Union at Crescent received unanimous support from Bloomington’s City Council and serves as a catalyst for Mayor John Hamilton’s plan to create more affordable housing in the City of Bloomington. The community will provide affordable housing and market rate units. The affordable units will be occupied by residents who earn between 50% and 70% of the Area Median Income (AMI).
A market study completed by Lea & Co. for Union at Crescent revealed that currently Bloomington contains only 14 units of affordable housing for every 100 residents that fall into the AMI range. The construction of the community will positively impact the neighborhood and the availability of workforce housing in the area.
Union at Crescent’s 8-acre site is desirably located at 1000 N Crescent Road, just 2 miles from Indiana University. Also, within a short distance are all major shopping, schools, and recreational amenities. The 146-unit development will offer many amenities including a leasing office, community and business center, exercise facility, and playground area. The Annex Group, LLC closed on this exciting project on October 26, 2018 and it will be financed through the low-income housing tax credit (LIHTC) program under the 4 percent credit and multifamily housing tax-exempt bonds. Due to the legislation passed in 2017, this project will be one of the first in Indiana to utilize the new income averaging tool via Tax Reform for affordable housing.
Union at Crescent is scheduled to break ground this month with a 2020 move-in for residents.