WABASH, Ind. – “Wabash Marketplace is the recipient of an $823,000 grant from the federal HOME Investment Partnership Program to help renovate the Old Bradley Building at 5. W. Canal Street,” Marketplace president Jason Callahan has announced.
“The HOME program provides grants to states for redistribution to nonprofit groups to fund a wide range of activities including development of affordable housing rental projects. The agency responsible for administration of HOME Funds in our state is the Indiana Housing & Community Development Authority,” Callahan added.
Since purchasing the Building in 2016, Marketplace has been developing plans to completely renovate the Old Bradley Building for use as affordable rental housing. “We are honored to receive this grant and very excited about this project,” said Steve Downs, Marketplace executive director. “This will not only be a shot in the arm for our Downtown, but also give us a chance to serve our community in a very special way. We have been working on plans to save the Old Bradley Building for quite some time, and we are now getting really close to getting this project off of the ground.
Tentative plans call for eleven apartments in the Building. “The present construction budget is approximately $1.8 million, and Marketplace has most of the money in place,” said Marketplace vice-president, Lisa Gilman. “We have applied for a $200,000 grant from the Federal Home Loan Bank of Indianapolis, and should hear about that award in September. If we get that money, the project should be a go. If we don’t get that money, we will need to regroup.”
In addition to the HOME Funds grant, Marketplace has received a $100,000 grant from the Indiana Office of Community and Rural Affairs, a $200,000 façade grant from the City’s façade grant program through the Stellar designation, and has a commitment for the purchase of almost $300,000 of federal historic tax credits.
Downs attributes the success of this project so far to his board of directors. “Their support and guidance have been invaluable. We have all worked tirelessly on this project, and are thrilled to think that saving this historic old building is now becoming a reality.”
