The entire project will be completed in 4 Phases: Phase 1. and 2. The development of housing for youth aging out of foster care and low-income elderly, and renovating the Gymnasium, and Library. A local church has approved moving into one of the buildings and a rental agreement is being drawn up. Phase 3. Development of the other dormitories for youth and elderly; Phase 4. Develop the remainder of the campus including apartments, office space and commons area. The acreage around the campus will be developed into: 1. Workforce housing; 2. Low income housing; and, 3. Low income apartments.
Angels Share passed the first step in the NIFA Crane application process and was approved to continue to formally apply for federal tax credits that would provide $9.0M for rehabilitation of dormitories. Drawings have been developed and construction companies are providing bids to satisfy NIFA. Through Midwest Housing and Equity Group (“MHEG”), a grant writer with specific Crane application experience was hired. This grant will provide low rental rates for residents. Based on rent from corporate tenants, and little to no debt, KLC will be a fully self-sustaining community that provides education to its residents.
The anticipated opening date is 2019. Training programs will be in place and an executive director will be hired to manage the program.