The Millennium Place Properties
Millennium Place in Muncie, Indiana, is a comprehensive community revitalization effort that is transforming urban blight into neighborhood pride. Flaherty & Collins Properties, in conjunction with the Muncie Housing Authority, is the developer and manager of the affordable housing component of the development.
The $40 million project is being financed through a $12.3 million Hope VI grant, rental housing tax credits, and federal Community Development and HOME funds. The redevelopment will be completed in 2007. Muncie was the only city in Indiana selected to receive the Hope VI funds in 2003, and Flaherty & Collins Properties was the only private developer procured to assist with this public private partnership.
Millennium Place will replace Munsyana Homes, a public housing development that was built in 1939. These one-story concrete block buildings in downtown Muncie have been demolished and the razed site is being transformed into a vibrant community with 244 new units of mixed-density, mixed-income, and mixed-tenure housing. Millennium Place also includes Howard Square, a 30-unit apartment complex for seniors.
Specifically, the Millennium Place development, which will be transformed through the use of New Urbanist Principals, will include:
• 200 rental units, 190 of which are financed, in part, with Low Income Housing Tax Credits (LIHTCs). Of these 190 rental units, 62 are Public Housing Agency (PHA) units subsidized by Housing and Urban Development Agency (HUD) funds.
• 22 units will be market rate homes.
• 22 units will be homeownership replacement units for individuals earning 80% or less Area Median Income (AMI).
Of the 244 housing units, 148 will actually be located on the former Munsyana Homes site, and 52 units will be on contiguous property. The remaining 44 units will be built on vacant lots offered by the City of Muncie, all of which are located within one mile of the existing site.
To help ensure the success of the project, Millennium Place will also assist the City of Muncie in its efforts to add a community grocery store, a linear park in the heart of the project, and a community center.
For additional information about Millennium Place, please contact Duane Miller.