Water Street Flats Asking For More Time To Secure Funding
A family housing project proposed for the Water Street re-development area would bring with it roads and other infrastructure improvements that could lead to mroe development. But Water Street Flats is still about a million-and-a-half dollars short of the state funding it needs to break ground.
Tuseday night, Ypsilanti city council will consider a request for an extension of the purchase agreement for the project to give the developer time to secure the additional funding.
Mayor Paul Schreiber says he supports the extension.
"That is a tax credit housing (project), but it's really aimed at the income levels we have here in Ypsilanti," Schreiber says. "The ceiling is set not by the tax credits, but actually by the income that we have here."
Developer Herman & Kittle Properties out of Indianapolis says it'll apply for the additional state tax credits and other funding it needs next month.
It's asking for an extension of the purchase agreement through March of next year to find out whether the application is successful.