The tax increment financing boost closes the gap on the pricebetween the 53 replacement units as well as 39 units earmarked tobuyers qualifying under the city's affordable housing initiative,explains Steve Patterson of the department of planning anddevelopment's finance division. The subsidy averages $86,000 perunit.
The River Village project includes lofts in what was once aMontgomery Ward catalog house. About 75% of the units have beensold, says Ron Skipka Jr. of Enterprise Cos.
"We have been at work on this project for about two years,"Shipka says. "It's a wonderful mix of CHA replacement housing,affordable housing and market-rate housing …. We expect to continueto develop this project through the end of 2005."
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