The Anderson City Council on Thursday approved an ordinance to provide up to $810,000 in tax increment financing revenue toward the $2.8 million project.
Greg Winkler, executive director of the Anderson Economic Development Department, said the funds would be provided through an anticipated 14-year bond.
The council voted unanimously through all three required readings to fund the project.
Responding to a question from Councilwoman Rebecca Crumes, Winkler said the developers would have to receive approval from the Anderson Redevelopment Commission to sell the property during the term of the bond.
The building was constructed in 1927 and was partially renovated in 2019.
The nonprofit Anderson Housing Authority Inc. will own the building and pay property taxes.
Kim Townsend, executive director of the Anderson Housing Authority, said they hope the renovation work is complete by the spring of 2022.
Addressing a concern from area residents, Townsend said the Housing Authority is working with Wigwam complex owner BWI to resolve the parking issue for the Lincolnshire Apartments.
"We're in a great position to turn this property around and improve the neighborhood," she said.
The Anderson Redevelopment Commission voted Tuesday to approve $770,000 in funding to renovate the Lincolnshire Apartments through a project development agreement.
The nonprofit arm of the Anderson Housing Authority plans to convert the existing four-story building with 40 units into 21 one-bedroom and seven studio apartments.
Plans call for a new roof, electrical system, heating and air conditioning system and plumbing upgrades.
The proposal is to rent the units at the current market rate in Anderson with some public housing vouchers accepted.
Follow Ken de la Bastide on Twitter @KendelaBastide, or call 765-640-4863.