Press Release: PCG Helps Finance Affordable Senior Housing in Vibrant Indiana Community

Washington Street Senior Residences
Tim Bete, Executive Vice President of SMDC, says, "Washington Street Senior Residences is a beautiful affordable housing project that will allow seniors to live within walking distance to shopping and other services. It's rare to find such a perfect location nestled in the downtown of a city. The location of senior affordable housing is very important because many residents do not have access to transportation. The Washington Street project will allow our residents to remain independent and thrive in a one-of-a-kind environment."(Photo courtesy of Washington Street Senior Residences)
Monday, July 29, 2013

Furthering its commitment to affordable housing, Partners for the Common Good is proud to announce a loan to the St. Mary Development Corporation to build affordable senior housing in Kokomo, Indiana. PCG is partnering with Community Housing Capital to help finance the development of a new 54-unit low income housing tax credit project. PCG will provide $750,000 towards the total loan of $6.5 million.

Based in Ohio, St. Mary Development Corporation was founded in 1989 and provides high quality housing for low-income seniors and working families. SMDC is dedicated to improving the quality of life of their residents and clients, utilizing public-private partnerships to maximize their impact. Since 1993 SMDC has either developed or co-developed 34 low-income housing tax credit projects with a combined value of over $230 million. That housing provides a safe and affordable place for over 3,800 people to live.

With support from PCG and Community Housing Capital, the Washington Street Senior Residences project will construct new senior housing in Kokomo, Indiana. These homes will be affordable to seniors across a range of incomes, and the project will fill a void in the senior affordable market in Kokomo, an aging community. In addition to affordable housing, these seniors will receive a wide range of valuable services, such as in-home meals and nutrition, medical equipment, transportation, and healthcare referrals. If not for this loan 81 seniors in KokomoIndiana would have been left without housing and other necessary services.

“Affordable housing projects are an important part of what PCG does in its efforts to provide economic justice to underserved communities. The Washington Street Senior Residences development is indicative of the type of impact a new development can have on a community in desperate need of housing for some of its most vulnerable citizens,” said Kristin Faust, Director of Lending and Network Services at PCG. 

View this preview video of the Residences here and visit St. Mary Development Corporation's website here.