In October 2006, the Community Housing Concepts, Inc. was seeking the consent from the City of Fort Wayne Indiana to acquire property located in the core of the city. The Community Housing Concepts, Inc. is requesting economic development revenue bonds in the amount of $5,000,000. The group would receive a low interest rate and the interest would be tax exempt alway approved by Council Commission.
The Community Housing Concepts, Inc. group will purchase two low-income, section 8 apartments, East Central Apartments and Centennial Apartments. The group suggest they will spend between $200,000 to $250,000 each for improvements to the apartments.
Allen County would have the authority to monitor whether or not the improvement were made by the group. It is suggested that the deal is to insure that low-income apartment will not be taken over by market rate apartment developers.
I'll give you time to recover from falling down laughing rolling on the floor.
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